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In my first contribution to Econsultancy two weeks ago, I wrote about how opening a Facebook page is like opening a flagship store, and I would like to follow-up on that article that stressed the importance of Facebook page management.
Most of you probably do have a Facebook Page for your business, but you might not be measuring some of these metrics mentioned below...
Quite obviously, the first metric that you probably all monitor are fans, or as Facebook now has it, "likers".
Your fans are your number one thing, and you can say you have a very qualitative approach to your Facebook page, but 1,000 fans didn`t help much (well, unless they are B2B customers and each one is buying your product).
What we typically calculate on top of just fan numbers is what we call "country reach", which is the number of fans divided by the number of Facebook users in that country.
This way you can compare different pages across different countries. We have compiled top charts of brands and media companies on Facebook, and we publish that free to everyone.
For example, check out the top brands in the UK.
The second most important metric is engagement. The more engaging content you publish, the more engaging your Facebook page will be. Simple, right? Well, not all marketers do follow and monitor engagement metrics, and some have no idea how fans engage with their brand.
The best way to measure engagement is monitor the number of interactions per post, and ideally divide it by the number of fans, that way you get a number that is comparable across multiple Facebook pages with different fan numbers.
The engagement rate in the sample below is calculated like that, with an average across all posts the Facebook page has done. A good average engagement rate is above 0.1%, a great engagement rate is above 0.3 - 0.5%.
Third most important is content. This is technically not a metric, closely related to engagement, but something you should be watching.
Companies often don`t monitor anything regarding content, and don`t measure engagement of different types of content, and what works.
Some brands just post links all year long, and don`t realise that if they were posting better content, consumers would engage with them a lot more. I personally call this part social media listening.
You need to first listen to your fans and see what they engage with, see what your competitors fans engage with, and then act upon it.
(Click here for a larger version).
Obviously another thing you simply cannot ignore is your fan growth, and how fast your brand is growing every month.
Brands grow quite fast on Facebook, the top Facebook pages add more then 1 new fan every second. Good growth for a Facebook page is typically 3 - 5% on a monthly basis.
Next, you should monitor the wall response rate, and wall response time. This means if someone posts a story on your wall, if you respond it or not.
Some companies are very serious about response rates, others aren`t. You should be aiming at responding to more than 70% of the fan wall questions, and keep your average under six hours, as users will probably not be as happy if you respond them in three days.
Some companies already have 24/7 Facebook page support and respond to a question within the first 10 - 30 minutes.
The nicest thing about all the metrics above is, that you can monitor them for your own Facebook page, but also for competing Facebook pages.
What else and what next?
Other then the mentioned above, I definitely suggest to monitor tab views and Facebook post impressions, but unfortunately neither of these are comparable between competition, so for comparisons, you will have to use the metrics listed above. That should be enough for you to make an assessment on how to move forward in managing your Facebook page.
Next time, we will take a look at metrics of Facebook applications, as Facebook Applications are something that do matter for every marketer.
(Screenshots from Socialbakers Analytics)