Annica asks, “What sort of goals should we be setting for social media in 2020?”
Depending on how you use social media – for marketing, sales, customer service, etc. – will govern what kind of goals you set. For marketing, the simplest goals are to forecast, by channel, what the likely traffic is going to be from each channel, and then set goals based on that. If you had, say, a thousand visits from Facebook this year and it resulted in $X in attributable conversions, then 5% more Facebook traffic should yield X% * 1.05 down the road, and your goal would be 1050 visits from Facebook.
Can’t see anything? Watch it on YouTube here.
Listen to the audio here:
- Got a question for You Ask, I’ll Answer? Submit it here!
- Subscribe to my weekly newsletter for more useful marketing tips.
- Find older episodes of You Ask, I Answer on my YouTube channel.
- Need help with your company’s data and analytics? Let me know!
- Join my free Slack group for marketers interested in analytics!
What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
In today’s episode Mautic asks, what sort of goals should we be setting for social media in 2020? Oh, that’s a very good question.
Here’s how I would approach this.
If you have existing data forecasts that forward using any time series forecasting tool.
If you were at the Agoura pulse summit, you saw some of those which by the way, you can still register and see that I think for another like three weeks, but anytime you use forecasting software, Watson Studio of our Python all those things, what you want to do is this, you will first understand how you currently use social media and if that’s how you’re going to be using it in 2020.
If If you are using it for marketing or sales or customer service and you are planning on more or less continuing what you’re doing now.
Paid unpaid, and so on so forth, that’s going to determine the goals you set.
If there’s going to be massive changes, like, we’re going to stop doing customer service on social media entirely, and that represents you like 30% of your activity.
Now, it’s gonna be a lot harder to do any kind of forecasting and goal setting.
But let’s say for the most part, you’re going to be doing more or less what you been doing within reason, for marketing purposes.
The simplest goals for any top of funnel channel, the forecast is traffic.
How much traffic does this send to the to the properties that we own.
And then obviously, that traffic then goes down through the marketing operations mechanisms that you have in place to turn into some sort of business impact, whether it’s increased customer satisfaction, whether it’s sales enablement and accelerating the pipeline, or it’s just straight up marketing lead or prospect generation could be any of those things.
But traffic is the easiest thing for you to measure.
Social media because it requires the least amount of setup.
And as long as the traffic you send to your website has a correlation a strong mathematical relationship to that business goal.
Then traffic’s straightforward to measure right? You don’t necessarily have to worry about Bob and sales shut up drunk again and he disqualified all the perfect good leads we sent him.
You don’t have to worry about that.
So what you should do is take your existing traffic and forecasted for by channel.
So let me bring this up here.
And this, what you’re looking at here is a example of a traffic forecast.
So this is for my company’s website, the Trust Insights website.
And what we’re looking at here is each channel forecasted for so I have all of calendar 2019 on here, and that’s about half of the chart the left half and the right half is the forecast going forward.
And based on time series forecasting, I can look at this and say okay, what what is likely to happen in the year ahead? Now, is this perfect now? Is it does it predict the unpredictable No.
But based on the last couple years worth of data, forecasting, the sport gives me a pretty good idea of what is likely to happen for social media, social media sites for teal, light blue, I don’t even know what color it is.
That’s at the bottom there.
And I can see that it’s now November 2019.
And beginning in 2020, we’re going to see about the same or slightly less traffic from social media.
Just the nature of the beast, we don’t pay.
We don’t do paid social media very much.
And so it’s not really reflected on here and you can see the our organic social media impact continues to decline.
So let’s say you had 1000 visits from Facebook this year, right and it resulted in I don’t know it, X number of conversions and 5% more Facebook traffic should logically yield 5% more conversions down the road.
So for social media purposes for goal setting your goal instead of 1000 visits if you want 5% more conversions later on, will be 5% more traffic from Facebook now, or 1050 visits in 2020.
Now you can do these, these forecasts either by channel which I’ve sort of lumped social media here all together in one, or you can break it up by individual source and medium that gets, that gets messy.
And a lot of forecasting software has trouble at a certain point and dealing with, you know, a channel that sends you one visit.
So you may want to do some filtering if you want to do it by individual, tactical old channel like Facebook or Instagram or YouTube or whatever.
But in aggregate, you can put together some pretty good forecasts that will give you overall baselines and then maybe look at percentages and say, well, Facebook’s about 40% of our social media traffic so of that thousand visitors in aggregate working at Facebook should be responsible for about 400 of them.
That’s a probably a simpler way to figure out what the goals for each channel and each individual tactical channel are.
Ultimately, you want those goals to be guides, right? So we need 1000 visits and then divide that by 12.
And you will get my math Isn’t that good? At 3.3 repeating visits a month from social media, that gives you a diagnostic that’s a lot more useful than an annual goal.
So make sure you think about those milestones as well.
If it’s January 29, and you’ve gotten 50 visits from Facebook, you’re like, you know what, we’re not going to hit our January goal.
And as a result, we may miss our upcoming yearly goal.
That’s one of the reasons why these forecasts are broken out by either month or quarter so that you can look back and go gosh, you know, for January 2020, we are forecasting on this one 369 visits from social if we don’t get anywhere close to that by January 15.
And we’re like at five, okay, we’re going to miss that goals are either we need to change what we’re doing, or we need to update our forecasts to say, yeah, it’s going to be a great year for for Facebook, you know, based on our forecasting forward.
So that’s, that’s how you use these things.
That’s how you set goals, set a big goal Absolutely.
break out into milestones and then measure against those milestones to give you diagnostics, that will you make decisions and make changes before it’s too late, because you don’t want to get to this time next year, you know, late in the year and go, Well, we set a goal of 1000 visits and we’re 400 you’re like, wow, I gotta get that bonus this year.
So that’s the process.
Take your existing channel data out of Google Analytics forecasted forward using the statistical Your choice and then build the forecast and measure against it.
If you want help do this because you don’t have statistical software, or it’s just not your bag.
Let us know at Trust Insights We are more than happy to help you build that out.
As always, please leave your questions in the comments box below.
Subscribe to the YouTube channel and the newsletter.
I’ll talk to you soon.
Take care what helps solving your company’s data analytics and digital marketing problems.
This is TrustInsights.ai AI today and let us know how we can help you
You might also enjoy:
- You Ask, I Answer: Google Tag Manager and Google Analytics Integration?
- It's Okay to Not Be Okay Right Now
- Marketing Data Science: Introduction to Data Blending
- The Basic Truth of Mental Health
- Almost Timely News, 17 October 2021: Content Creation Hacks, Vanity Metrics, NFTs
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers