Curious how to analyze Social Media Analytics without being a Marketing Expert?
We had two incredible social media experts, Kathy F. Catoe and Steve Aquino, on our panel this month for the Dallas Social Media Breakfast that helped answer that very question.
Here is a recap of the informative content they shared.
- There is a formula to make your Social Media (and money) work for you:
Whether it is a sale, subscription, or a call, everyone wants to drive traffic towards an action. We went over Key Performance Indicators (KPIs) such as: CPM (cost per thousand impressions), CR% (conversion rate), CPC (cost per click), CPLP (cost per landing page view), and CPA (cost per action). In other words, you can make sure you’re getting your money’s worth by paying attention to “metrics that matter”. Here is a flowchart to help you figure out how much you need to spend to reach your goal of completed action:
**Note that gaps in between CPLP and CPA on the Landing and Thanks page can often reveal an issue with loading time or organization of your site. Any gap in click-through to action rate should raise questions about content quality and target audience.
- Know what to look for before you start digging into your data:
The amount of data available to you can be overwhelming at times! That’s why you need to know what questions you are trying to answer first from who your target audience is and what content they resonate with most, to when the audience is most active and where they are accessing your page from. Once you know what you are trying to research, it becomes easier to decipher KPIs and give them meaning.
- Google Analytics, LinkedIn, Facebook – Our greatest resources:
Everyone uses Google, Facebook owns half of the most popular Social Media platforms, and most of us use LinkedIn to connect to other professionals in our field. Each of these resources has analytics built into them, most of them are free, and all of these can be used to optimize our social media and online presence.
- Google Analytics:
- Look at trends over at least 30 days to find significant data to work with
- The Dashboard has a lot of the tools you’ll need on a regular basis, but there is much more if you need to dive deep
- LinkedIn Analytics:
- It’s changing rapidly. The interface isn’t difficult to use but there’s a bit of a learning curve every time it updates.
- One of the updates allows you to draw data out of the program in spreadsheets. (No more copy and pasting in Excel. Yay!) You can also live stream videos now if your target market prefers that to regular video posts.
- It gives you analytics per post. I.e. how many people liked the post, how many people saw the post, and who is engaging with it. Utilize this to compare what kind of content your audience is responding best to, and double check to make sure you are reaching your preferred audience.
- Facebook Analytics and Ad Manager (plus Pixel):
- Facebook analytics runs very similarly to LinkedIn in that it gives you overall trends as well as data post for post.
- Though Steve mentioned that only 10% of people that like your page see your posts, he introduced a combative idea that put things in perspective:
- “Why shouldn’t you boost the post?”
- For starters, Facebook is a business trying to make money. Take a moment to think about your motivation to boost an ad before you press that button. Is it not performing as well as you had hoped? Is it content that is good enough to spend money on? Are you trying to reach somebody specific?
- Secondly, Facebook has no idea who to show the ad to until you program it to target a specific type of person. Luckily, they provide some tools to make that easier.
- “Why shouldn’t you boost the post?”
- You should boost the post if you have a specific audience you are trying to reach have creative content that will engage and resonate with them. You want to boost a post that will create its own organic reach. Think of it as a snowball rolling downhill that needs a little push before it gains its own momentum.
- Ad Manager helps you keep track of the ad and how it’s doing. You tell it who you want to see the ad and follows orders, then reports back to you. Pixel helps you analyze how your ad is driving people to your website, who is visiting, and when, so you can better tell Facebook who you want to advertise to. Pixel is directly linked to a website domain, and you only get one pixel before you must upgrade to a Business account.
Written by: Charlie Tuckness