#MarketingMinds: Discussing Social Media KPIs and Reporting
As a leader in the media intelligence and social media monitoring space, we thought it would be more than appropriate to host a chat on social media KPIs! During the #MarketingMinds’ Twitter chat session, we discussed key aspects in social media monitoring such as useful metrics and reporting accuracy.
This proved to be an interesting chat topic, with many people attending to share their thoughts!
Why should we be on top of our social media KPIs?
We kick-started the chat by asking our #MarketingMinds’ audience to offer three reasons why it is useful to measure social media KPIs. @DeShannon, @dmclive, @sojiadeyanju, @RinaSPopat, and @EllaMinty all agree that social media KPIs are useful for determining if our content is reaching the right audience as well as investigating engagement levels. According to our #MarketingMinds’ participants, high engagement means that our content is resonating with the right audience. Other participants such as @thejoefriel and @BillSkowronski mentioned that social media KPIs are useful for building value and proving ROI with the support of social media monitoring to help measure the success of our content.
Think before measuring!
We shouldn’t just measure any old metric! It is important for brands to measure social media KPIs that are consistent with marketing and business objectives. For example, if our objective was to increase click-throughs to our website, then we would need to examine link clicks and click-through rates using social media monitoring tools. @RinaSPopat, @dmclive, @sojiadeyanju, @thejoefriel, and @ThinkSEM all mentioned that social media KPIs need to be representative of objectives and marketing goals. @EllaMinty summarised her response by stating that the two core aspects to consider before choosing social media KPIs are: “Business objectives to measure outcomes, and communication objectives to measure the success of the communications effort.”
Getting to the nitty gritty: Which social media KPIs should we be measuring?
We asked, “Which social media KPIs do you think marketers should be using and why?” At the top of the list were engagements such as mentions, shares, clicks, and comments, as stated by @orkedlaaa, @24_fingers, @sojiadeyanju, @BillSkowronski, @dmclive, and @thejoefriel. However, social media KPIs are very much dependent on the industry we operate in, and our objectives for the quarter, something that @EllaMinty, @24_fingers, and @DeShannon clarified. Website traffic and conversions are also important social media KPIs that we should be measuring. A social media monitoring platform can act as our right-hand man in this situation.
Our #MarketingMinds’ audience were also on the money when we asked which social media KPIs marketers should avoid measuring. In contrast to popular belief when using social media monitoring to measure performance, @EllaMinty wrote that likes, shares and followers are not useful for measuring the true impact of our content. @sojiadeyanju, @orkedlaaa and @RinaSPopat agreed with Ella by saying that we should avoid measuring likes and followers. Soji interestingly pointed out that reach is not an accurate representation of the impact of our social media content on our target audience. Soji instead suggested that we analyse the quality of our likes, reach, and followers, bringing true meaning to the term ‘quality over quantity’. @DeShannon also gave some words of wisdom by saying that marketers should avoid getting bogged down by impressions!
#MarketingMinds’ tips and tricks for social media reporting
To close our chat, we asked our #MarketingMinds’ audience, “What actions can marketers implement to improve the accuracy of social media reporting?” To this @dmclive answered, “Constant process of re-evaluating overall performance and results.” @osx_ail, @RinaSPopat, @sojiadeyanju, and @orkedlaaa suggested using tools for social media reporting, for example, Meltwater’s social media monitoring platform. @BillSkowronski also gave his top tip for social media reporting, “When reviewing KPIs, don’t forget to ask what the data really means. Why should always follow what.” Ultimately @thejoefriel answered with, “Preparation is key! Be clear on marketing objectives to build a framework that gives the best chance of success.”
To learn about creating an effective social media strategy, take a look at our blog on the common social media mistakes to avoid.