Whether your goal is to bring awareness to your brand, increase revenue, or provide better customer satisfaction, your social media management ROI is the sum of these values put in action. As such, it’s important to measure and track your social media marketing ROI as it will give insights into what is working or what is not working.
The Importance of Measuring ROI
As a business owner, it’s important to know just how much you’re spending on social media. By not knowing you don’t really know if it’s increasing your brand awareness, effectiveness, or increasing your revenue. In addition, you may not know if you need to improve certain areas of your campaigns or go back to the drawing board altogether.
However, none of this will matter if you don’t measure the expected outcomes of your social media campaigns. Why? Because everything is considered more important when there are quantifiable and known identifiable results and this is particularly valid for online networking return on initial capital investment. To achieve this, you need to decide your objectives and measurements.
Breaking down your online social media income can empower you to help spending demands by demonstrating that your ventures are valuable to the organization. Then again, if your return is low, it can enable you to identify the ineffectiveness aspects of your social media plan and begin generating improvements. This demonstrates estimating return for capital invested is essential for an increase.
Another thing is that by quantifying the ROI of your social media campaigns it can also enable you to decide how much value you’re providing to your followers. A great amount of persuading visitors to respond to your social message is proof you’re your message is pertinent and convincing, which demonstrates that content that is of value has a huge effect on your social media returns.
Determine Goals
- Do you want to increase your followers?
- Do you want to offer more items to sell to increase revenue?
- Do you want to increase web traffic?
- Do you want more foot traffic?
To get a real snapshot of your social media return on investment depends on costs you’re already spending on social media and how it adds to your bottom line. For example, you may be used to using the long-established ways of marketing and may not see the value in using social media as a means of advertising.
Current Measurements as a Point of Reference
Before you start measuring your social activities, take a point of reference of where you are beginning:
- Record of your existing website analytics.
- Document any current customer satisfaction scores you are tracking as well as customer ratings on external directories.
- Jot down all KPIs you currently track to see how these change over time.
- Note the number of social followers you have.
Measuring Your Social Media
Once again look at your goals as a reference point. As such, it will be a lot easier to quantify social media performance if your goals are clear. For example, are visitors to your site clicking through to your call-to-action or making a purchase? It’s not necessary to attempt to reach every single target that’s achievable. Just pick areas that require improvement. For example, awareness, engagement, traffic, followers, and who is talking about your brand. You should even pick areas that are thriving to check their influence and outcome and if necessary, make some changes.
It’s fundamental to recall that while social return, the figures themselves aren’t the main pointers of social impact and development. For example, influencers, partners and rich media would all be able to boost your social media presence without the necessity for long-lasting investing.
After you’ve determined the ROI of your current social media efforts, you may need to call in some backup. That’s what we’re here for! Contact us or give us a call at 800.926.2451- we’re happy to help.
