People in the social media industry are generally very creative– and sometimes creative people are not particularly analytical. In order to calculate social media ROI, you need to be comfortable with numbers. Likeable provides its clients with a monthly analysis of Facebook data. It ultimately helps us determine the best time, day and format to reach and engage fans in the future. Even if numbers aren’t your thing, here are a few tips that can help you make the most of Facebook Insights.
Facebook provides an astounding amount of data in Insights, which you can export into an Excel file. The most important thing you can do to easily translate what all that data means is to create a pivot table. If you don’t know how to create a pivot table, you can learn very quickly.
First you’ll need to export your page-level and post-level data. The key metrics tab on each sheet contains a lot of useful information. Just a few calculations can give you a nice snapshot. Instead of creating tons of formulas within your key metrics tab, create a few pivot tables that will do all of the work for you.
Below are a few examples. After creating the table, you can highlight and bold key numbers that stick out. For example, in the chart below, engagement rate (engaged users/reach) was extremely high at the end of 2012. While the engagement rate has dropped in 2013, the average reach, engaged users, people talking about this and new page likes has increased.
Page level data by DATE:
Post-level data by TYPE of post:
After you export post-level data, you can add a few fields to better analyze the results.
By creating a column for weekday using the formula “=WEEKDAY(cell)” and time, which you can round to the nearest hour using the formula “=(TIME(HOUR(cell),MROUND(MINUTE(cell),60),0))”; you will be able to see how your posts perform on certain days and during different times of the day.
In Excel, 1=Sunday, 2=Monday, etc. The above chart shows us that engagement rate is highest on Sundays, Fridays and Wednesdays and reach is highest on Tuesdays, Wednesdays and Mondays.
While the majority of posting on the page example above happens between 8 a.m. and 4 p.m., fans are highly engaged with posts made outside of those hours as well. From an engagement standpoint, the best time to post is 11 a.m. and 4 p.m. Early morning posts had the highest reach.
Numbers and charts can be overwhelming, but once you understand the easiest way to calculate those numbers and the best way to translate what they mean, you’ll be able to understand your fans better and serve them content that they value at the best time to reach the most fans at once.
What interesting data have you pulled from Facebook Insights to fine tune your Facebook strategy? Share in the comments below.