With 1.7 billion Facebook users (and counting) there’s a whole world of potential customers out there for you to harness to grow your business. Now that we’ve had a month or so to wrap our heads around the newly launched Facebook Analytics, here are our recommendations for how to grow your potential and active customer base using information generated by the tool:
Create And Monitor Funnels
Though the term ‘funnel’ has typically been applied to the linear e-commerce buying process, Facebook Analytics allows you to create endless funnel varieties to better understand the factors and page sequences that influence your customers’ buying behaviour. Facebook Analytics’ funnels allow you to cue the tracking of whatever processes you think will yield relevant insights; these funnels could include sign-up procedures, content-sharing behaviors, and on-boarding for new users and followers.
Facebook Analytics’ funnels can be modified and applied in real-time, so your funnel starts to function as soon as you’ve selected the variables and applied it to your site’s data. The ability to quickly and easily monitor the conversion activities of your site’s functions is an invaluable way to identify points for review, to optimize business growth.
Similar to traditional funnel-tracking, these funnel insights will allow you to identify the points at which your potential customers lose interest or momentum in the designated process. The funnel results can be analyzed against demographic information, and platform and device factors.
Track Your Visitors’ Behaviour
Facebook Analytics allows you to check and monitor active and engaged users on a variety of timescales, including past-24 hours, and currently active, represented by a pulsing circle on your tracker chart. Monitoring the behaviour of your active users is a great way to target and shape your social media marketing activities, and check how engaging those activities are.
Many businesses find it useful to track their Daily Active Users and Monthly Active Users and cross-check these trends against significant points like surges in new followers, or the launch of a new product or campaign.
Metrics can then be applied to the Active Users section of Facebook Analytics include Number of Events (which generally means how many times they opened your page), Stickiness (the number of Daily Active Users divided by the number of Monthly Active Users), and Average Events per User. Active User is a useful quantifier of both linear growth and customer retention, so even though it’s a simple analytic tool, it shouldn’t be dismissed or neglected.
It’s widely accepted and experienced that it’s easier and more cost-effective to keep an existing follower than it is to gain a new one. Facebook Analytics’ Retention Reports function is an incredibly useful asset to track your retention rate, and cross-check the events and factors that may contribute to follower loss.
Retention is a strong metric with which to measure the overall growth and health of your business and its online presence. The changes that you make to your product, service, and online customer experience inevitable impact customer retention, so Facebook Analytics’ retention tool can help you to identify which of these changes impact your overall follower count.
Facebook Analytics is a completely free, relatively intuitive tool that can help you to grow your business with effective monitoring and application of social media marketing activities. If you’re looking to grow your followers, enhance conversions (in the standard and more broad sense), and increase retention rates, then Facebook Analytics should be on the top of your ‘to learn’ list.
If you need help with social media marketing, contact a specialist at Digital Media Expert today on +61 470 496 137.