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2017 Hispanic Social Marketing Report
In this case, your key social media KPIs would be:
• Follower growth
• Demographic shifts month-to-month
• Click-through rate to new product pages
• Mentions (tagged and untagged)
• Shares, especially by target market influencers
Measure What Customers Are Saying
Here’s a sobering statistic from social media monitoring company Brandwatch: Some 96% of the people who discuss brands on social media do not follow those brands’ owned accounts.
Is this a problem? Or, does this reflect the likelihood that a brand is being discussed “organically,” and among trusted family and friends? In the U.S. Hispanic market, this could be more valuable than having these influencers follow a brand’s owned account.
The trick, of course, is attempting to engage with these individuals. How does a brand do it? What’s an invitation, and what’s an invasion of privacy? Answering these questions could make the difference between turning a brand into a friend, and turning a potential friend away from the brand.
Determining the most important social media KPIs may be easier than one thinks. Kanter points to Google Analytics, which can offer granular data on everything from behavior flow to social traffic to landing pages.
Of course, the ultimate goal is to convert the casual user to a committed actor, Kanter notes. After all, “Without conversion, your brand does not experience growth.”
She continues, “The most significant Conversion KPI you can measure is your conversion rate. This is the percentage of casual users who perform the committed action you want them to. The No. 1 way to prove the success of your social campaign is through an increasing conversion rate.”
From there, Acquisition KPIs can be determined.
“To better compete for marketing dollars and demonstrate the value of social media compared to other marketing methods, you need to define the cost-per-acquisition for customers converted through social channels,” Kanter says. “Your total cost should include your labor cost plus production and paid reach.”
Once the “real cost” during a time period has been determined, divide your cost by the number of conversions. “From there, you can look at your conversion values minus the acquisition cost to determine the profit margin on social interactions,” Kanter says.