Content is king, but data is queen. If you want to hit the goals for your business, you have to start tracking. Keeping track of those goals will allow you to set a vision for your business and will help you zero in your focus when it comes to the New Year. In today's video, you're going to learn what KPIs are, and how to set and track your social media marketing KPIs throughout the year.
- KPIs are Key Performance Indicators
- Having KPIs allow you to make data informed decisions for your business
- Focus on having quantitative social media marketing KPIs and don’t focus on vanity metrics
- Break down your goals into quarterly, monthly, weekly, and daily tasks
- Keep up with your KPIs weekly or monthly
What are KPIs?
KPIs are key performance indicators. They are set metrics that are really quantitative metrics that you can use to kind of tie back to something related to an area of your business like marketing or operations. When you have these KPIs, they allow you to make more data driven decisions that will enable you to really figure out what you want to do next and how you want to pivot.
Some examples of social media marketing KPIs are the number of applications that come in in a given month, how many shares you have on a given Instagram post, or how many website views you have.
Why do you need KPIs?
The reason why you need to have KPIs is because what doesn't get measured doesn't get managed, meaning that if you aren't really measuring exactly what is happening or what's going on within your business in different areas of your business, there's no way that you can effectively run your business in a sustainable way.
Because of this, you're going to start making decisions based off of maybe what someone else is doing, as opposed to what makes sense for you and your business goals and objectives.
How to Track KPIs
When it comes to social media, you should really be focused on brand awareness building community as well as an increase in sales. Here are 4 steps how to track your social media marketing KPIs
1. Outline the objectives for your business
When it comes to creating these objectives, it's important that you make them quantitative and specific. So don't just say like, oh, I want to just increase my following on social media set a real number towards that set, I want to increase my followers to 1000 or 10,000, or something like that.
Having those specific goals is really going to make sure that you know how close you are to achieving what it is that you want to achieve.
2. Outline how you are going to get to that goal
The next thing that you need to do is break down this big overarching goal into quarterly, monthly, weekly, or even daily, daily tasks that will help you move closer and closer to getting it done, you need to make sure that for each breakdown, you're writing down the steps that you need to take in order to get there.
So let's say that you have a goal of making $1,000 and digital product sales for the year. That means that quarterly you'd be aiming to make $250 monthly you'd be making around $84, weekly you’re wanting to strive for $21, and daily, you strive for $3. So breaking it down like that allows you to really see how close are you to getting to that goal.
3. Outline the metrics that you want to keep track of
The third step is you're going to want to outline the metrics for what you want to be keeping track of. When it comes to social media, I highly recommend you don't focus on vanity metrics such as likes and followers.
Look more deeper into each Instagram post and see what the engagement rate are. E.g. how many saves and link clicks you're getting, so that you can really start to see what exactly is going from attraction to conversion, or what's really helping you nurture your audience as well.
4. Keep Up to Date with Your Metrics
The last thing you want to do is you want to be making sure that you're keeping up to date with your KPIs either weekly or monthly. You want to get in the habit of keeping track of them because you don't want to wait till the end to know what you should be fixing.
Making sure that with every month you can see what's doing really well and what's not doing as well will allow you to be able to continue to make the necessary tweaks that you need to make. Then, you can make more decisions a lot easier.
If you're tired of guessing what's wrong with your content. Take my content assessment that will allow you to self audit how your content is doing, how your content is performing, and then you'll get a clearer resources and a plan of what you need to do next in order to continue to build up your content