Making the most of your social media: Facebook
As a retailer, you probably find yourself (or someone on your marketing team) updating social media with your various promotions, interacting with your customers, and creating ads. But, how can you find out what’s working in order to help create a well-defined social media strategy and figure out your return on investment?
Thankfully, most social media platforms have great analytics that can serve as your starting point to figuring out what’s working well. You will want to use these data points along with a program such as Google Analytics to make sure you are pulling as much data as you can from every source possible. You can learn more about setting up your Google Analytic profile and creating specified URLs to help track promotions in this earlier blog post, Analyzing Your Data to Better Understand Your Shoppers. < http://dynamicsretailsoftware.com/blog/analyzing-your-data-better-understand-your-shoppers> In this small series of blog posts, I’ll be covering how you can get the most data from Facebook, Twitter, and Pinterest to help you understand the effect social media has on your bottom line.
Figure 1 – View of the Facebook Insights page
Once you are on your Facebook page, click the Insights button.
The first page it brings you to is an overview of your account. You can get a quick, high-level view of how performance is going throughout your account, how your posts for the week went, and even view how your competitors are doing.
Place a few of your competitors who target the same consumers as you, who sell the same product(s) as you, as well as an indirect competitor who doesn’t compete with you because of locational differences but has the same business model. Monitor if their profile has a sudden surge in followers, and check out their profile to see what post may have caused this to happen. See how you can incorporate a similar strategy to your page.
Figure 2 – Facebook Reach
Next go to the Reach tab. You’ll want to see what posts made it out to the largest number of people. You should find that it correlates with the numbers of Like, Shares, and Comments each post received on the graph below it. The larger your Reach is, the more Facebook believed people found relevance and enjoyed your post. Now great comments, likes, and shares can be a good thing, but is it increasing revenue for your company?
You’ll want to look at your conversion rate for the campaign in Google Analytics and see if the post had a great ROI. You’ll also want to take the number of conversions and divide it by the reach on Facebook to understand what your true ROI was for that specific campaign on Facebook.
Ask yourself some key questions: Does a higher reach result in more conversions, or higher revenue? Or do posts with a small reach drive meaningful conversions that results in higher revenue? The data is there, so use it to your advantage to discover what your Facebook strategy should be.
Next check in the visits tab to see if anyone is sending you traffic for your post. See if there is a particular website that is sending people to your page, and when they do if your page converts more. If so, think of how you can form a partnership with that page to help share your content on a monthly basis, or whatever you may find appropriate.
Now you can get down to the data on each of your posts. If you know there was high engagement on September 17, look at what you posted on September 17. You will also be able to see the engagement levels for each post, without having to flip between tabs. If there was a post that gave you a large ROI, consider boosting the post or rescheduling the same post to go out on a later date.
In the people tab, Facebook breaks down the demographics of your ‘Likes’. If you have a physical storefront in Atlanta, but most of your followers are from New York, you may have a problem. Or that could mean that your Facebook followers care more about your online specials rather than your store specials. Understanding the ideal demographic of your customer and if that demographic fits the profile of those visitors who are following you on Facebook can help you target better posts to increase revenue.
Note: The first tab is the ‘Likes’ tab. Although it can be helpful to see if your page is getting an increasing or decreasing amount of likes, you should base this off of the demographics. If you are suddenly getting a large increase in likes, but now your demographics show that most of those people are in Europe and you don’t sell to Europe, you may have a problem. Tie the data points together to get a complete picture.
By getting insights into your Facebook presence, you can better understand what works to drive people to your business. My motto is this: If the data is there, use it to your advantage!
Love getting insights into your social media data, and want your website to align with your physical store? Consider an omni-channel solution. Talk to ArcherPoint today, to learn more!