Estimated Time to Finish Article: 30-35 minutes
As business owners we have grown accustomed to the frequent phone calls, emails, and direct mail pieces from advertisers promising to take our business to the next level by way of a carefully crafted advertisement. Every time I get that phone call, I ask them to show me the data. I want to make sure that any advertising dollars I’m spending isn’t based on speculation or a “hunch”. I want my dollars to go toward informed decisions and be supported by numbers that can justify my money, my time, and my effort. Business owners regularly approach traditional advertising in this way.
Why is social media a different story?
I’ve heard that you can’t measure Facebook. That’s not true. We just don’t measure the right things. While Facebook measurement can be a tricky subject it can, most definitely, be measured. Marketers just need to know what to look for. There are several objectives related to Facebook marketing performance that include: increased sales, increased brand engagement, increased brand awareness, increased relationships, and so on and so on. What we’re going to focus on today is measuring how valuable your content is to your fans.
Many studies demonstrate that when customers interact with your Facebook page they start to build a relationship with your brand online. Therefore, the more a customer engages with your page the higher the relationship. Increased relationships are less sensitive to price fluctuations and show a greater level of loyalty over time. This ultimately leads to a healthier customer base. Since engagement can influence loyalty, we want to find out what type of content leads to increased rates of engagement.
Facebook gives you a few options for measuring your content via the Facebook Insights tab. However, this information is surface level at best and won’t truly get to the bottom of what your fans are wanting. To truly dig deep into the minds and preferences of your fan base, you need to conduct a form of content analysis. This may sound complex and difficult, but it is really just a set of step-by-step actions that can turn you into a pro data miner.
Part 1: Exporting your Facebook analytics to Excel
Summary: We recommend conducting a content analysis once per quarter. This video will demonstrate how to export your Facebook Insights data into an Excel spreadsheet.
Want a free copy of our Facebook analytics template and sign-up for our quarterly e-newsletter? Email us at email@example.com with the subject line “Yes to Analytics”.
Part 2: Transferring the data to the template
Summary: This video demonstrates how to transfer the data from your Facebook export into our analytics template.
Part 3: Coding categories
Summary: We demonstrate how to code for individual post categories to help identify what themes truly engage with your fans.
Part 4: Creating subcategories
Summary: Subcategories further define post categories. This video demonstrates how to create drop-down lists and start coding the subcategories of your posts
Part 5: Target audience and call-to-action
Summary: This video will demonstrate how to assign a target audience and call-to-action to your posts.
Part 6: Finishing touches
Summary: This video will show how to use this template to measure engagement rates, popular times for engagement, and sought after themes, categories, and subcategories.
Metrics should focus on your brand objectives. We recommend you look at the following metrics:
- Average reach of people who like your page by time
- Organize your spreadsheet by time period then calculate the average reach by people who like your page for each time period.
- Engagement rate by time
- Organize your spreadsheet by time period then calculate the average engagement rate for each time period.
- Engagement rate by day
- Assign days of the week to the “date” portion of this Excel sheet and calculate the average engagement rate and reach by day. This will also work for calculating reach by day.
- Engagement rate by category
- Organize your spreadsheet by category then calculate the average engagement rate per category.
- Engagement rate by subcategory
- Organize your spreadsheet by subcategory then calculate the average engagement rate per subcategory.
- Average link clicks by call-to-action
- Analyze all the links you have posted on your Facebook page. Then calculate the average link click by call-to-action or image type.
- Frequency of content posted vs. engagement of content posted
- Identify which type of category and subcategory you post most frequently. Identify if the categories and subcategories you post most frequently have the highest engagement rates. You may find that the categories you most frequently might not engage with your fans compared to other categories or subcategories.
Let’s be honest. Not everyone is a social media analyst nor does everyone have the time to actually conduct a thorough content analysis like the one I presented above. However, routine measurement is essential to Facebook marketing. You’re already online. You’re already spending time an energy on Facebook. If you’re already using financial resources (labor or paid advertisements) why not put some data behind those decisions? If this seems either too complicated or too time consuming to conduct on a quarter-by-quarter basis, contact us HERE to inquire about our analytics services.
The Center for Rural Enterprise Engagement seeks to educate and equip agricultural businesses with the knowledge and tools they need to thrive online.