How well is your business selling on social media?

In October 2020, the global social media penetration rate stood at 53%, a 12% increase from 2019. This is indicative of just how integral social media has become to our daily lives, and in response, more businesses have jumped on the social media marketing trend.

Which channels give you the best results? What content works best on which platforms? These are important questions to ask when you’re navigating the world of online marketing — and the OCBC Digital Business Dashboard can help you answer them.

#1 Combining data for a more accurate representation

Sometimes, sales performance figures don’t tell the full story. For example, it can be difficult to identify the correlation between a rise in sales figures and the launch of your online marketing campaign.

This is where marketing metrics can help. For social media, look at metrics like social mentions, conversions, cost per click and cost per lead. For newsletters and EDMs, open rates, click-through rates and conversion rates are some of the key metrics to track.

Once you’ve compiled all this data, it’ll be much easier to identify and work on areas of improvement in your social media campaigns.

For example, if you’re not getting as many clicks, consider looking into how the social media algorithm works. Are you using the right words and design? Or maybe you’re not posting enough. When you’re able to recognise what exactly is lacking, you’ll be better equipped to fill in those gaps.

#2 Analyse and compare channels

Not every channel will work well for your campaign or business. Since video length preferences differ by products and user groups, it is best to test and see which formats suit you best.

Furthermore, different social media platforms have different optimal video lengths. For Facebook, 60-second videos generate the most engagement, while 30-second videos do best on Instagram.

So rather than cast a wide net over multiple channels, why not identify a few that can give you the best results! In this case, a side-by-side comparison of numbers in a graphical form can give you a clearer picture of your performance across social media channels.

#3 Cater your content by looking at the metrics of each platform

Different channels attract different user demographics. This means that the same marketing strategy might not always work.

For example, 90% of Instagram users are below the age of 35, which makes Instagram an ideal channel for businesses looking to cater to younger audiences. Similarly, over 60% of millennials prefer receiving marketing information via email.

By tracking your marketing metrics, you can better tailor your content to who your followers are and their age groups — both of which can be tracked using CRM systems.