Social Media Strategy Marketing
Step 1: Identify your data-based goals
To use the available data to determine the goals you want to set yourself, you should ask yourself the following questions:
Defining clear goals is necessary to implement an effective social media strategy, so that you can successfully focus on what you really want to achieve. So you may have found out that you have invested a lot of money in Facebook so far, but you have found that posts on Instagram have generated a lot more attention, leading to a higher rate of interaction. Since you prefer engagement on your social media channels, you might want to pay more attention to Instagram.
To stick to this example, you want to reach a certain level of audience engagement, i.e. you want to increase the number of likes and comments. So you could define a target that has a certain number as a target, say an average number of likes per post. If you started with an average of 100 likes per day per post, you might want to triple the number. You can then set a specific date when you want to achieve that. At the same time, you need to ask yourself whether this is a short, medium or long-term goal for you, in which case you will not be able to triple your numbers in a week, so it is more of a medium-term goal.
Now that you know where you are coming from and where you want to go, you can define your tactics and also your actions. Let's go back to our example. If you look at your content, you may find that you never really used any hashtags, but once you did, the post worked exceptionally well. On that basis, your tactic might be to use more hashtags. So your action point would be "Use more hashtags to triple Instagram likes within three months."
Step 2: Find KPIs that fit your goals
Growth Metrics 🔝
These metrics track growth targets quantitatively, helping you see how your campaign is performing, but also how your competitors are performing. Here are some key social media KPIs if you want to reach out.
Fan Growth Growing your fans and followers is one of the most basic KPIs to monitor as you continually reach more people.
In addition to viewing your followers through tables and graphs, there is also a very useful visualization when you want to measure your status while you are striving for a particular goal. The Gauge chart gives you an accessible insight into your current phase on the way to achieving the set goal. Based on this diagram, you can easily customize your actions and outgoings.
Fan / Follower Change On the way to a certain follower target, the number will one day soar and sometimes not even decrease. These are all normal fluctuations. Monitoring this rate of change can help you identify successful campaigns or identify actions that may not have achieved their intended result.
This relevant social media KPI can be measured by the Fan Change metric.
This graph comparing four car manufacturers shows that BMW and Mercedes had a highly positive fan change where it was outperforming its competitors. It does not only help you to better understand your own performance but also to always be a step ahead of your competitors.
Reach (Facebook Insight metric) If you want to monitor your own brand’s social media appearance, it is possible to gain even more useful KPIs by connecting Facebook Insights. This helps to measure if you have done a good job amplifying your real reach. The Reach metric gets increasingly important in times where organic reach decreases and companies may have to invest more into sponsored content.
Publication Metrics 📝
These metrics will present you quantitative data that will help you identify your own and the posting behavior of your competitors.
Own Posts This KPI will show you the number of the posts that have been published. Having a close look on this metric is important to know if you have posted the targeted amount of content and if you or your competitors post the most. Here you can see that Mercedes has posted slightly more content than its competitors.
Own Posts by Time Managing the timing of your posting can be vital especially if your pages have a global audience. In order not to miss any region by only posting when it is late at night in its time zone, every social media manager should have a close eye on the Own Posts by Time KPI.
In quintly, this social media KPI will be visualized as a bubble chart showing you not only when you post but if you post often at any given time.It will also help you identify relevant posting patterns. In the case of BMW, you can identify peaks in their posting Tuesday and Thursday morning and Monday and Tuesday around noon if you consider the time zone of Western Europe
Post Type Distribution Besides knowing how often and when you post, it is also important to know the distribution of post types. These could be photos, videos or links. As some content is more effective than others, this KPI gives you insights into which of these you use the most. Based on this information, you will see if you publish the content that works best.
While BMW seems to rely heavily on images, Mercedes-Benz posts more links and videos on Facebook. On Instagram BMW and Audi did not post any videos in the analyzed period of time. As a good mix of photos and videos generally cause a greater reaction on Facebook, MINI and Mercedes-Benz might have chosen the better approach.
Engagement Metrics 💪
Most social media managers value the engagement of users the most as this is creating a dialogue between a business and the potential clients. At the end, it might help to tightly bind loyal customers to your company and make them brand advocates. As for all the other KPIs it is also important to track the Engagement Metrics of your competitors.
Total Interactions per Network A central social media KPI measuring engagement is the Total Interactions per network. This metric will easily show you the best-performing network at a glance. It enables the social media managers to identify where their own content and that of their competitors is creating the highest amount of interactions.
This graph shows that there are significantly more interactions happening on Instagram than on Facebook. The revealing metric that should be part of any social media report, because it suggests that it might be wise to spend more financial resources and time on Instagram content.
Interaction by Time The most effective time for posting content has been part of a controversial discussion among social media managers for a long time now. As it is dependent on different factors like the industry, product and audience, it is very helpful to monitor when posts create the highest engagement.
By comparing the Interaction by Time with the Own Posts by Time, you can easily point out the times that are most effective for gaining a high rate of interactions.
Average Interactions per Post This last KPI is going one level deeper into the process of social media analytics. By monitoring the interaction for a specific post, you will be able to find the posts that are working especially well. By doing so, your company can prevent spending money on content which is not creating a high rate of engagement.
These graphs show that BMW is creating the best Average Interactions per Post both on Facebook and Instagram. Now you should have a good overview of some key metrics that can help you make the first steps towards measuring your company’s social media performance.