An Easy Way to Evaluate Your Social Media ROI
If you aren’t examining your social media analytics on a regular basis, you aren’t evaluating your social media ROI and what works for your company.
And what is a social media strategy if not one that is always adapting and transforming based upon the habits and preferences of your customers? Nothing really.
Of course, there are some companies that don’t believe that they can evaluate their social media statistics because of the high costs of software. But with a simple spreadsheet in Excel, you can view your social media analytics in a whole new light without spending a dime. Ready to get started?
Track Engagement and Community With Your Spreadsheet and a Simple Form of Analysis
When you choose to input your social media analytics into Excel, you are given access to a wide variety of ways to not only organize the investigation of your social media ROI, but also to see what customers engage with the most and where you should focus more attention.
To begin, it is best to open a spreadsheet and create any relevant categories for your analysis. This might include categories such as:
- Social Media Networks – It’s extremely important to keep track of where your posts are because you can further define your target audience based upon these users. This makes it easier to determine what networks are performing best and where further improvement would be beneficial.
- Categories and Subcategories – Categories should be based on the major topics of your posts such as products, seasonal themes, or posts about content from other websites. You can then break down these categories into subcategories to identify micro trends such as product features, specific holidays, or specific themes from third-party websites.
- Target Audience and Call to Actions – Identifying the target of each of your posts, for example males or females, can be extremely helpful to determine who is most receptive to the content. By associating the call to action used in each post, you can also see what is working and leading to the greatest social media ROI.
- Replies, Favorites, and Retweets – Each social media network has sharing, commenting, and other features for customers to engage with your content. Keeping track of each on a consistent basis can also give you valuable insight into your social media presence.
So, How do I Know if My Social Media Strategies are Working?
After the data above and any other relevant details are entered, Excel offers you the ability to sort the social media analytics based upon frequency of engagement or by filtering top posts in certain categories to further determine trends that are working with your customers.
Of course, your options are virtually limitless when it comes to sorting your data and making sense of your social media analytics. However, with the free tools provided by Excel, you can determine your social media ROI and develop future strategies targeted for success.
Stop relying on intuition. Instead, see how far social media analytics can take the future of your business through the simple organization and computing power of Excel.
By Marc Apple