Business performance analysis on Facebook
Online marketing is at the forefront of marketing for many businesses. Using different social media platforms such as Facebook, Instagram and Twitter is an effective strategy as these platforms are adaptable to suit any business model.
Facebook, in particular, has been a popular platform for a strong ten years with marketing techniques becoming more efficient due to new and versatile ways of using the platform. Consider the following for analysing business performance on Facebook:
Research your competitors
Knowing what your competitors are doing and assessing what is effective for them may help in knowing what will or won’t work for your business. Research what they are doing and what kind of content they are posting. They may be posting industry related content or posting more social and fun content that isn’t particularly related to the industry. Or they could be posting both. Track which posts get the most feedback, and what times of posting gets the most engagement. Then, assess how this can be implemented into your Facebook marketing strategy.
Facebook allows you to collect and analyse data, such as page data, post data and video data, as well as page likes, visits in the past week and so forth. This data provides valuable information which can be used to strengthen your social marketing approach.
After analysing data, a more accurate SWOT analysis can be carried out. SWOT indicates business strengths, weaknesses, opportunities and threats. Be realistic and honest when you undertake a SWOT analysis, otherwise, it’s counterproductive. Perhaps you posted 6 ‘funny’ posts over a two week period and you didn’t get as many hits from these posts as anticipated. Be realistic and acknowledge this so that your next move can be a calculated one.
After conducting a SWOT, implement appropriate changes to strengthen your business performance on Facebook. Through assessing your strengths and weaknesses, you can better take advantage of your opportunities and avoid challenges from your threats.
To make the most of your business opportunities, you should monitor and reassess using the above steps; this is not a single use strategy.