Businesses, large or small, are past the fact that its essential to use social media to maximise market reach. These days you can find all sorts of businesses on Facebook, Twitter, LinkedIn, Instagram, Youtube, Pinterest and even Glassdoor, in an attempt to increase brand awareness and go all viral.
So you’ve got over a 100K fans on your Facebook page, your awesome images attract over 1500 likes and a product post gets fans crazily wanting to purchase your products. Great! Yet, is this all you want? Many businesses look at the end result to judge the progress of their social platforms. According to Booz and Company, who conducted an in-dept research on social media, found that businesses are not making the most of their social media tools and services. Companies tend to focus on content development, community management and real-time analytics.
However, analytics can be broken down into multiple categories ranging from calculating digital media activity to achieving strategic business objectives — in other words, actually making a sale. This opens many opportunities to escalate business value by attracting the maximum audience, generating a need for their content and building strong relationships with their followers.
At Mustard, we believe businesses can benefit greatly from gauging the following four categories of analytics; these insights are especially useful to those who can’t afford to make major changes to their media mix.
It’s extremely important to understand your social scale and compare them with your direct competitors. You may have a large number of fans and followers, however, is it large enough to be considered a market player? Businesses should regularly monitor the rate of page growth and the number of people talking about their content. This would allow you to comprehend your position in the market and the capacity to grow.
Even with the basic analytic tools provided by Facebook, you can now have access to insights on your activities. Make full use of it! Analyse the key drivers of participation, build a bond with influential fans, study the patterns in the number of likes, comments, shares and take rates. This would not only allow you to create a stronger social community but also enhance the rate of page growth.
Know the ins and outs of your market and the public. Identify and encourage user behaviours that are beneficial or simply relate to your brand. These include such metrics as: intent to recommend, referral and re-share activities, comments and followers per user, and brand favorability, consideration and preference. These analytics take businesses to a different level where you’re growing your fan base as well as tapping into an existing base that just needs a redirection.
Return of Investment
Ultimately it all boils down to the amount of time you’ve invested vs the return of investment. Work out if the effort was worth the result. If not, analyse the areas for improvement to make the most out of your campaigns.