Reviewing and analysing the performance of social media engagement, activity and reach against the social media strategy and performance indicators is an important part of measuring the effectiveness of a social media strategy.
By the end of this topic, you will understand:
- Analysing social media data
- Evaluating social media activity against strategy
- Identifying opportunities for future improvement
While it is important to monitor social media content, it is just as important to analyse and evaluate its activity, engagement and reach.
By analysing the available data, it is possible to:
- Determine the effectiveness of each post
- Adjust course when needed
- Ensure that activities stay aligned with the social media strategy and company objectives
- Continually measure the key performance indicators (KPIs) set
Each social media platform has analytics and reports available to business accounts. The images below are just some of the reports available through Facebook Insights:
The data that is reviewed and analysed will be dependent on the social media strategy and KPIs of the business. It is also important to consider the additional reports available if the business invests in a customer relationship management system.
KPIs
Consider the KPIs you developed in Learning Activity 3C (section 3.6.). You may have defined the success of your social media strategy through engagement targets that focus on:
- Impressions
- Reach
- Engagement measure, such as likes, comments, shares and clicks
- Post engagement rate
- Account mentions
- Share of voice
- Conversions and referrals
A social media strategy may have a goal time frame in which to reach a certain target. In this instance, you would monitor and track the performance of the social media strategy at the beginning of the time frame, at the end of the time frame and at multiple points in between. Perhaps the goal of building an online community for a business or engaging with influencers who will support and help build a brand was made. Whatever goals and KPIs you have selected, it is important to review the social media data and evaluate them against the KPIs.
Report Template
The following social media report template is one of many available online. You may choose to develop your own using the elements that are most relevant to the business and social media strategy you are working with.
This template from sproutsocial.com can be used for multiple social media platforms and includes space to reference the KPIs against actual results. There is also space to include graphs and analytics from each platform that is relevant to the KPIs.
As the performance of the social media strategy is reviewed, it is vital to look out for opportunities for future improvements to the social media strategy. For example:
- Are there new or upcoming influencers the business can engage with?
- Do certain posts gain more traction than others?
- Are advertisements on one social media platform more effective than on other platforms? (This could change how a business invests in advertising.)
- Has a new social media platform emerged that may be worth exploring?
- Is the online community for the brand growing, and can the business engage with the community more effectively?
There are many more opportunities that could arise based on the business and the customer engagement with the brand. Modifying the social media strategy and plans will help a business continue to grow and expand its social media reach.
