Let’s break down KPIs and which ones you should watch out for:
Usually, when creating a social media strategy, you set goals for yourself and measure the success of your endeavors by benchmarking your KPIs.
KPIs should be specific and attainable.
For example, you would not set your goal by saying – “I want to go viral on Instagram.” 1. It is too broad. 2. If it is attainable, great, but how are you measuring your success? What does viral look like to you and your brand?
A better goal would be to say – “For LinkedIn, I want to see a 30% increase in followers, bringing us to 50,000 by the end of the year.”
This goal is more specific – highlighting the platform to achieve this goal and the numbers you want to hit, which can be tracked and measured. You can review your metrics daily/weekly to see how well you are doing and adjust your strategy to ensure you attain this overarching goal.
Here are some helpful formulas from Hootsuite to measure the success of your posts:
Audience Growth Rate:
(New Followers)/ (Total Followers) x 100 = Growth Percentage Rate
Example: 4,659 New Followers/ 20,000 Total Followers x 100 = 23.295% Growth Rate
(Post Views) / (Total Followers) x 100 = Post Reach Percentage
Example: 11,895 Post Views/ 20,000 Total Followers x 100 = 59.475% Post Reach
(Total Clicks)/ (Total Impressions) x 100 = CTR Percentage
Example: 540 Total Clicks / 10,000 Total Impressions x 100 = 5.4% CTR
You can learn more about KPIs & Metrics here