Social media has turned into an integral part of our everyday lives. For most of us, the first thing we do in the morning is to check our cell phones and see how many notifications and messages we got on our profiles.
That also means it is easier than ever for businesses to reach out to their target audiences using prominent social media channels. Today, many e-commerce stores use social media marketing strategies to build personal relationships with their customers.
The social media statistics also speak for themselves. More than 2.7-billion people are active on social media. According to research, up to 95% of people aged 18-34 prefer to follow businesses using their social media accounts.
So every business, whether big or small, needs to get its social media strategy right.
But how does a business know that its social media marketing strategies are targeted and have the right influence on its audience? The answer to this question is simple. You have to leverage various e-commerce performance indicators to measure your growth and success.
Whether you're an established business or a startup, it is impossible to track your progress without using the right social media KPIs for eCommerce.
In this post, we're going to reveal the 13 top social media KPIs you need to track to measure success and growth.
Choosing The Most Important Social Media KPIs For Ecommerce
With so many e-commerce performance indicators, it would be challenging for business owners to choose social media KPIs that impact their business performance and growth.
Here the key is to choose KPIs for e-commerce that aligns well with your business goals and objectives.
To make things easier, we have highlighted a few questions you must find answers to before choosing social media KPIs for your business.
- Are you reaching a relevant and qualified audience?
- Are you engaging with the right target audience?
- How many inquiries do you get daily?
- How many of those leads turn into paying customers?
As a general rule, you must focus on these six areas ahead of choosing your social media KPIs.
- Social media KPIs for reach
- Social media KPIs for engagement
- Social media KPIs for leads
- Social media KPIs for conversions
- Social media KPIs for loyalty
- Social media KPIs for customer support
Let's discuss all of these social media areas and the KPIs related to them down below.
Social Media KPIs For Reach
Before you even think about generating leads and conversions, you need to ensure you're targeting the right audience. Reach is an old-school metric that helps business owners determine how far their message has traveled.
There are numerous reach-related social media KPIs that you can use to measure your social media reach.
One of the essential social media KPIs is impressions. It is a complicated metric that shows how many times your post appears on someone's newsfeed who have either followed you or liked your page or content in the past.
While the result you get is usually vague as it is not easy to track this metric accurately, a higher number indicates better reach.
To track impressions, you have to determine the total number of impressions you got for a specific post. The next step is to specify the reporting period to measure. Now compare results to the results you got previously to monitor trends.
2. Follower Count/Audience Growth Rate
Tracking the total number of people following your page is the obvious way to determine whether your business is successfully reaching the right type of audience.
While not everyone who engages with your brand converts into a potential lead, having more followers on your social media account indicates your business is progressing, and that you can initiate a few campaigns to target those followers.
To calculate the rate of followers for your social media accounts, you need to first determine the number of followers for a given amount of time (usually a month).
The next step is to divide the result by the total number of followers you have on your page. Multiply by 100 and compare it with previous results to observe a trend.
Every business wants to know how many visitors have mentioned their brand on social media platforms versus their competitors. Those mentions could either be in the direct form like #Debutify or an indirect form like Debutify.
To track this valuable data, you have to use the SSoV social media KPI. SSoV stands for Social Share of Voice, and it helps you figure out how relevant your brand is in the market.
Remember, the higher SSoV indicates people admire your brand and mention it within their social circles.
To calculate SSoV, you have to identify the reporting period. Then calculate every mention of your business (direct/indirect). Repeat this step for your competitors as well.
Now add both results to calculate the total number of mentions. Divide your brand's mentions by the total number of mentions and multiply by 100. You got your winner, right?
Social Media KPIs For Engagement
That's great if you're doing well in terms of reach. But that's not your only goal. Your objective as an online business is to have enough engagement on your social media posts that can eventually turn into leads and conversions. That's where social media engagement KPIs come in
Unless you know where you're standing, you can't make the required adjustments. Here are some of our favorite engagement KPIs every e-commerce business should track to improve growth and conversions.
The clicks you get on your posts indicate that people like your content and want to know more about the details.
If you're having plenty of clicks with very few likes and shares, that simply means you have successfully engaged your readers but failed to convert them into leads.
Some other social media engagement KPIs include likes, shares, mentions, and comments. Let's have a quick look at all of these metrics individually.
Likes: Having more likes on your posts means people show interest in your content and the offers you have mentioned.
Shares: You can get many likes on your posts, but getting people to share your content isn't as easy as it may sound. When someone shares your post, they're recommending your brand to their friends and family. More share means you're already in the good books of many people.
Mentions: Getting more mentions on your posts means people discuss your brand when you're not even in the room. Only those businesses get more social media mentions that have successfully created awareness for their brand among their target audience.
Comments: If you're getting plenty of comments on your posts, that means your content is hitting all the right spots of interest and engagement.
That's pretty obvious that not all of those comments will be positive or encouraging. But it's fine as long as your content sparks a conversation and breaks the silence.
6. Profile Visits/Active Followers
The total number of visits you get on your profiles is another critical social media KPI that needs your attention. Sadly, not every social media platform lets businesses track this important KPI.
While you cannot determine commercial intent using this KPI, it still helps you know how many people are showing interest in your offers.
Social Media KPIs For Leads
We hope the above two social media KPIs have helped you enough to start gaining traction. It's time for some rewards. Yes, you got that right. We're talking about leads - visitors with a huge potential to convert into paying customers.
Let's suppose you have a huge fan following on Instagram but how many of those followers are interested in taking a step forward and invest in your products and services?
Lead generation is a critical step in the conversion process. There are many reasons why your business isn't generating enough leads. Maybe you're on the wrong platform, or you're targeting the wrong audiences. Also, it could be because your content isn't engaging enough to drive the desired leads.
Luckily, there are several social media KPIs for leads you can use to track your progress.
7. Social Shopping
Social shopping is a popular e-commerce tactic that allows individuals to share shopping experiences with the buyer contacts (friends, family, etc.)
This method significantly impacts the customer's buying decision. Since millions of customers share their buying experiences on social media platforms (in the form of comments/reviews/mentions), it allows e-commerce businesses to spot purchase intent by measuring this essential social media KPI.
Tracking Social Shopping also allows businesses to measure the viability of new product launches. Many social media platforms come with this feature built-in setting. Also, you can use third-party tools to track this information.
8. Gated Content
Another crucial KPI for ecommerce is gated content. If you haven't heard of this term earlier, it includes all online material that asks users to fill in a form before they get access to it.
With gated content, businesses can gather valuable user data that they can use further to generate leads.
Tracking gated content will help businesses identify their most valuable customers and also build long-lasting relationships with them.
Social Media KPIs For Conversions
Every business's ultimate goal is to gain conversions. Once you're able to get engagement on your account and generate leads, the next step is to turn those quality leads into conversions.
At this point, you have to look beyond profile visits, shares, and likes. Every online business needs to keep track of the number of conversions and sales they're having for their business. Here are some of our tried-and-tested social media KPIs that will make this process a breeze for you.
9. Rate Of Conversion
Conversion rate is an essential social media KPI that enables businesses to know how many visitors have taken their desired action.
That's how it works. You post content. A visitor clicks on the link given as a CTA under your post, which will direct them to your landing page and encourages them to make a purchase.
Even if they're not making a purchase, they contribute to your conversion rate if they take your desired action like to subscribe to your email list or newsletter, download an ebook, or more.
Another way to evaluate your conversions is by tracking your click-through rate. No, we're not talking about likes or shares. It's about how many people are showing interest in your offers.
Social Media KPIs For Loyalty
Social media is an ideal platform to build customer loyalty, but if you know how to do it right.
11. Customer Lifetime Value
Improving your Customer Lifetime Value (CLV) metric will ensure you have a loyal customer base for your business that stays true to your brand no matter what.
Make sure you measure this KPI often, as it will help you determine how powerful your social media strategies are.
Social Media KPIs For Customer Support
Knowing what your customers think about your brand is critical for your growth and success. These social media KPIs for customer support will help you track how your business is being perceived by your customers.
12. Customer Testimonials
Track how many customer testimonials and reviews you get on your social profiles in a given period. To improve this metric, you have to run a social media campaign asking people to leave genuine feedback or review.
13. Customer Satisfaction Score (CSat)
Customer Satisfaction Score (CSat) is another social media KPI that allow you to measure how satisfied your customers are with your products and services.
To track this score, you need to create a survey and ask respondents to rate your services on a 1-10 scale. Sum the scores. The next step is to divide the outcome by the number of respondents. Multiply by 10 and compare results with your goals to see where you're standing.