Tracking ROI from social media activities
Nowadays, if you are not on social media you are in danger of falling behind and losing serious ground on your competitors. The power of social media should never be underestimated and as it continues to develop, it serves more of a purpose for business websites that ever before.
One of the many key features is the ability to measure your Return On Investment (ROI) from your social media activities. This helps provide a detailed insight into the efficiency of your social media presence and campaigns to see if your marketing efforts are working or not.
The main challenge in measuring ROI is keeping up-to-date with the latest algorithms changes and updates, implementing the new tools that hit the marketplace and proving to your clients that they’re getting the most out of their investment in your business. Once you have realistic goals and the right platforms in place, you can begin monitoring your effectiveness with a few handy tools.
It is imperative to measure your social media ROI because you can see where you can improve your efforts, decide which social media platforms are bringing in the most revenue and see how specific changes impact your social media goals. You would never run a Google AdWords campaign blind so there is no reason not to track your ROI on social media.
Social media ROI is one of the most heavily debated topics. However, measuring the effectiveness of your social media marketing efforts isn’t impossible and with a few helpful tips you can help transform your business for the better.
Google Analytics is a vital tool for tracking your social media campaigns and goals and is one of the easiest and cheapest ways to track success of a specific link within a campaign. Users can set Analytics to your goal, whether it be gaining new followers, clicking on a link or making an online purchase. There is plenty of flexibility and remains one of the most overlooked methods of tracking.
Google URL builder is a great way to assign trackable links for your campaigns. When users click one of the custom links, the unique parameters are sent to your Analytics account, so you can identify the URLs that are most effective in attracting users to your content in a fast and effective way.
Sprout Social can also be assigned to schedule and manage your social media posts all in one place. Users can have all of their posts and campaigns in front of them and can manage them all in a matter of clicks.
In terms of planning your future posts and social media targets the Customer LTV (Lifetime Value) Calculator is the perfect tool to calculate the LTV of your customers. This provides you with all the information you need to help you make important business decisions about sales, marketing, product development, and customer support.
There are also numerous free tools for measuring both ROI and social media success of your business. For example, Hootsuite is an extremely popular and useful tool for management and metrics tracking, allowing you to schedule posts from multiple social media channels.
Buffer is a great tool for scheduling content. Simply fill up your Buffer account each day and it will automatically post the content to the channels you select, giving you control of the date and times you would like your posts to appear.
For metrics, you’re able to look at a dashboard inside Buffer to see what posts are getting the most interaction. You can also attach UTM parameters to track traffic in Google Analytics. Buffer is a ‘must-have’ for any business wishing to track the effectiveness of their social media activities.
Klout is a free tool that will allow you to measure influence on Twitter, Facebook, Google+, and several other channels in order to gain an insight into gaging someone’s online presence.
It is also important to remember that your business is active on social media for the right reasons and you have set targets in place to be able to achieve your financial goals.
The problem is that most companies get so tied up in vanity metrics and the materialistic matters of social media like the number of followers on Twitter or the amount of ‘Likes’ a Facebook post gets. Yes, that helps improve the reach of your posts, but in essence, these matters become meaningless if you aren’t tracking your ROI’s correctly and regularly.
To conclude, social media gives intangible benefits to your business. It is a fantastic source for brand building, exposure and even earning natural backlinks. The ability to track ROI from your social media activity is imperative for businesses in the modern era. With the correct tools, it has never been easier to measure and could change your business outlook for the better.
Once you have your stats in front of you, you can calculate your ROI and examine the results of your marketing to see what did and didn’t work. Ultimately, this allows you to build for the future and learn from what makes your business tick on social media which as a result, if done correctly, will see a healthy return on your profits.