5 Steps To Conduct An Easy Social Media Audit – Part 1
STEP 1: Determine how many fans your business should have? What is good and what is bad?
These are two of the first questions that every business will ask about their social media presence. My answer, it doesn’t matter! What you should be determining is what percentage of those fans from social media actually becomes a lead. A lead in the case of social media could mean many things, but it should be determined beforehand in your strategy. Think of it as lead equals goal. As shown in the chart below, you should be converting 1 to 5 percent of your current audience.
Many other so-called social media experts will disagree with the statement that leads from social media are more important than the audience or awareness generated from your social media presence. In my opinion engagement is the only thing that matters, and if you’re not doing that then accomplishing any type of goal with social media will be almost impossible anyway. If you are engaging with your audience properly, then the occasional call-to-action post, which leads to a lead of some kind, should be what you’re looking for.
STEP 2: Are you attracting the right fans? Why is this important?
Make sure to understand what the demographics of your audience are. Most top social media management tools will provide demographics. If the demographics for your business don’t match your social media demographics then just like in traditional business marketing, you are talking to the wrong people and more than likely will not get the engagement that you want. Note “City” category in the example below.
STEP 3: How do your fans find your business? Why is this important?
Knowing where your audience is coming from as the example below shows gives insight on how to tailor your content based on the actions of your audience.
STEP 4: What is your fan churn rate? What is good and what is bad?
Churn rate is the rate at which you are lose fans compared to the amount you gain, 1% – 2% churn is natural. Your Fan growth rate should be at least 5% higher than your churn rate and anything close to 1:1 means that you’re losing fans as fast as you are gaining them. If you are losing more fans than you gain or if it’s anywhere close to being equal, it is a good indication that your content is not engaging enough for your audience and you should look at making some changes.
STEP 5: How strong is your fan engagement? What is good and what is bad?
Total clicks and Total Post are not the most important measurement. Clicks per post and clicks per fan are important key indicators that tell you how interesting and engaging your content is. If your engagement is low then it’s time to re-evaluate your content. See below.
In closing, there are social media management tools that can provide an audit, some better than others. In my process I go old school utilizing an Excel spreadsheet with formulas that give me the exact data that I want across the entire social media presence.