With every opportunity comes numerous challenges — and social media marketing is no exception. Although social media allows brands to reach their audiences in new ways, improve interactions, and deliver the content users want most, it can be difficult to measure the effects of your efforts.
To facilitate the process of measuring the impact of your strategy, BoostU has released a social media KPI worksheet and how-to guide.
Why You Need to Measure Your Social Media Impact
Many small businesses have an aversion to measuring their social media impact, as it seems too difficult. These businesses may believe that they can rely on intuition alone or, if overall results are improving, they can assume that their social media efforts are working. However, this approach means that you could be wasting resources on tactics that are doing little or nothing to help your business.
When you neglect analytics, there is no way to know if social media is actually contributing to your bottom line. Plus, even if you are satisfied that you are likely on the right track, your manager or business owner will want evidence. Social media is no longer a small task — most marketers spend a considerable amount of their time on social platforms.
Furthermore, marketing is all about optimization. Only by measuring your efforts can you continue to improve and expand.
Why Use KPIs?
The best way to measure social media success is to use key performance indicators (KPIs). When you use KPIs, measuring social media success stops being difficult. Plus, you are able to do the following:
- See if your actions are helping or hindering.
- Determine how specific actions and behaviors led you toward your goals.
- Prevent silos to ensure that all the departments within your company are working together.
- Hold team members accountable for performance.
- Measure even small progress. You are more likely to stay motivated when you have the chance to celebrate the minor victories.
The Worksheet from BoostU
The KPI worksheet from BoostU helps you track the top 23 social media KPIs. You can measure the performance of your own business as well as that of your competitors, which allows you to see how you compare to others. With the KPI worksheet, you ensure that you are taking the right action on social media, make the necessary improvements, and keep growing.
How to Use the Worksheet
Understanding the Worksheet
On the worksheet, you’ll see the list of 23 KPIs divided into five categories:
- Actions and ROI
There is a brief description of each KPI on the worksheet. If you need more information, you can read the full descriptions in the supporting document.
Filling Out the Worksheet
To fill out the worksheet, you’ll need to provide the same information for each KPI: your own data and the low, average, and high numbers for your competitors. This means first identifying your top competitors and then seeking the information.
Finding the data for some of the KPIs is straightforward, as the information is listed on social media profiles. For others, you’ll need to use Google Analytics or a social media tool. The worksheet offers suggestions for tools to help you gather necessary data.
For instance, the first KPI is “Followers, likes, and subscribers.” Start by looking at your own statistics; then, find your top competitors’ numbers by checking out their social media profiles. Do this for all your social media accounts separately, including any accounts you set up but that have remained relatively inactive.
An example of a more complex KPI is “Inbound links.” You’ll be unable to find this information by just looking yourself, but it is easily accessible with a tool like Open Site Explorer.
For yet other KPIs, it may be impossible to gather data about your competitors. In this case, just fill out the “Me” box. This will be useful for keeping track of changes.
The full instructions for each KPI will help you fill out the entire worksheet. Download the worksheet now to get started.