Social Media Marketing for Small Businesses: Is Your Investment Worth It? [3 KPIs To Watch in 2024]
It’s clear that businesses are spending plenty of time and advertising dollars on social media marketing. How do you know that your digital marketing investment is paying off?
Read to the end to learn about three key performance indicators that can provide insight into your social media return on investment (ROI).
SOCIAL MEDIA MARKETING- TIME AND MONEY
The Small Business Administration suggests that businesses should spend between 7 and 8 percent of their total revenue on advertising. Most small businesses spend at least half of their advertising dollars on digital marketing, including social media marketing.
According to this survey taken in 2017 by statista.com, 21 percent of responding businesses spent at least 10 hours on social media marketing.
READ OUR BLOG: 6 Social Media Tips and Tricks for Small Businesses [2023]
TRAFFIC
Traffic shows you how many users are seeing your content. You can learn a lot about your audience by studying the traffic received on your social media channels. You can track new visitors, referral sources, total sessions, total page views, and total time spent on your page. You can also see your audience’s demographic information. This valuable information helps you understand what population to cater to.
You can perform A/B testing with elements of your posts to see what works. If your post isn’t attracting the traffic that you are expecting, adjust your content or change your call-to-action.
READ OUR BLOG: 11 Reasons to Hire a Professional Copywriter to Help with Your Website and Social Media
ENGAGEMENT
Engagement shows what your audience responds to and how effective your social media marketing strategy is. Engagement is how your audience is interacting with this post. It includes likes, comments, shares, reactions, clicks, pins, votes, and more.
To track the engagement rate of your content, divide the number of post interactions by your page’s follower count and multiply it by 100.
If your post has an outstanding engagement rate, study this content to see what might have influenced your audience to interact with the post. It might be dynamic graphics, high-resolution video, stellar copy writing, or helpful information your audience loves. Find out what makes this a winning post and generate more content featuring those qualities.
AUDIENCE GROWTH RATE
One of the goals of social media marketing is to convert your target audience into loyal customers. You can do this by showing your audience how great you are! Your audience growth rate will show you how your follower count has changed over time. You can track this data monthly, weekly, or even daily.
If a business posts content that’s in poor taste, the follower count may reflect poorly on that particular day, week, or month. If a business has a well-developed marketing plan and posts valuable, eye-catching, or well-written captions, this may reflect positively on its audience growth rate.
You can suggest viewers subscribe to or follow your page as your call-to-action within your posts. Pair helpful content with a reminder to your viewers that their subscription or following not only helps your business or brand but could be valuable to them in the future as well.
KEEP YOUR MARKETING GOALS IN MIND
When examining key performance indicators (KPIs), have defined marketing goals and keep them in mind as you analyze the data.
What’s important to you and your business? You can use this guide from the Small Business Administration to help you manage your marketing plan and other aspects of your business.
READY TO STEP YOUR SOCIAL MEDIA MARKETING GAME UP?
The experts at Spivey Media (based in Norman, Oklahoma) are ready to help you meet your business marketing goals and help you see a return on your digital marketing investment.
We can create short- and long-form videos or Instagram reels that fit your brand’s unique aesthetic and tone. We can also produce beautiful, quality photographs or develop well-written captions and copy writing for your social media posts and web pages that will stand you apart from competitors and drive clients to your business here in Oklahoma.
If you’re ready to see a return on your digital marketing investment, contact Spivey Media today to tell us about your marketing goals. We’ll get started on a personalized marketing game plan just for your business.