Facebook : Which metrics to use for your business and how to do it ?
According to Avinash Kaushik’s article “How to suck at social media : an indispensable guide for business” (http://www.kaushik.net/avinash/social-media-marketing-success-guide-businesses/), Facebook is not only a social media that help you stay close to your relatives but can also help your business to improve itself. Maybe you already know it but do you use all features that can help your business growth ?
Maybe you have many fans on your page or many people in your groups as Facebook count more than 1 billion active users per month but do they react to your activities and how to know it ?
Most people think that the bigger is their community , bigger is its value. that’s totally wrong : value for users need to be separate from the value to the business. Businesses should consider long-term value. Avinash Kaushik understood it and began to use four metrics to quantify this one :
- Conversation Rate (CoR) is a ratio of comments per post (or video or tweet or pin etc.) to overall Followers (or Page Likes).
- Amplification Rate (AmR) is the ratio of shares (or retweets or repins etc.) per post to overall Followers (or Page Likes).
- Applause Rate (ApR) is the ratio of favorites (or post likes or +1s or hearts etc.) per post to overall Followers (or Page Likes).
- Economic Value (EcV) is the value of short and long-term revenue and cost savings.
Those metrics bring 4 big questions:
- Are my business actions interesting enough to create interactions ?
- Are my business actions interesting enough to be shared ?
- Are my business actions interesting enough to be liked or favored ?
- Is my business earning something (especially money) from being online ?
And two additional ones :
Do my business find any interest in being on Facebook ? (Because yeah, it is a big source of profits when used properly). If not, how to use my online presence efficiently ?
First thing you have to do is to identify your metrics. Grytics is here to help you to get your insights for 2 metrics :
- Identify your CoR via the Comments Stats page (Posts & Comments menu > Comments Stats) :
Paying attention to this page, find your Group :
* Comments Statistics
* Top 10 of most liked comments
* Comments Distribution (by month, by day and by hours)
And in the Posts Stats page :
* Posts Commented in %
* Posts Reaction > Commented in %
- Identify your ApR via the Posts Stats page (Posts & Comments menu > Posts Stats) :
Find in this Page insights about your most :
– both commented or liked
posts in percentage then find also the post distribution by month, by day or by hour.
Then discover a ranking by post types and a top 5 posts.
For further detailed data, take a look at the Complete Group Posts List :
Here are the metrics you can find :
- Engagement Score
- Number of likes
- Number of comments
- Top 5 Liked Comments
- Reaction Time
- Conversation Duration
You can decide about the ranking to the top of the chart.
Also, Grytics helps you highlight your insights and discover :
- Your groups members engagement,
- Posts types most used by your members,
- A member engagement Wall of Fame,
- Compare your stats over time,
- Your group activity
Grytics allows you to export your data in Excel.
Then use these insights to answer your questions :
- Use the Comments Statistics bloc to draw an interaction recap to follow your business interactions,
- Take a look of the Top 10 of most liked comments to see what sort of comments interest people,
- Use the Top 5 Posts to highlight what sort of post is relevant for your audience,
- Discover what sort of posts attract the most,
- Compare your CoR and your ApR by taking a look to the Likes and Comments graphics
Maybe those insights helped you answering your questions, but now, how to take advantage of those one ? Why applying them ?
Here are now some tips to create a value to information sent towards your group or page.
The Golden Formula for Social Media Success as it is told is :
INFORM + ENTERTAIN +PROVIDE UTILITY
Otherwise your business doesn’t answer to this rule, your group or page will only serve for your customers to interact with you by complaining on their issues, what is the point then, to own a group or page while they can do it via your contact form, direct e-mail or phone calls ?
Indeed, you have to be unable to INTERACT with your customers and community by using your group or your page :
- to create conversation with them,
- to start topics,
- to send relevant content, and
- to try to keep them involved by posting electroshocking contents to make them laugh or be empathic…