KPI’s are key performance indicators. They will show us if what we’re doing is working in reaching the goals we’ve set for ourselves while marketing, and in this case, with Instagram.
The three key performance indicators that I like to keep an eye on are:
How many followers are actually liking, commenting, sharing, or saving my content? Yes, having followers is great, but if no one is engaging with my account, what difference does it make if I have 100 followers or 100,000 followers. I’m not sure about you, but my goal for showing up on Instagram is not to have a lot of followers but to build brand awareness and make money for my business while I’m helping those that need my services.
Looking to calculate your engagement rate?
Total up all of the likes, comments, saves, and shares on your last 9 posts.
For example, just for the sake of making this easy, I receive 10 likes, 10 comments, 10 shares, and 10 saves on each of those posts.
That gives me a total of 360.
I then take the 360 and divide it by 9, which gives me 40. This is now the average engagement on each of those posts.
Now I take that number and divide it by my total number of followers to get my account’s overall engagement rate.
If I have 700 followers; 40 / 700 = 0.057 * 100 to get the percentage is an engagement rate of 5.7%.
This would be an amazing engagement rate as the average is 3%.
How many of my followers am I actually turning into paid clients? I track how many conversations I have via DM and out of those, how many actually pay me for my services.
Knowing your conversion rate is vital if you have income goals. Without those metrics, it’s like throwing spaghetti at a wall.
Now conversions can also be how many followers follow through with your swipe ups, downloading your newsletter, or anything that involves them to take action.
Why are these important? If I know that I need to book 5 brides to meet my income goal, and out of 100 brides, I only book 1 bride, then I have to make sure my resource reaches over 500 followers to meet my income goals. Why over 500 followers? Because I don’t know how many of them are actually brides and not just people looking for inspiration.
I know that knowing what type of content to use can be pretty confusing. However, the answer is at our fingertips if we’re using the business account on Instagram.
Instagram tells us our top liked, saved, or shared content within the last year. We can break it down into days, weeks, or months as well.
When I’m noticing that my engagement is being affected, I take a peek at what performed well when things were going well and tweak my content to reflect what my followers are looking for.
The answers are literally only a couple of taps away. We just have to be willing to look at it from a growth perspective and not get caught up in fear of the attack of the algorithm.
If you’re looking to grow your business while utilizing Instagram, then be sure to check out my course Slay The Gram, where I go into depth about each of these topics.