How do you measure up? 4 key digital media KPI’s
Marketing should be an investment not a cost. Without measuring your marketing activity and results you can’t assess if your activities are costing you or enhancing your marketing presence and market engagement. The type of measurement metrics that are important to your business will depend upon your business and marketing objectives. Here are the top 4 KPI’s most businesses should use:
1. ACTIVITY: NUMBER OF POSTS PER WEEK
Activity determines your results. You need the appropriate amount of activity to create your desired results. Track the number of posts on your various social media platforms and keep a running tally of the increase in your followers. The trend should always be upwards and preferably in an exponential way. Notice if your follower numbers drop or slow down and take heed of what you have done recently to instigate that. Are you posting too many self promotional posts? Are you not giving your audience the content they expect? Tweak your posts in response to your activities.
KPI: Once you have reached your optimal posting level, the number of posts/actions should stay consistent.
2. REACH: NUMBER OF PEOPLE SEEING YOUR POSTS
Its important to know how many people your social media content is reaching beyond your immediate audience. With the right tools you can quickly and easily identify who are the influential people in your market and create a social media strategy to engage their participation which will extend your reach phenomenally. Digital Intelligence tools allow you to drill down into your results and see how many people are spreading your content and who and where they are spreading it. Once you have this data you can focus on the most active and far reaching influencers and post types and replicate your wins!
KPI: Reach of posts should be increasing over time
3. ENGAGEMENT: NUMBER OF PEOPLE INTERACTING WITH YOUR POSTS
Engagement is a two way street. Respond to loyal followers and recognise them personally. Share their content and they will be more likely and willing to share yours. The more engaged your audience is, the more likely they will engage in other actions that will lead to a conversion. Be present and persistent in the platform/s favoured by your target market. Again the results should be showing an upward trend in the number of retweets, shares, likes and favourites on your posts. More importantly, make sure you direct your audience to an action that will help you reach your business outcomes.
KPI: Interactions, particularly shares and retweets
4. CONVERSION: NUMBER OF POSITIVE ACTIONS TAKEN + WHICH PLATFORM DROVE THE TRAFFIC?
At the end of the day, to make marketing an investment everything you do on digital and social media should lead to building rapport to the point that the prospect takes an affirmative action. This could be a conversion to a newsletter subscription, a webinar registration, an ebook download or an enquiry. As Brisbane Marketing Consultants, our preferred method is to drive prospects to your website or a landing page and measure conversion using Google Analytics. Google analytics will help you identify where people are visiting your website, which channel the traffic is coming from and where they are dropping out.
If a channel isn’t performing, change your strategy. If visitors are dropping out before taking the desired action, tweak the page to make it more compelling.
KPI: Actions taken: increase in subscriber levels, registrations, enquiries
Other measurements to consider:
Brand mentions including on review sites, in forums and across social media channels: Use a Digital Intelligence Tool
Competitor brand mentions and activities: Use a Digital Intelligence Tool
Cost per conversion: The hard data from your sales figures applied to the cost of running each lead generation channel
Unique visitors & returning visitors: Use Google Analytics
Time on page: Use Google Analytics
Navigation pathway: Use Google Analytics to track the common pathways visitors to your website take