Running a small business online is no small business, period. You’ve got people to talk to, posts to be published, follow trends, and track all the incoming reactions. Sounds a little too much for your average 24-hour day? When you’re on the floor, learning how to measure social media success for your business becomes paramount to growing your business. Take charge of tracking essential KPIs and social media insights to know where you and your business stand. How do you know which KPI works for you? Keep reading.

Social Media ROI

Categorizing your business strategy is the first step in measuring your social media Return on Investment. With social media marketing, you may choose to grow, target an audience or gain exposure. How you measure success on social media depends on your goals and what you want to achieve. 

These could be:

  • Better Engagement: for when you have everyone on board, but little talk.
  • Online Store Promotion: launched your merchandise? Hop onto promotion.
  • Brand awareness: your journey to being an entrepreneur.
  • Product awareness: let innovation take marketing by storm!
  • Generating sales: got flagship service and product? Why wait then? 

Once you know what your goals are, you can prioritize any of the below social media KPIs. 

What’s a good number for these metrics? There’s no hard and fast rule for this. Generally speaking, so long as you are establishing a baseline and moving beyond that, count it as success!

Community Growth & Engagement 

How do you measure social media success at first glance? It’s when your community grows and expands. 

In one line, daily nurturing and care let social media apps know that your account is active – which is what social media is all about. Stay relevant AND focused on building the right target audience for your handle. 

  • Track your Likes, +1s, Favorites, Repins, Saves, Retweets
  • Watch your follower’s stories for reposts & screenshots
  • Respond to Shares, Comments & Retweets

E.g. facebook insights – shows how your community is interacting with your posts and when your fans are online.

Brush up your Twitter statistics and Instagram insights and consult data analytics of your reach and activity. 

For beginners, this might be a good start. Simple acknowledgment means your followers are looking and reading your content. Good to go! 

Getting Reach Insights: Levelling Up

In simple words, reach is measured by how many people saw your post or social media ad campaign. Depending on your content, your reach can be of three kinds!

  • Organic Reach – The number of followers who see a regular post that you upload
  • Viral Reach – Followers who see your content from sharing, suggested posts, or hashtags
  • Paid Reach – Non-followers who see your sponsored posts

Plan your posts according to your timeline, categories, and budget if you’re experimenting with your social media posts!

Social Media Referral Traffic & Website Visitors

A website along with your Instagram or Facebook handles often gives you better data to measure your social media success for your small business.

Make use of clickthrough rates (CTR). Design your social media to lead people to a landing page and track link clicks actively. Calculate CTR to understand the effectiveness of your content in getting people to click on your posts. A growing CTR indicates improvement in your overall growth metrics!

  • Make use of Affiliate Marketing to know social media traffic
  • Use Google Analytics to track the number of website traffic and conversions that come from your social media channels 
  • Share a link that drives people to your business’s website & track how many people clicked on that link or shared it 

Bonus advantage: Driving traffic to your website gives you the chance to capture lead information, like emails, cell phone numbers, etc. for even more conversion!

How does it impact your small business? Increased Sales! Most businesses see a direct increase in sales for services they post about on social media. Better yet, you can always know in person which channel works for you. When a client reaches you, always ask them how they found you!

Increased Visibility: Referrals & Word-of-Mouth

Referrals

Now that you have funneled your client traffic, it brings us to direct and indirect referrals. Many small business owners get regular referrals due to their social media visibility, for everybody who is anybody is logging into social media today. 

The simple adage “out of sight, out of mind” remains relevant as ever!

Word of mouth

  • Spend time on your feed. 
  • Coming up with “I love your content” or “I found you through Instagram” can boost your day and take you far ahead amongst their social circles. 
  • Look out for social media “lurkers”, that is, your followers who might not engage but know your product

What’s the number one thing that referrals add to how you measure social media success for a small business like yours? They add to your visibility and exposure to a larger audience and potential buyers!

In Conclusion

Tracking social media success isn’t an easy job. Consistency, experimentation, and understanding performance are the ultimate KPI of all. Plan your social media and website accordingly! Exly’s analytics dashboard provides you a one-stop solution towards tracking all your leads coming through various sources. Explore them today.

Nishant

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