While the vast majority of successful businesses found a way to intergrade social media into their ventures, many of them continue to struggle with building lucrative campaigns. Some of the leading causes behind such problems include a lack of experience, improper targetting, and aggressive scaling. The most common reason, however, is an inadequate social media analysis.
To determine the level of success or lack thereof for any marketing campaign, people have to set tangible criteria, build advertising strategies, review outcomes, and implement changes. What many companies fail to realize, though, is the fact that the same concept applies to social media. Failing to look into the data that stems from ads posted on platforms like Facebook, Instagram, or YouTube, per se, means that the company is playing the lottery with their promotions.
Determine the Goals
As an award-winning service provider, NetBase is one of the leaders for the market of social media analysis. After working with thousands of customers, their advice to everyone who is looking into social media promotion is to begin by setting goals. Making a vivid advertisement that promotes a product or service is relatively easy. Setting a short and long-term goal for that ad, however, is a bit tricker. Consider the following questions:
- How many impressions will the ad have on the first day?
- Is the ultimate objective of the ad to increase website conversions?
- What is the timeframe during which the campaign will operate?
These types of questions are imperative for all companies that are investing money in their social media. Failing to answer them reduces the likelihood of prosperous campaign implementation.
Give Campaigns Enough Time to Accumulate Data
Since social media analysis revolves around a large set of data, businesses like NetBase stress the importance of giving the information-gathering stage enough time. Canceling a promotion that has not performed well during the first few days is amongst the biggest marketing mistakes. First, such an approach completely undermines the optimization stage that tends to take place at the beginning. In addition, ending a promotion early results in data plotholes that make any subsequent social media analysis borderline impossible.
Proper Data Interpretation
The reason why there is an entire industry focused on third-party data analysis is due to the level of technical expertise and experience that it requires. For instance, a person who runs a clothing company will probably be extremely knowledgable about fashion. The odds of them knowing how to read social media analytics, on the other hand, are not as high. In order to build a strong foundation, entrepreneurs should rely on the following few steps:
Step One – Learn the definitions of common keywords for social media analysis.
Step Two – Determine the key performance indicators (KPIs) for each campaign.
Step Three – Give the campaign time to accumulate enough data on the KPIs.
Step Four – Analyze the KPIs to see which areas fell short of the expectations. Try to find the underlying reason for the campaign’s underperformance.
Of course, folks who prefer to sidestep the learning curve can simply turn to companies like NetBase. Taking this route will result in faster optimizations, better targetting, and more cost-efficient promotions. Not to mention that outsourcing will give the company more time to focus on things like order procurement, customer service, and various administrative tasks.