Measuring ROI of a Social Media Campaign.
All business be it small or big have brought into the idea of social media marketing. Social media has provided unique and creative ways to reach out to your current and potential customers.
However qualifying the returns on your investment in social media is still a difficult topic to address. The spending on social media is increasing continuously and businesses have to find out ways and means to calculate ROI in order to justify the increased spends on the same.
The first and the foremost step involves identifying and fixing social media marketing goals that are in line with your existing business and departmental goals. If you have set a specific number of “visits to the store” you’re trying to attain this quarter, set the number of “visits to the store” you want to specifically be driven by social media. One needs to audit existing social media performance to establish appropriate goals for improvement.
Some of key examples of social media metrics to track include:
- Extended Reach of the brand
- Total Site traffic
- Leads generated
- Sign-ups and conversions
- Revenue generated
It’s important for social data to be relevant to stakeholders within your organization, not just social media practitioners. Tying social media to the big picture by linking it to organizational and departmental goals will help you achieve that.
Once we have established our social media goals, we need to identify and implement the tools and processes required to measure the ROI on the social media campaign. This may involve adding tracking codes to URLs, building custom landing pages, and more.
There are a variety of social media analytics tools which service to track the diverse metrics you are after. Here are some to consider:
Google Analytics: Track website traffic, on-site conversions, and sign-ups originating from social media campaigns.
Twitter Analytics: Helps u track and catch up the tweets happening on the network.
Hootsuite Analytics: Hootsuite offers a variety of analytics tools to help you track your reach, conversions and more.
Using the tool picked up above, it’s time to add in the social media accounts you’re going to track and the items you want to track for it. For example, you may want to track:
- Newsletter audience growth
- Twitter audience engagement
- LinkedIn reach and activity
- LinkedIn demographic details about your audience
- Keyword search usage
There are many reasons and ways to measure the ROI for your social media campaigns. Not only does it highlight the value of your work, but it can also give you an opportunity to reassess your marketing efforts and adjust accordingly.
By constantly re-evaluating, you’ll only continue to improve the work you do, so that when you’re asked to justify your social media efforts, you can. ROI for your company’s social media marketing efforts can be measured at any point in a social media campaign. However, success will be most notable once the company has reached the stage in the campaign where its efforts are being optimized for revenue growth, not just a social media presence or even increased website traffic.