In a previous blog post we discussed how beneficial social media can be to businesses as well as how hard it is to measure ROI in social media. Because many businesses big and small operate with the mentality “if it can’t be measured, it isn’t worth doing”, in this blog post we will discuss available Facebook metrics that businesses can use to determine ROI on that platform.
Facebook is perhaps one of, if not the, most popular social media channel used today. Facebook is so popular that it is considered strange for an individual (no matter their profession or station in life) to not have a Facebook page. Here are three metrics any business can measure in order to see if your business is using Facebook effectively and getting you a higher ROI:
Readily Available FREE Facebook Metrics
1. Page likes – How many page likes your Facebook page has is not only an indication of how many people like your product and/or service, but more specifically how effectively you are using this page to promote your products and/or services.
For example, Facebook’s Facebook page has 79M+ likes, however that is nowhere near how many people are using their product (1 billion+ with 500M+ daily active users). This is a perfect example of why page likes can’t be the only metric you look at. It doesn’t reflect how many people are actively engaging with your content.
2. Post likes and shares – Also known as “talking about this”, this metric is the best way to figure out if what you are posting on Facebook is considered valuable by your community.
It’s one thing to get people to include you in their community by liking your page; it takes much more effort to get them to talk about your content. A share is a more interesting metric than a like in that it requires the user to post your content on their page, typically with some comments, thereby actively endorsing it and also ensuring that it will show up in their friends Newsfeed.
3. Comments – Comments are also included in the “talking about this” total, however, if someone takes the time to actually comment on your page or a post, it is a higher level of engagement than a like or a share. Highly engaged visitors should be considered more qualified leads. In other words, understanding what is generating comments can help you know what content attracts the more qualified leads.
A Tool for More Facebook Metrics
For any page with at least 30 likes, Facebook Insights is a free tool which compiles all of the readily available metrics and displays them so you can see how well you are doing compared to previous periods. It also allows you to see how far your overall reach extends and what demographics your Facebook community is made up of.
Being able to compare your performance on this social media channel to previous periods will allow you to figure out which of the tactics you are using are having the best outcomes. Along the same line, knowing what demographics make up your audience is important in order to make sure you are creating content they will engage with (and will help you make sure that you are connecting with the demographics you want to connect with).
Facebook is still a relatively young marketing platform and the problem with using these metrics to calculate ROI is that digital marketers aren’t yet sure what these metrics mean (specifically as a determinant of action, such as a purchase). However, because Facebook is a platform on which businesses can communicate directly with their customers, it offers a perfect opportunity for businesses to build their brands at a relatively low cost.
Facebook isn’t an ad-centric platform and so constantly promoting your business will not make you popular on it, but promoting your brand, your business’ personality, through pictures and non-product related content is a much better tactic for marketing your business on Facebook.
Come back Friday for Measuring ROI in Social Media Part III: Twitter Metrics