*For a better view of graphics simply click on the image to enlarge
So, one of the best ways to learn something is to see it in action. In Sexy Little Numbers, by Dimitri Maex, there is a great example of why you want to understand the numbers. Based on his teams assessment of Motorola’s 2006 phone sales in the China:
The expense of marketing as a whole generated 26% of Motorola sales. Advertising accounted for 55% of those sales, at only 11% of the total marketing budget! For every 10,000 yuan spent on advertising, 382 phones were sold. However the same spent on in store promotions only resulted in the sale of 96 phones. Assuming the industry average is a profit margin of 30% per phone sold, Motorola’s was more than double with every yuan spent on advertising yielding 15 yuan.
You have the ability to assess your efforts in a similar way. One, that will allow you to begin to make strategic decisions. One way to do this is to export the data you have from your various social platforms into Excel files (.xls). Start with one platform at a time, be sure to save your original data, simply copy and paste the data onto a new sheet to begin your analysis. For the purposes of this post we’re going to use Facebook as the platform we’re going to export our data from. You should know that you can export data related to your Facebook Page from two places, Ads Manager, which provides reports on any paid advertising you’ve done on Facebook, or from your Page’s Insights.
From your Facebook Home Page/Newsfeed click on Ads Manager from the menu bar to the left of your feed, under Messages and Events. Once you’re in Ads Manager, select Reports from the left side menu bar. When you open the reports page it will default to your General Metrics for the last 30 days. Select the dates you want the report to generate from then proceed to determine what type of report you would like. Facebook allows you to view and export 7 different reports:
- General Metrics: provides you with an overview of each ad, reporting reach, frequency, impressions, clicks, money spent, and actions taken.
- Website Conversion: provides information on all ads that we’re driven to purchase or register on the landing pages you’re required to link to your ad.
- Placement Based Metrics: provides information on the placement of your ad, was it seen in the news feed or the right column space and was it viewed on a mobile device or PC?
- Responder Demographics: provides information on the people your content reaches, providing you with their age and gender.
- Page Actions; provides you with insight into the actions people are taking with your ads, how many are liking, sharing, comments and engaging with your content?
- Video Actions: looks specifically at the videos you post, how many people viewed or clicked on a particular video, did they watch the complete video, did they share like or comment?
- Application Actions: looks at the application associated with your page, for example you may use this when running a contest on Facebook.
From your Business Page select Insights to generated reports related to your page and posts. Click export, this will open the Export Insights Data box. Select the dates you want the report to focus on, determine whether you want the report to be based on your page or post activity, then select the old vs. new export (doesn’t make a big difference) and click Download.
Go a head and open the downloads of your data, don’t feel overwhelmed by all the numbers on the page. To begin to digest this information it’s best to work with Excel’s Pivot Charts. Simply select the information you desire to compare, copy and paste data by columns or rows, for the sake of this exercise I suggest picking two or three things to compare at a time. For example from the original document you may select the date column, the type column (photo, link, or status), and the lifetime post reach column to paste into a new sheet. On the new sheet select Insert Pivot Table using the data you just copied to the page. Pivot Tables can be confusing if you’ve never used them before, but in the latest Window’s version you can easily drag and drop information to determine where it can be viewed the easiest. Once you generate your desired pivot table you can convert that table into a chart, which is even easier to digest. If you’re unsure of how to use pivot tables, there are tons of videos on YouTube that cover the subject. But when you finally get the hang of it here’s what you can do:
Based on Chart A we can see that the posts for this account performed better in Quarter 1 than in Quarter 2. With this one piece of information you could review all of your posts from the first quarter, looking for any patterns or theme. Run another report for Quarter 1 posts and you may discover that there is a time of day that works best for your audience or you may determine that certain events or posts really attracted a lot of attention from your audience. Chart B looks at the paid ads this account ran in Quarters 1 & 2. Based on the chart we can see that 2 ads did really well in relation to the cost of the ad. What we want to point out is the last ad, Website Clicks New…, and provide a little back story. That ad was part of a two week promotion for a paid live stream event. The cost of running this add was $166, that included the graphic art used in the promotion and the cost of advertising on Facebook through Power Editor. The results of this advertising we’re 7 attendees for the live in store event, 35 online attendees and resulted in this business netting $700. This resulted in about a 24% profit margin. This company was thrilled to see that a few minor changes to their Facebook advertising strategy could not only generate revenue but also drive traffic to their site and events. It just take some time and a willingness to experiment.
But maybe after reading this post you determine you’re just not up to this whole Excel thing… Well we stumbled upon a little free tool that can easily help you analyze your Facebook efforts, Wolfram|Alpha. Make sure your signed into your Facebook page prior to clicking the link. But it does do an excellent job with providing you with important data in a easily digestible manner. Here’s an example for the same account we used above:
Or if you utilize a third party sight such as Buffer, Hoot Suite or Sprout Social, you can generate reports through these sites as well that will analyze all of the platforms your have linked to that particular site. Here’s an example of what it looks like from Sprout Social:
As always we hope that you have found this post to be beneficial. Please be sure to leave us a comment below, we would love to hear from you!