Social media is now an integral part of our everyday lives.
For most of us, the first thing we do in the morning is to check our phones. We want to see our notifications.
And now, think of it...
It is now easier to reach your target audience with the help of popular social media channels!
But of course, you need a robust social media strategy.
And today... many e-commerce stores have social media marketing strategies. These are to build personal relationships with their customers.
Because more than 4 billion people around the world are using social media!
That's a pretty big number!
And according to research, 90% of Instagram users follow a business account.
Yep. 90%! And that's only for Instagram.
So every business, whether big or small, needs to have a solid social media strategy.
But... how can you know if your social media marketing strategies are working and helping you achieve your eCommerce business goals?
The answer to this question is simple.
You have to leverage various e-commerce performance indicators to measure your growth and success.
You need these to track and measure the success of your social media marketing strategy.
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.
Let's get started!
How To Choose The Most Important Social Media KPIs For eCommerce?
There are so many e-commerce performance indicators...
It would be challenging for business owners like you to choose the social media KPIs for your eCommerce store.
So, you should only choose the relevant key performance indicators that will have an impact on your business goals and growth.
To make things easier...
I have highlighted a few questions you need to answer before choosing social media KPIs for your business.
- What are you trying to achieve through your social media marketing strategy?
- What are your current campaign and business goals?
- Which methods are you planning to implement?
- What channels are you going to utilize?
Once you have answers to these questions, it'll be easier to choose social media KPIs.
For example, one of your business goals is to increase your follower count. You need to choose the ones that will help you track your social media KPIs, including follower count.
And there are different types of key performance indicators for social media.
So, here are six areas you can start focusing on.
- 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
Tracking social media KPIs is not easy. But 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.
Because you might waste your social media marketing strategy if you're not talking to the right people.
So, what does "reach" mean in social media marketing?
Reach is an old-school metric that determines how far your message has traveled. It means how many people you've reached through your content or material.
There are numerous reach-related social media KPIs that you can use to measure your social media reach.
Some of them are...
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.
These are people 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.
And don't forget to also track your...
2. Follower Count/Audience Growth Rate
So, a follower count can also be a great key performance indicator. It's not one of those vanity metrics.
Tracking the total number of people following your page is a way to know if your business is reaching the right type of audience.
Not only reaching them but taking action by following your page.
Having thousands of social media followers doesn't mean you can easily convert them into sales or leads, though.
But they're still one of the most helpful social media metrics because it means that your business is progressing.
And the best part? You can easily target those followers by creating social media content and campaigns that speak to them.
So, here's how to calculate the follower growth rate of your social media account.
3. SSoV or Social Share Of Voice
Who doesn't want to know how many users have mentioned their brand on social media, right?
These brand mentions can come in a direct or indirect form.
For example, tagging your social media handles can be direct, like @Debutify or #Debutify.
While casually mentioning your brand name can be indirect. Like, "I just downloaded 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.
Here's how to calculate SSoV, and you can repeat this step for your competitors as well. 👀
You have to identify the reporting period. Then calculate every mention of your business (direct/indirect).
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?
Now, let's talk about the other area...
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 goal as an online business owner is to have enough engagement on your social media posts that can turn into leads and conversions.
So, that's where social media engagement KPIs come in.
Because if you're not measuring social media KPIs, you won't know where your business stands.
And you can't make the required adjustments.
Here are some of our favorite engagement KPIs every eCommerce business should track to improve growth and conversions.
The first one is...
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 means you have engaged your readers but failed to convert them into leads.
Some other social media engagement KPIs include likes, shares, mentions, and comments. These are some ways to interact with your brand.
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.
Comments: It means people are leaving their thoughts on your social media posts! And that's a good thing.
That's pretty obvious that not all of those comments will be positive or encouraging.
But it's fine as long as your social media 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 investing in your products and services?
Lead generation is a critical step in the conversion process. And 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. It allows individuals to share shopping experiences with the buyer contacts... like family and friends.
This method significantly impacts the customer's buying decision.
Millions of customers share their buying experiences on social media platforms. It can be in the form of comments, reviews, and mentions.
So, it allows e-commerce businesses to spot purchase intent. Yep, 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.
Another one is...
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, you can gather valuable user data to generate more leads.
Through this, you can see your most valuable customers.
But you need to hype your gated content on your social media platform to be successful.
And another area you need to track for your social media marketing is...
Social Media KPIs For Conversions
It's your ultimate goal as a business owner 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.
You need to track some more important social media metrics.
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 helps you know how many visitors or users have taken your desired action... which purchase, of course.
That's how you'll know that your social media marketing is successful.
Because once you post your social media content, a visitor clicks on the link under your social media post. Then they went to your website, which encouraged them to make a purchase.
But that's not the only conversion that matters.
Even if they're not making a purchase, they contribute to your conversion rate if they take your desired action like subscribing to your email list or newsletter, downloading an ebook, or more.
It really depends on what conversion you want to achieve.
And the last one for conversions is...
10. CTR or Click-Through Rate
Another way to evaluate your conversions is by tracking your click-through rate.
No, we're not talking about likes or shares. It's through clicking your email, newsletter, or the link on your social media post.
This indicates how many people are showing interest in your offers.
And another area you need to take a look into is...
Social Media KPIs For Loyalty
Social media is an ideal platform to build customer loyalty... only 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.
And the last social media KPI is...
13. Customer Satisfaction Score (CSat)
Customer Satisfaction Score (CSat) lets you measure how satisfied your customers are.
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 the results with your goals to see where you're standing.
This isn't exactly one of the social media metrics, but it's still an important key performance indicator because your customers' satisfaction should be a priority.
So, it's now time to...
Track Your Social Media Marketing Success With These KPIs!
To ensure the growth of your business, make sure to produce engaging and captivating social media content for your target customers!
And... don't forget to track your social media metrics, too!
Because just like everything else, social media is always evolving. And it needs you to step up your game a lot of times.
But here's another solution that will help you achieve your goals...
Have a flexible and responsive eCommerce theme on your website!
You need them to navigate your website smoothly to make a purchase or sign up to become your leads.
And Debutify can solve that for you!
It's a customizable theme that has over 50 Add-Ons to also help you optimize your profits, AOV, and conversions.
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