Social media is a wonderful tool for an abundance of impressions, reach, and revenue. The topic in question for marketers nowadays is how exactly you can measure the return on your social media investment. The thing is with social media although you can link the brand platform to direct sales and revenue, the digital metrics to look out for lie within the customers investment with your brand. The measures of ROI effectiveness lie within the metrics of the direct consumer. This may be their engagement with your brand on your digital channels, as well as brand awareness, and of course word of mouth.
Whether your main ROI goal is to increase any of these three, as a successful business you want to see proof in the numbers and conversions. “People are having a tough time in our industry because they are getting caught up in getting hearts, likes, and comments.” It is important to track the right metrics, this quick guide will further your insight on how to approach ROI within the digital sphere.
Tracking the Metrics That Matter
As a marketer, is it important to utilize any social media tracking tools and data to your advantage. Be sure to stay on top of the right ones. Here is your ROI lineup.
- Lead conversions
- Business Revenue
In this division of marketing, take into account your expenses allocated for content creation, paid ads set up, and any other site and platform expenses. Include time for your editors and content strategists, too. This also includes any external sources uses like agencies, influencers, and graphic designers.
Set Your Goals and Report
To better analyze your findings after you launch your campaigns and measures to be effective, you must complete a report. These findings will help you better optimize your plans and goals for the future. What exactly is it that you are aiming to achieve? Are you wanting more purchases, site views, subscribers to your newsletter, or clicks? Set a direct goal to have a tunnel vision of what is attainable. “Figure out what you want to track, where you can track it, think about both current customers and new customers, and go do it.”
Once all of this is achieved and set out, you can calculate your investment and see your potential earnings. Most importantly, you can see the windows for opportunity and design with the end in mind. What strategies can you put in place to improve your social media marketing ROI? You can key specific benchmarks for future uses and understand your consumers and the link to your content to better analyze your performance and maximize your revenue.