How to Evaluate Your Social Media Strategy

How to Evaluate Your Social Media Strategy

Social media is easily one of the most powerful marketing tools today. Your posts have the potential to go viral, which could make your little-known business go worldwide overnight. You may be wondering how to evaluate your social media strategy to ensure you’re making the most of it.

If so, you’ve come to the right place. InnoVision Marketing Group is a full-service marketing agency that makes magic happen for major corporations and startup companies alike. Here are some of our favorite tips and tricks for evaluating your social media strategy.

Use Analytics to Your Advantage

You first have to begin by understanding the analytics behind your performance. There are several tools to help you do this, depending on the social media platforms you’re using.

For instance: on Facebook, you can use the page insights tool to evaluate your reach, engagement, and overall performance. It will break down how well you have performed in the last 28 days compared to the previous 28 days. Are you trending upward or downward? The page insights tool will help you find out.

You can also view the demographic data of your audience to get a better understanding of who your followers are. Are you appealing to a certain age group or gender, for instance? Knowing who your followers are will give you a clearer idea of whether you’re reaching your target audience and who you should be gearing your posts towards.

From Twitter to TikTok, you should be using analytics tools on a regular basis to capitalize on your strengths and identify areas of improvement.

Track Leads and Conversions

If you are selling a product or service, then you should be tracking leads and sales conversions as well. This will enable you to see how you are monetizing each social media platform.

When we talk about social media leads, we’re referring to information that someone provides you which enables you to identify people who are potentially interested in your business. For instance, you could have a link to your company newsletter in your social media profile that allows a user to sign up with their email address. You could also promote a giveaway that requires an email address for entry.

Once you are routinely generating new leads, the ultimate goal is to convert those leads into sales. Google Analytics is one tool you can use to determine how many leads you are generating across each social media platform and how often those leads result in sales conversions.

Analyze Performance Metrics

Once you have the data in hand, it’s time to crunch the numbers and see how you’re performing on each social media platform. First, determine what your goals are when it comes to the implementation of your social media strategy.

For instance, are you trying to build brand awareness through shares and retweets? Are you trying to generate leads and convert sales through your social media marketing strategy? Understanding your social media goals will help you better use performance metrics to your advantage.

Once you’ve identified your strengths and weaknesses, take actionable steps in the areas where you could see the greatest room for growth. For example, are your demographics all over the place but you’re looking to target a specific audience? Are you finding that your target audience is not who is actually following your page? You may want to focus on refining your brand. Here at InnoVision, we consider brand refinement to be the single most important aspect of building a successful company.

If you have a good handle on your brand but want to strengthen brand awareness by growing your audience and increasing engagement, focus on strategies that will enable you to do that. Find out what hashtags are trending among your target audience and find a way of incorporating them into your posts. Respond to followers who comment on your page and regularly engage with other pages or like-minded influencers who have followings similar to your own.

Evaluate Return on Investment

If you’re looking for tips on how to evaluate a social media strategy, then you likely have a product or service you’re trying to sell or a brand you want to develop. Just as with any aspect of business, you should be evaluating your return on investment (ROI). In other words, how much money are you investing in your social media strategy and how much money, in the form of sales and other types of profits, are you earning as a result?

For example, are you employing a social media strategist? Are you using sponsored posts or partnering with an influencer for a paid campaign? Even if you’re running your own social media pages, you should track how much time you’re investing into your social media strategy to evaluate your ROI.

Once again, Google Analytics is an excellent tool to do just that. It allows you to track not only your paid social media campaigns, but also compare and contrast your paid social media campaigns with your organic (non-paid) ones to ensure you are getting the most bang for your buck. If you don’t already have a Google Analytics account, it’s easy and free to sign up.

The good news is that, regardless of where your social media strategy is right now, there are tips and tricks you can easily and quickly implement to see some real gains. If you want to maximize your ROI and feel you need some expert help, the InnoVision team is here to assist.

Our team of professionals works with a range of clients, from large established corporations to newly founded startups. We can get your business off the ground and running or take a prominent brand to the next level. Contact our team at InnoVision to learn more about how we can help your business grow in the social media space and beyond.