Why should analysing data correctly be a key component of your social media marketing strategy?
Here are the top 5 reasons we think it is important:
- ANALYSING DATA HELPS YOU FIGURE OUT WHICH CONTENT APPEALS MOST TO YOUR TARGET AUDIENCE AND ALSO WHICH PLATFORMS ARE WORTH INVESTING MORE TIME ON.
The reality is that, unless you have a team behind you, managing every single social media platform is probably not sustainable (especially if you plan on using them properly). It is likely that the best strategy, if you do not have a team or have limited capacity, would be to choose a few platforms and use them properly.
Analysing data from the platforms you are using is critical to working out where your ideal target audience is located and also where your time and effort is best spent.
- ANALYSING DATA PROVIDES YOU WITH VALUABLE FEEDBACK REGARDING WHICH AREAS ARE PROBLEMATIC AND COULD BE IMPROVED
When you are properly monitoring and analysing the content and posts you are producing, you will be able to easily identify any areas which are problematic or could be improved. An example of this is that if there is content which is not as popular or not appealing to your ideal target audience, the right analytics will enable you to be able to notice this quickly and take corrective action. As there is generally always testing & measuring required to establish which content is most relevant to your target audience, this step is critically important.
- ANALYSING DATA SAVES YOU TIME & HELPS YOU UTILISE THE TIME YOU DO HAVE MORE EFFECTIVELY.
When you have the ability to properly analyse data, you will have the ability to note which timing is best suited to your existing audience & therefore it is likely that you will be able to improve engagement by posting at appropriate times. Having access to data such as this is also more likely to save you time as you will be able to make decisions based on the valuable insights you will receive.
- ANALYSING DATA IS MORE LIKELY TO SAVE YOU MONEY OR RESULT IN IT BEING UTILISED MORE EFFECTIVELY.
Being able to analyse existing data is likely to save you money because you will be able to quickly identify which content is resonating with your ideal target audience, and you can then push such content onto paid advertising. If the content you turn into paid advertising already has a substantial amount of engagement, then it is also likely to perform better in terms of reach (provided the ad is setup correctly of course).
- ANALYSING DATA PROPERLY USUALLY RESULTS IN IMPROVED RETURN ON INVESTMENT (PROVIDED YOU HAVE THE RIGHT STRATEGY IN PLACE)
It is extremely difficult to ensure you have the right social media strategy in place without properly analysing the data. Not knowing what reach your content is getting makes it a lot harder to establish which content is most valuable to your ideal target audience (& therefore likely to be engaged with). With the right analytics in place it is possible to establish what your return on investment is, and more importantly, an indication of why ROI has improved is also usually a lot clearer.
SO WHAT IS IMPORTANT TO MONITOR IN TERMS OF ROI?
The traditional formula for measuring ROI is profit/investment = return.
However this typically doesn’t necessarily apply in reference to your social media marketing.
So what should you monitor then? It actually depends on your objective.
For example, if your overall objective is to increase awareness of your brand then monitoring reach and engagement will be important. If your goal is to increase conversion, then monitoring leads & conversion (and cost per click) is going to be important.
It is critically important that you ensure your goals are clearly and appropriately defined so you know exactly what you are measuring.
Then you can work out what is best to focus on. Some of the things you may wish to monitor include:
- Engagement level
- Traffic to your website
- Conversions (which could be in the form of bookings or sign ups)
- Leads who have come through- and the cost associated with this e.g. cost per click
- Income generated
Remember, whatever you are tracking ensure it is relevant to your overall goals. There is no point tracking copious amounts of data and using none of it.
If you would like to have a discussion about how we can assist you with creating or revising your Social Media Marketing Strategy book a Social Media Strategy Consult now!
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