Measuring Social Media ROI
Measuring Social Media ROI
Measuring Social Media ROI is one of the most heavily debated topics in the online marketing world. Why? Because measuring the effectiveness of social media marketing efforts is somewhat subjective. It’s hard to tell how much revenue a Tweet you sent out last week brought in, or if your last Instagram post boosted your bottom line.
“Judging by the numbers, a lot of business are struggling to grasp the financial impact social media marketing is having for them. In a survey from Convince & Convert, 41% of companies said they had no idea whether or not their social media efforts were actually paying off.”
Why continue to pay someone to do your marketing if you are not even certain it is paying off. Many businesses think that the measure of success is how many followers they have. That is just not an accurate evaluation of the value of your social marketing. You may have 1000 followers, but if the quality of the posting is not good, people will not read and share your content. So the value is not there.
However, if you have 100 people and they interact and share your content, then they become a value for your efforts.
What is Social Media ROI?
That is also subjective. It depends on what your core goals are for your activity. But at the core, Social Media ROI is what your company is getting back from the time, money and resources you are putting into Social Media (This is why it pays to hire a professional. You will get a better return from someone who knows what they are doing and can do your marketing consistently and professionally.) So you should know how much you are paying to post and how much money your goals are worth.
Why Should You Measure ROI?
To avoid wasting your time and money, you need to measure your return. Now you can see where you need to improve, you can decide which platforms are bringing in the most revenue or benefits for you and you can see how the changes that you make affect your campaign return. It’s going to be impossible to fix something if you can’t see what’s broken.
What Are Your Goals?
This really should be the first question you ask yourself before starting a new Social Media & Marketing Strategy. Your goals should be quantifiable and linked to a specific campaign.
Some examples of goals:
- Contact form Inquiries on Website
- Actual Purchases
- Increase Traffic
- Increase Engagement
* Note that these are all trackable.
Tools to Help You Track Your Social Media ROI
Google Analytics. Use this to track your campaigns and goals. There are many free features in this Tool. It takes some time to set up and to understand the results you get from the Tool. But the price is totally worth it.
Google URL Builder. Assign trackable links for your campaigns. You can add parameters to the URLs you use in custom web-based or email ad campaigns. For example, if you ask someone to click on a link, you can customize that link so you can see the traffic.
CLV. Customer Lifetime Value. This measure can help you decide how much money to spend to acquire a customer, how much time spent on serving and retaining a customer, and what types of customers are bringing the most value.
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