If you’re using Facebook for marketing, it’s essential to do a thorough analysis of your campaigns. There are many tools and resources to help you do this. First, however, it helps to have some strategies in mind for what you want to accomplish. Here are 10 strategies to help you get the most out of Facebook analytics.
1. Set Goals for Your Campaigns
If you have definite goals for your campaigns, you’ll be able to make better use out of the analytics you track. For example, if your main goal is building brand awareness, reach is an extremely important metric. For making sales, however, you have to pay more attention to engagement and click throughs. Before each action, set goals, such as number of likes, opt-ins, sales or shares. Then you can see how close your results match your expectations.
2. Identify Prospects for Remarketing
You should distinguish between existing customers, prospects and people who may be on the verge of making a purchase. It’s often effective to retarget ads to people who have visited your sales page but not yet purchased. You can do this through the Facebook Ads Manager, where you can select “create a custom audience.” When setting up your audience, be sure to exclude people who have already visited your thank you or final checkout page.
3. Study Analytics of Your Competition
Studying competitors’ Facebook pages helps you interpret your own results. Ideally, you should pick businesses that are roughly the same size as your own and in the same or a similar niche. On Facebook Insights, you can use Pages to Watch to compare your results to other pages.
The owners of the pages you’re watching get notifications when someone does this, but it doesn’t include the name or page URL of the person doing it. You should compare all of the metrics that are important to you. If you see that certain competitors are doing better than you in some area, see if you can reverse engineer their tactics and make the necessary adjustments.
4. Understand How to Interpret Reach and Engagement
Reach and engagement are two of the most fundamental social media metrics. Reach refers to the total number of people who have seen your content. Engagement refers to actions taken on your posts, such as liking, sharing or watching a video. Although both of these numbers are important, engagement gives you a better idea of how your posts or ads are performing. Neither, however, should be considered in isolation. What’s more useful is to note the percentage of engaged users relative to your reach.
5. Know When Your Audience is Online
When you post to your page, you want to choose times when your target audience is likely to see your posts. As Facebook becomes ever more competitive, it’s becoming harder to have your posts show up in followers’ timelines.
That’s why one metric you should always track is when your audience is likely to be online. This will depend on your time zone, the geographical breakdown of your audience and other factors such as age and lifestyle. The best way to know the optimum times to post is to track which times produce the best results.
6. Track and Improve Your Response Rate
Customers are increasingly turning to social media for support. Prospects are also likely to send a message to your page to ask a question about your product. People can look up the response rate for your page. If it tells them that you typically respond within a few hours, this is a good indication that you monitor the page carefully.
If you want to engage with your customers, make sure that you keep your response rate as low as possible. People can’t expect smaller businesses to be available 24/7, but it’s reasonable to expect a response within a few hours during normal business hours. One tip to keep in mind in this area is to remember to set your status to Away when you’re not answering queries.
7. Take Advantage of Video Analytics
The popularity of video has proven to be a long-standing marketing trend. In response to this, Facebook has recently released some useful new video analytics tools. It’s now possible to access detailed demographic information about who is viewing your videos. If you’re not currently using video for your social media marketing, these new analytics capabilities might be the incentive you need to get started.
8. Study Facebook Reactions
As all Facebook users know by now, there are now several possible reactions to posts other than “like.” The choices are now Like, Love, Wow, Haha, Sad and Angry.
When measuring engagement, it’s helpful to note that not all reactions mean the same thing. Four of the six reactions, of course, are basically positive. It’s possible that someone might choose “haha” to be sarcastic, but it’s usually a response to something intended as humorous. Sad and angry are most often used to react to things like personal tragedies, horrific news stories, public scandals and so forth.
You can measure certain factors by breaking down followers’ reactions. Love is obviously a stronger sentiment than like. Wow is appropriate if you’re trying to “wow” your audience with an amazing new product or deal. Haha responses show that people understood that you intended to be funny. Even more useful would be to compare reactions to results such as opt-ins and conversions. This can give you clues to what kind of posts or ads to create in the future.
9. Track Negative Actions
It’s just as useful to track negative feedback as positive. As mentioned, Facebook doesn’t offer a dislike option. It does, however, give people the ability to unfollow, unlike and hide posts. These actions all indicate a definite negative reaction to something you did. In some cases, this may simply mean that the person wasn’t the right fit for your content. You should, however, look for patterns that suggest certain types of posts are not having the effect you desire.
10. Experiment with Facebook Audience Optimization
Audience Optimization is a simple tool that Facebook offers to optimize posts for what it deems to be your ideal audience. This is useful for businesses with segmented audiences. For example, if you sell both men’s and women’s clothing, it’s best to target the right gender for certain posts. Similarly, if you sell a variety of sporting equipment, you’d want to target people who have demonstrated an interest in that sport. This allows you to target posts in a manner similar to how you can target ads under the Ad Manager.