In recent times, many businesses of all shapes and sizes have bought into the idea of social media marketing. The rise and growth of various social media websites has provided commercial enterprises with a definite and unique way to engage with existing and potential new customers. The new trend of spending on social media marketing continues to grow. But the pertinent question is; do you measure the return on your social media investment?
Defining social media ROI is a stupendous problem on the part of the social media marketer. In the true sense of the term, to prove social media investment is truly warranted. You need to keep a key eye on how social is influencing every interaction you have with your clients. There are various ways to measure social media ROI for your business.
No doubt, as every business entity has specific goals and objectives. For attainment of business promotion what you have to do is; try to connect your business and departmental goals with social media goals. Participating in social media has many beneficial business applications, such as facilitating customer service and boosting public relations. If you really want to demonstrate social media’s value, you need to measure social media ROI as it relates to your broader business goals.
There are various key examples of social media metrics to track include:
- Site traffic
- Leads generated
- Sign-ups and conversions
- Revenue generated
If you have established your social media goals, you need to identify and implement various tools and processes required for ROI measurement on your social media. This may involve adding tracking codes to URLs, building custom landing pages, and more. You can measure ROI with the help of variety of social media analytics tools including Google Analytics, Salesforce and Hoot Suite Analytics. After setting your business goals and choosing social media analytics tools, you have to track your social media ROI. Creating analytics templates also allow you to track desired metrics. Try to keep a key eye on where your audience spend their time. You can position your plan to be successful.
Another important point is to track campaigns. You need to rack the time spent and cost of ads. You should keep constant eye on the activities and campaigns you launch as part of your social media marketing.
If you are an efficient marketer, please calculate your ROI and review the results of your marketing and realize what worked properly and did not worked. Really social media ROI is nothing but a number game. If you are aware of the business goal, relevance of social media and efficient use of social media tools, you will definitely be successful in tracking and measuring your ROI.
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