This article is based on the video tutorial published in our YouTube channel Social Media Analytics. The objective is to understand Social Media Analytics and how to apply it to the business.
In this short video, it briefly explains the main objective of understanding Social Media Analytics and its application to the business which includes the following:
- Social Media Objectives
- Target Audience Segmentation
- Facebook and Google Analytics Insights
- Competitors Analysis
- Metrics Analysis
- Post- campaign Analysis
1. Setting Social Media Objectives to the business.
Almost every business today has an online presence. Most of them uses social media platform like Facebook, Instagram, Twitter etc. to stay connected and increase visibility online. Social media platforms can also be an effective business marketing technology tool for your business.
In this article, we chose Facebook as our social media platform for business and set out business objectives aligning with our business goal. Our business goal is to use this social media platform to achieve – Brand awareness, lead generation and customer retention.
2. Identify Segmentation
Next, we need to identify who do we want to target.
We can use our Facebook insights to help us determine the segmentation. This information is available and can useful for future marketing efforts. Based on the Facebook insights, you can identify and select your target audience segmentation – based on gender, age-group, demographic and interests.
3. Understanding your Facebook insights
As a business, we need to understand our FB page insights. As you can refer to the images above, these are available insights provided by Facebook to your business page. You can use these insights to understand the trends and identify the influx in engagement rate to your audiences.
These insights also highlight your audience’s behavior pattern to interpret which posts are engaging to your audiences and which days of the week are they active in Facebook. These insights are useful for the business marketing strategy to ensure the post reach to the right people and the right time.
4. Monitor & Measure your site performance
After rolling out a social media campaign, you should monitor and measure the impact it brings to the business. Social media analytics doesn’t end there, it continues to your business site. Google Analytics are also available to gather insights and measure performance of their site usage.
These insights will help you understand your visitor’s behavior like how often and how long they stay in your site. You can also cross-analyze the demographic and visitor’s location to see if it fits within the right segmentation that you’ve chosen for your campaign.
5. Competitors Analysis
In Facebook, as a business page you can identify at least 5 competitors to your page. Then it will prompt you with updated insights of your page vs your competitors page. This is another available feature to provide your business with insights from your competitors.
You can also perform a SWOT analysis to analyze your business and competitor’s strength, weakness, opportunity and threats. This Facebook insights is very straight-forward and easy for you to analyze engagement rate and performance of your business vs your competitors.
6. Metrics Analysis
Ask yourself what metrics are important to you.
Measure your metrics through “Likes”, “Share” “Comment” & “Reach” etc. posts – the actions on your business page matters. These insights are your KPIs that you need to monitor as these will determine how engaging your content are to the audiences, any possible leads and preliminary steps taken.
These insights and closely measuring your KPIs will assist you in concluding the impact of your posts/campaigns.
7. Post-campaign Analysis
After running a campaign in Facebook, we will then analyze the post-campaign outcome.
We can measure the post-campaign/ impact analysis using Descriptive Statistics T-test to test for significance difference. Two sample t-test assuming unequal variances was used to do impact analysis by measuring the total engagement before and after the social media campaign because different variables or content of posts were used.
As stated for this case study(image above), the p-value is at 0.03 which is 3% and less than 5%. Hence the hypothesis is true that there is an increase in total engagement for the weekend promotions and the bundled campaigns. Based on this finding, we can say that there is a significance difference between the ‘Before’ & ‘After’ campaign (Boost). Therefore, we highly recommend boosting to reach more audiences & engagement.
The benefits for business for using social media platform is corresponding to the business’s social media objectives which is to create brand awareness, lead generation and customer retention.