Key Metrics and KPIs for Social Media Advertising Performance Tracking
Learn about all the best social media advertising metrics and KPIs you should measure and track to help make key decisions in your social media ad strategies.
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On March 23, 2023, TikTok CEO, Shou Zi Chew, went before Congress yet again. Similar to a 2020 attempt, the U.S. government is trying to ban the Chinese-based app, citing suspicion of its privacy and data sharing. While TikTok creators are devastated at this notion, theyâre not the only people showing concern over how this decision could impact their livelihoods.Â
More than ever, brands are recognizing the immense value of TikTok and its ability to skyrocket trends into their customersâ daily livesâvalue that could disappear, taking its reach and revenue potential with it. Brands go where consumer eyeballs are, and there are many eyeballs on TikTok⌠approximately 113.3 million pairs in the U.S. alone.
While a country-wide ban is the most extreme outcome, it isnât the only fate that TikTok could face. What other possibilities are on the table, and what do they mean for businesses that have come to rely on the platform? Here are four potential what ifs and how marketers can respond.Â
In 2020, President Trump attempted to ban TikTok (and other apps) from the U.S. market, but was blocked by two separate courts. What if this decision also results in a resoundingâŚnothing?
While there might not be changes to the way the TikTok has to operate, that doesnât mean the privacy and security of user information wonât remain of utmost importance. The trend toward safer data isnât really a trend at all, but more of a requirement for social media platforms moving forward.
How should businesses or brands who depend on TikTok react to a do nothing outcome? Ultimately, proceed with caution, and prepare for future intervention in which it does become banned or usage changes significantly. A few places to start:
Establish or enhance your presence on social media platforms other than TikTok that attract similar users, such as Instagram or YouTube.Â
Ensure the content youâre creating for TikTok could also be repurposed for other short form video platforms, keeping in mind the differing content length limits and topic restrictions.Â
If your TikTok strategy includes advertising, evaluate your spend and campaign performance to determine which other social platforms or advertising channels these ads might resonate on.Â
This is the third time the app has come under scrutiny and resulted in government intervention, and it likely wonât be the last.
Data security and privacy are at the forefront of nearly everyonesâ minds when it comes to online platforms, services, and software. In this potential scenario,TikTok could continue to be accessible by U.S. users, but under the condition that serious changes be made to the way it tracks users, gathers data, and shares that information.
These types of required updates for tech companies are nothing new. Brands like Apple and Facebook have made major changes to their privacy and data-sharing measures in recent years, and Google plans to eliminate the use of third-party cookies in digital advertising in 2024. It wouldnât be surprising to see TikTok follow suit in a similar manner.Â
If this outcome comes to fruition, brands and businesses will need to note the impact it will have when it comes to targeting capabilities and customer data. While the actual changes remain unknown, the effects could potentially limit the ability to pass data between third-party vendors and the social app or even require tracking permissions to be put in place to be accepted by users. To prepare, now is a great time to brush up your knowledge of first-party data to develop strategies to market to customers using the information youâve collected via your own channels.Â
In an attempt to appease more than 100 million U.S. users, Congress is offering TikTokâs parent company, ByteDance, a proposal: sell the U.S. version of the app to a U.S. based company. In the past, companies like Microsoft and Oracle were on the list of potential buyers, but thereâs no indication as to who might be interested this time around. Given the appâs popularity and resultant ad revenue, potential suitors would likely line up for miles at the opportunity.
The broad outline of what would be required to meet the governmentâs standards primarily states the U.S. versionâs owners must divest their stake, but ByteDance argues such a divestiture wouldn't address the countryâs overarching national security concerns. Â
So, how could a sale affect brand and business users of the platform? Get ready for the appâs capabilities and offerings to change based on U.S. government requirements. While itâs not likely that the user experience would undergo major changes, the data protection measures put in place could alter the way the app is able to serve ads and do audience targeting. Users should also prepare for adjustments made to the platform by its new U.S. parent company to fit its own business needs.Â
This is, again, where knowledge of first-party data strategies can really come into play. Unlike third-party sources, first-party data collection can result from a wide variety of marketing activities that marketers have complete control over. This data can then be used to create marketing journeys that are customized specifically to your customers, rather than relying on suggestions from a third-party algorithm.
Obviously, the most impactful ruling to result from these discussions would be a country-wide ban. While this decision doesnât mean the app will disappear overnight, it would result in a mad dash for other social media platforms to capture the attention of TikTokâs displaced users.Â
Itâs known that most social media users donât use just one platform. In fact, the average person interacts with just over 6 social media platforms, according to Demand Sage. That means there are several well-known competitors that would likely vie for TikTokersâ time and resulting advertising revenue. In fact, short-form video â despite its relative flop a generation ago (RIP Vine) is so en vogue thanks to TikTokâs success, that multiple social platforms now not only accommodate but promote the format.
Where will all those users be going? Here are our three predictions:
Instagram. If youâve used both apps, you know why Instagram would be the next logical choice for TikTok users. Instagram Reels took off shortly after short-form social video really hit its stride. In fact, many users already repurpose TikTok content as Reels and vice versa.
Facebook. No, Facebook hasnât sparked as many trends as TikTok in the past few years. However, it still has a highly engaged audience and is a foundational platform for both organic and paid marketing. Despite TikTokâs boom in popularity, Facebook still ranks as the #1 social media platform in the world by number of users.
YouTube. While some may not view YouTube as a traditional social media platform, its ability to grow a community and influence users is wildly accessible to brands and individuals alike. Statista reports that YouTube ranks second to Facebook in popularity, with an astonishing 96% of Gen Zers in the U.S. having a YouTube account in 2022. With the advent of YouTube Shorts, thereâs a clear line connecting TikTok and YouTubeâs content formats.
Our advice: donât wait for the final verdict. Prepare for a potential ban now so youâre not left behind if it does happen; a great marketing strategy shouldnât rely on a single platform to begin with. While you donât have to turn off your TikTok campaigns preemptively, itâs a good idea to start adjusting your strategy and looking to the future.
Here are a few strategies you can adopt now, no matter the outcome for TikTok.
This advice should sound familiar to anyone with a retirement account or who trades in the stock market. If the majority of your budget, time, and effort is behind just TikTok, itâs time to start re-evaluating your channel strategy. The strategist in the room would call this concentration risk. Your channel mix should be custom-tailored to your customer journey and brand priorities, and shouldnât be limited to just one or two channels.
Not only does a strong marketing channel mix prevent total losses in the event of platform changes, but it allows you to generate both purchase interest and purchase intent. It also promotes a balance of campaign goals between reach, engagement, and user intent. Lastly, it allows you to easily understand and adjust to market trends and what channels do and donât work best for you. Your channel mix is not something you should set and forget but rather a blend you should continually watch and tune.
For more advice on how to build your channel mix, click here.
How are customers currently engaging with your brand on TikTok, whether it be through ads or organically? Are they finding your brand for the first time, or do you have avid shoppers who make purchases after watching your content?
For example, if youâre currently using shopping ads, then youâre utilizing the platform to engage customers who are already aware of your brand and have a high likelihood of converting. In this case, youâll want to consider other social channels that give you the ability to add products to your social profile and utilize native shopping experiences, like Instagram.
Youâll also want to consider investing in retargeting campaigns, if you havenât already. These campaigns enable you to target customers who have already engaged with your website and show them products or promotions to encourage conversions.
If youâre primarily using TikTok to generate brand awareness or build and engage a community, explore other social channels that provide similar engagement opportunities.Â
Data Reportal reports that Facebook still has almost 3 billion active monthly users and continues to grow.
Pinterest says their platform has almost 500 million monthly users. Additionally, Male Pinners and Gen Z Pinners are growing in number, with these demos seeing a 40% increase in the past year.Â
Instagram clocks in with 2 billion monthly users, according to Statista, and Sprout Social notes it as the fourth most-used social platform.
To further diversify your strategy, consider running brand awareness campaigns dedicated to finding new customers that are similar to your current ones. These campaigns can be run on social channels such Facebook or Instagram, as well as across the web.Â
If youâve built a strong relationship with your customers on TikTok, encourage and provide incentives for them to engage with you on other channels.Â
For example, create a TikTok campaign that encourages customers to go to your website or link in bio to sign up for your email list. This can be a simple message like, âWe love you all so much, weâd like to send you more content like this in our email newsletter.â or even a more enticing offer like, âDid you know that customers who get on our email list get a 10% off code every month? Join us!â
You can also simply ask customers to follow you on other social media platforms where you have a presence. To keep them interested, create similar content that keeps them engaged and encourages them to maintain their loyalty on a different channel. Something as easy as âIf you love what we post on TikTok, follow us on Instagram, too!â can make all the difference.Â
While weâre all waiting for the final outcome of the hearing, our advice to brands, businesses, and influencers, is to ready your strategy now. Thereâs no such thing as being too prepared for a country-wide ban on a dominant social media platform.
For more resources and guides to help you build out a strong social strategy across platforms, check out our resources below.
Get Everything You Need to Know About Launching Social Ads on Facebook, Instagram, and Pinterest in our step-by-step guide. Download your copy now.
Last updated on March 28th, 2023.