Social Media has developed rapidly over the years and become a large part of the marketing strategy. As the emphasis continues to be on Social Media for most businesses, it’s important to have a process in place to understand if and how it’s working for your business. In addition, that you are measuring against your main business objectives and KPI’s as you would for your other tactics.
Social media offers almost unlimited possibilities in terms of spreading brand awareness, driving website traffic, and creating meaningful relationships with your audience. Analyzing your social media data to inform business decisions helps social media professionals to prove ROI to their superiors and team.
Below are four steps to analyzing your social media data:
- Decide what success looks like. Understanding your business and social objectives can sometimes be the hardest part but it’s the most important. Pay attention to the right metrics & KPIs and connect to overall goals.
- Collect Data. Leverage tools or native platforms to pull your data for specific date ranges depending on your needs. Most teams have set intervals to report on metrics but we’d recommend once a month at a minimum.
- Create Your Report. Once you have all of your relevant data it’s time to put it into a nice report to easily communicate your findings with all of your colleagues. Sometimes the way you present the data is more important than what the data says. Create a standard template that is easy to read and highlights wins and recommendations for your strategy moving forward. If you use LiftMetrix you can easily see how your data affects your ROI and leverage insights and recommendations prepared by your own ‘data scientist’ so you can quickly make adjustments to your content and posting strategy.
- Understand New Trends and Industry Changes. Social Media is constantly changing so it’s important to stay on top of the industry. Adjustments to algorithms, new platforms and growing audiences are important changes to stay on top of for future measurement and strategy changes.
Once you have a process nailed down it’s easy to know what to look for and how to track against your overall goals. In no time you will be able to share actionable strategy changes that may help your KPIs and lift your ROI. Let us know what other steps you use in the process or if you have a template you want to share!