Here are the top KPIs for real estate businesses and other small businesses to keep track of
Social media marketing for small businesses is more crucial than ever for a business’s success in today’s online world. Most of the world has a smartphone or a laptop that they use to make purchases instead of going to a mall or store. You’re missing tons of sales, profits, and growth opportunities if you aren’t on top of your content strategy and audience data.
What Is a KPI?
A key performance indicator, or KPI, measures almost everything about your small business and its success. It is a quantifiable measure of a specific objective over a set period. KPIs provide insights into how your business is performing, targets to shoot for, and milestones to gauge your progress projects or the evolution of your business.
While there are many KPIs that your business can track, such as customer acquisition cost (CAC), gross margin, and debt-to-equity ratio, there are also plenty of KPIs that will tell you how your social media strategy is performing.
Why Do Small Businesses and Real Estate Businesses Need Social Media KPIs?
Social media marketing is essential for small businesses (such as real estate agencies) to connect with customers and sell listings. But with so many platforms and metrics to keep track of, it can be hard to know which KPIs matter most. By tracking the correct KPIs, businesses can get a clear picture of their social media performance and make necessary adjustments to their strategy.
For example, engagement KPIs such as likes, comments, and shares can give insights into which content is resonating with customers. Meanwhile, reach KPIs such as impressions and followers can show how effectively a business’s social content is reaching new audiences. By tracking the proper KPIs, companies can ensure that their social media strategy is effective and achieving its desired results.
How Do I Set My Small Business KPIs?
The best way to set your business KPIs is to treat them like goals. Chances are good that your business or social media team has set goals for the company’s growth. Do the same with your social media KPIs using the SMART framework. The SMART framework is as follows:
S - Specific: Be as straightforward as possible when setting your KPIs. Use exact numbers, percentages, and timelines.
M - Measurable: Ensure that your KPIs can be measured and tracked.
A - Actionable: Set your KPIs to attainable levels.
R - Relevant: Make sure your social media KPIs are part of your business’s larger goals.
T - Timely: Set a specific date or time frame to achieve your KPI goal.
SMART KPIs work best when you consistently work towards achieving your goals over time and are great for seeing your results and presenting them to others.
What Are the Top Social Media Marketing KPIs To Keep Track Of?
Social media marketing is vital to the growth of your business because it is the best way to acquire new customers. With more than half the world on social media, your business cannot afford to be on the sidelines.
Social media marketing for realtors and small businesses should include tracking as many KPIs as possible. Here are the top social media marketing KPIs to keep track of.
Likes
The number of likes is one of the most prominent ways to track how well your social media is doing. Likes are the number of times your followers or other people interact with your post by clicking the “Like” button on whichever social media platform your post is on. It is the number one way people interact with social media posts.
Setting KPIs for the number of likes your posts get is a simple KPI to implement and measure and should be an essential part of social media marketing for small businesses and real estate companies.
Comments
Comments are another essential part of social media marketing metrics for small businesses and real estate companies and are also one of the easiest ones to measure. You simply need to count how many times people and followers have commented on your posts.
However, remember that comments can be negative or positive, so more comments aren’t necessarily good. If you separate your comments into negative and positive and track them that way, you’ll get a better idea of how your posts are fairing.
Applause Rate
The applause rate KPI only considers and tracks positive interactions or approval interactions (mainly likes, retweets, favoriting a post, etc.). Here’s how you calculate your applause rate:
Total approval actions / Total followers x 100 = Applause rate percentage
Audience Growth Rate
It’s essential to the health and expansion of your business that you grow your social media followers and audience and not lose followers. The audience will tell you how your social media audience changes over time. Here is how you calculate your audience growth rate KPI:
Net new followers / Total followers x 100 = Growth rate percentage
Followers
This is how many people are following your social media accounts. You can set a KPI goal to double your followers in one year or increase your follower count by 20% in six months.
Impressions
Impressions are the number of times your post was visible in someone’s feed or timeline. However, this number doesn’t track if the person read it or even saw your post. Track your impressions KPI to see how much your social media audience is growing.
Reach
This KPI measures how many people have seen your post since you posted it. The reach KPI has changing variables such as when your audience was reached and how good your content is. However, the reach KPI will give you a general idea of what your audience finds interesting and valuable. This can help you post content similar to what is performing well.
Here’s how you calculate your audience’s reach:
Measure post reach / Total followers x 100 = Post reach percentage
Potential Reach
Similar to the reach KPI, this measures the number of people who could see your post over a specific period. For example, if one of your followers shared your post, 2% and 5% of their followers would factor into your post’s potential reach.
Here’s how you calculate your audience’s potential reach:
Total number of mentions x Followers of the account that mentioned you = Theoretical reach
Social Share of Voice
This KPI tracks how many followers or people in general mentioned your brand compared to how many people mentioned your competitors. It shows you how relevant your brand is within your industry.
Here’s how you calculate your social share of voice:
Brand mentions / Total mentions x 100 = Social share of voice percentage
Conversion Rate
This KPI measures the total number of people who acted on your social media CTA (made a purchase, subscribe to your mailing list, etc.) compared to the total number of clicks on the post.
The higher your conversion rate, the more your audience found it valuable. Then you can continue to put out similar content and get more conversions. Here’s how you calculate your conversion rate:
Conversions / Total clicks x 100 = Conversion rate percentage
Bounce Rate
While KPIs that track what your audience interacts with are great for showing you what posts are working, you also need to know which posts are not so you can avoid them in the future. Bounce rate is the percentage of page visitors who clicked on your post’s link but then quickly left the page and did not take action. If your bounce rate is high, it signals your content isn’t engaging your audience or that something is not working correctly, like a broken link.
Final Thoughts
In social media marketing, small businesses and real estate companies need to track key performance indicators (KPIs) such as likes, followers, conversion rate, and bounce rate.
Likes and followers show how popular a business is on social media, while conversion rate indicates how well the company is turning social media users into customers. You don’t need to be the most popular to have a solid conversion rate. Bounce rate measures how long social media users spend on a business’s website before leaving; a high bounce rate indicates that users are not finding what they’re looking for on the site.
By tracking these KPIs, businesses can gauge the effectiveness of their social media marketing and make necessary changes to improve their performance.
At Wave Media, we’re here to make you look good, including on social media! We help you understand your KPIs as well as use them to diagnose the best strategy for you. To learn more about how Wave Media can help your company grow your socials and look good doing it, click the link below.
Thanks for reading! :)