In social networks you can not publish anything. As you know, every account must follow a specific goal and strategy Belgium small business owner lists . However, after implementing the strategy, a follow-up must also be established. How will we know, if not, if our actions are working correctly?
Track the performance of our social accounts is not complicated if you consider the following:
- The selection of the most suitable KPIs for the business.
- The development of a report that really shows the performance of the accounts in social networks(with the followers of an account or the impressions of a publication is not enough).
Do you have a world? Do not worry, now we investigate in each point.
METRICS AND KPI: WHAT ARE THEY AND WHAT SHOULD I SELECT IN MY SOCIAL NETWORKS?
A very common mistake is to confuse the terms metric and KPI , so first we will tell you the difference.
The metrics are those marketing indicators that demonstrate how a user behaves in our social network. So, we could say that likes, comments or reach are metrics of social networks like Facebook or Instagram .
The KPI , however, are those metrics that specifically select to analyze the performance of our own and see if we meet the goals.
In fact, its own name already gives us enough clues of its functions (KPI stands for Key Performance Indicator , or Key Performance Indicators ).
So, if our goal is to redirect traffic to our website, we should select as KPI the clicks that have received the posts we have published.
HOW TO CREATE A PERFORMANCE MONITORING REPORT ON SOCIAL NETWORKS
Once the KPIs are established, it is also important to translate them into a report.
In this report we could simply put the values of the KPIs, such as likes to the Facebook page, the engagement or the number of followers on Instagram.
However, adding only these data in the report we would be somewhat lame.
Would not it be much more interesting to study the evolution of the account, in order to see if the results get worse or better?
There is a very simple formula that allows you to calculate the performance in social networks , called MoM (” Month-Over-Month “, which in Spanish would be something like “Month-after-Month” or monthly growth).
The MoM allows you to calculate the percentage growth of a social network compared to the previous period .
Let’s see it in an example. If the previous month we had 100 followers in our Instagram account, and at the end of this month we have reached 120, our monthly growth (MoM) would be 20%, for the simple reason that those 20 new followers represent 20% of the total of followers that we had the previous month.
The formula to calculate it is as simple as the following:
MoM (monthly growth) = (KPI value of This month – KPI value of the previous month) / (KPI value of the previous month) x 100.
Thus, in this way we would be able to know our monthly growth, whether it be our followers, our engagement or our reach. If you wanted to calculate it weekly, the formula would also be the same.
Do not you think that if you add this formula to your reports, you will be able to give them a much more professional touch, as well as draw much more useful conclusions? Go ahead and calculate the MoM in your social media reports !