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Measuring your performance is only half of what it takes to be successful on Instagram - you also need clear goals. Here's how to find and make those goals.
If you’re using Instagram for business, you need to have a plan in place for assessing and measuring your content’s performance.We know that Instagram’s over one billion users are spending at least 30 minutes per day (on average) navigating the algorithm. Plus 81% of users are using Instagram to research products and services before they decide to buy.So, your business needs to be capitalising on this huge volume of active users and find ways to capture and convert them into paying customers. And one of the most effective ways to drive tangible results from your social media marketing is to set and measure KPIs.Keep reading to discover why KPIs are important to your social media strategy plus the most important KPIs you need to be tracking on Instagram.
In a nutshell, KPIs are key performance indicators. They’re used in a range of settings to measure your progress towards a particular goal.Many businesses use KPIs to track the performance of their team or even certain departments within a company.In the case of social media marketing, KPIs are used to measure the success and impact of your social media platform activity and campaigns. By reviewing and benchmarking your Instagram analytics and social media data, you’ll be able to assess whether your social media strategy is working (or if changes need to be made).
If you’re using social media accounts (and Instagram specifically) as a digital marketing and analytics tool, you need to have a way of measuring and tracking success.If you don’t have goals or benchmarks to measure your results against, you’ll have no accurate way of assessing if your social media strategy is working.Essentially, Instagram KPIs are the most effective way to keep tabs on your social media performance. When set and measured correctly, your KPIs can also indicate the return on investment (ROI) from your social media marketing, too.Here are three powerful reasons why you should be setting and measuring KPIs as part of your Instagram marketing strategy:
Having a clear set of quantified goals in place will help you speed up your reporting, track campaign performance and allow you to make data-informed decisions about how to adjust or optimise your Instagram marketing efforts.
Just like any goals or benchmarks, your Instagram KPIs need to follow a proven framework that allows you easily measure and quantify success.A popular goal-setting formula to consider is the SMART framework. It means setting KPIs that are:
But simply setting a bunch of KPIs isn’t enough. The trick to driving meaningful results from your Instagram KPIs is to have processes in place to continually review, assess performance and optimise your Instagram campaigns.So, let’s walk you through how to set, monitor and measure the effectiveness of your Instagram KPIs:
The key to setting KPIs successfully is to figure out what role Instagram marketing plays in your overall business strategy and set regular check-ins to continually review and refine your approach.
There are stacks of metrics and stats you can measure on Instagram. But, what KPIs should you have at the top of your agenda?Ultimately, focusing on vanity metrics alone (such as likes and the number of followers you have) won't move the needle for your business.Here’s a rundown of the eight Instagram KPIs and social media metrics your business should be tracking as part of your social media channels strategy.
Chances are you’re already very familiar with these common Instagram metrics: reach and impressions. But in many cases, these two terms are misinterpreted or grouped together entirely.Let’s break down the differences for you:
In most cases, your impressions are likely to be higher than your reach on an Instagram post. That's because a single user can have multiple impressions (or views) for one Instagram post.The good news is that both reach and impressions metrics are recorded separately in your Instagram Insights, so it’s easy to track any trends or differences between these two KPIs.Plus, you can even get more granular insights around reach (such as what percentage of accounts reached were followers vs. non-followers and even the top cities they’re located in). These granular insights can be really useful if you’re trying to get your brand in front of new audiences and build brand awareness.Ultimately, whether you track your reach or your businesses' number of impressions really depends on the goals of your campaign. If you’re wanting to assess how many unique users saw your posts, reach needs to be your top priority. However, if you’re looking to track brand awareness, impressions will show you how many times each post was viewed.
Want to track how well different types of content is being received by your followers? By assessing your social media engagement rate, you’ll be able to see how your audience is responding to your Instagram content.Rather than looking solely at the number of engagements (such as the number of likes, number of comments, saves and shares), your engagement rate benchmarks how your content performed based on your number of followers or post impressions.But, there’s a lot of debate about how to calculate your Instagram engagement rate. While many people add up the post engagements, divide them by the number of followers you have and multiply by 100, others believe there are more accurate ways to measure your average engagement rate.So, let’s run you through the three most common options for calculating your engagement rate on Instagram:
Again, the formula you choose will depend on your campaign goals. If you’re using engagement rate to compare your engagement to your competitors, option one is your best data. But if you’re most focused on accuracy, option three will give you the most detailed (and accurate) engagement rate metrics.
Looking to boost your follower count and reach your target audience on Instagram? If so, then follower growth rate needs to be a KPI you’re tracking on Instagram.But just like your engagement rate, your follower growth rate reveals more than just how many new users tapped ‘follow’. In fact, it actually shows the pace of your follower growth and reveals how quickly you’re gaining (or losing followers).To get started with tracking your follower growth rate, start by reviewing how many followers you gained in a month.Let’s run you through an example:
By tracking this KPI month-on-month you’ll be able to see trends that appear in your follower growth rate. This can help you attribute the value of certain Instagram marketing campaigns or tactics to your follower growth as well (as you’ll know what months saw a spike in your followers).
You only want to publish Instagram content when your audience is online, right? That’s why tracking your best posting times is an important KPI to add to your social media marketing strategy.The most valuable metric to use to determine your businesses’ best posting times is to check your own Instagram Insights.Head into your Instagram app and navigate to your Audience Insights and review when your followers are most active. This is broken down by days of the week as well as hours each day.And as your follower count grows, these best posting times are likely to change. So, make sure you’re tracking and reviewing these times on a regular basis to keep your records updated.By publishing your content when your followers are likely to be online, you’ll boost the chances of your posts generating strong results (including reach, impressions, and engagements).
Are you using Instagram (along with other social networks like LinkedIn) to drive traffic to your eCommerce store, website, landing page or app? If so, you need to be tracking how much referral traffic (a.k.a. the number of clicks) comes directly from your Instagram account.This KPI is all about assessing how many Instagram users are taking action and heading to your website from your profile or social media posts via link clicks.Within the Instagram app, you can navigate into your Insights to review how many users visited your website through Instagram. Head to Accounts Reached then scroll down to Profile Activity to review your website taps.If you’ve set up Google Analytics on your website, you can also review the source of your website traffic and how strong your click-through rate is. Head into Acquisition > All Traffic to see how many website visitors are coming from Instagram and Instagram Stories.By making sure you’ve got a link tool set up as a bio link and leveraging the Instagram Stories' link stickers, you’ll be able to maximise your referral traffic through Instagram.
Instagram Stories are a powerful platform tool to help you stay in touch with your followers and drive two-way conversations with your audience.But in order to assess whether your Instagram Stories are driving results or not, you need to know which metrics you should be tracking.Here’s a rundown of the most important Instagram Stories KPIs to add to your reporting mix:
So, there you have it. When it comes to tracking your Instagram efforts, setting clear KPIs will help you make strategic decisions about how to improve your results and content performance. By setting benchmarks and goals and regularly reviewing your analytics, you’ll be able to pivot your approach and hold your Instagram content accountable for business success.
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