Social media now holds a place alongside print and broadcast as a major, essential marketing channel for businesses. As such, social media now should be held to the same standard as those channels: your social media ROI needs to contribute to your bottom line.
To prove that your social media investment is truly warranted, you need to track how social is influencing every interaction you have with your clients.
Lets have a look at few steps that need to be taken care of to track the ROI of a social media campaign.
- Connect Social Media ROI back to your Business goal
The first step involves setting social media goals that complement existing business and departmental goals. If you have set a specific number of leads you’re trying to attain, set the number of leads you want to specifically be driven by social media. If one of your goals is to increase landing page conversion by 10%, ensure that you’re tracking the conversion rate of people who land on the page through social channels. Audit your existing social media performance to establish baseline targets, then set appropriate goals for improvement.
- Select social media analytic tools
Once you’ve established social media goals, you’ll need to identify and implement the tools and processes required to measure the ROI on your social media. 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.
Sales force: Add Sales force tracking codes to the links you share on social networks. When paired with marketing automation software like Market, you’ll be able to track sales leads back to specific campaigns or social messages.
Hootsuite Analytics: Hootsuite offers a variety of analytics tools to help you track your reach, conversions and more. A few noteworthy examples are:
- UberVU via Hootsuite: will help you identify your share of voice within your industry on social media, your reach, sentiment around your brand and much more.
- Custom URL parameter: allows you to track which social networks and social messaging did or did not drive traffic to your site, blog or landing page.
- Hootsuite Analytics parameter :offer quick snapshots of your reach through metrics like follower growth, total daily URL click-through and per-post stats for Facebook, Twitter and more
- Calculate Social Media ROI
Creating analytics template will allow you to track your desired metrics without having to build out custom reports for each campaign. These reports will also present the data in an easily digestible way, allowing you to simply and effectively share your ROI on social media with higher ups in the organization.
One should be checking your various social media metrics frequently, often daily, to ensure that your social media goals are being met. The lifecycle of social media campaigns is often very short, so one need to stay on top of the data as it happens. Choose a timeframe that works for you, and stick to it. You can often have reports sent to your email inbox on specific days of the week so you don’t have to even remember to pull reports yourself.