7 Social Media KPI’s for CPG Brands
Social Media marketing budgets can be difficult for some companies to justify, especially when social media KPI’s for CPG brands are not clearly tracked. In order to see results from your social media marketing efforts, you must set expectations high and demand performance excellence.
As the need for a strong social presence grows, so will the importance of properly measuring its impact on awareness and conversions. Measuring sales attributed to social visits is the best way to correlate social media activities with sales, but there are many KPI’s that should be constantly monitored to ensure your social media strategy is achieving its goals.
1. Social Media Brand Awareness
- Brand Awareness -how many new people are hearing about and engaging with your brand?
- Brand Loyalty – do everything you can to defend and retain your brand’s most loyal base
- Product Feedback – are there features or enhancements that customers are demanding?
2. Social Media Engagement
- Engagement Rate – measurement of the activity on your page, audience interactions and reactions to your posts
- Audience Growth Rates – determine a good growth rate for your social media followers and content subscribers
- Key Influencers – interact with key influencers in the industry, retailers and other brands, celebrity advocates and followers with large followings
3. Crisis Management
- Avoid Crisis – mitigate situations that have a negative long-term impact on your business’ reputation or bottom-line
- Response Rates – management of user posts or questions that are responded to, aim for a 100% response rate
- Response Times – limit the amount of time that it takes for you to respond to users posts, questions or complaints
4. Website Engagement
- Click-through rate – how sticky is your content? Maximize click-throughs to widen your digital marketing funnel
- Engagement Rate – the number of interactions (likes, comments, and shares) that occur with your page
- Manage Influencers – identify the users that most frequently interact with your page’s content, these are the most loyal followers and brand advocates
5. Brick and Mortar Sales Data
- Share of market – regularly monitor dollar and volume share of your brand categories at key retailers
- Incremental sales – analyze your sales data and look for a bump at times when key social promotions are running
- Utilize the purchase cycle – learn about your customer shopping habits and run promotions when customers are most likely to buy
6. eCommerce Sales Metrics
- Conversions – track the key activities and events that drive your business goals
- Average order value – understand your best sellers and how much consumers are willing to spend on your products
- Cart abandon rate – high cart abandonment rate is an indicator that you need to improve your checkout process
- Cost per order – the dollar amount spent on advertising or marketing in order to convert a sale
7. Return on investment
- Average cost per visitor – divide total promotional spend by the number of visitors generated from that promotion
- Cost per conversion – shows how much it costs to obtain a real customer who will make a successful conversion
- Average cost per acquisition – tells how many marketing dollars you have to spend to get someone to start buying
All these metrics coordinate with one another in any social media campaign. It’s great to get a lot of likes, views, and retweets, but if the return is only in engagement and not sales, then you’re in the red.