In marketing, return on investment (ROI) is what defines a successful campaign. But in the world of social media, evaluating your company’s ROI can prove to be quite difficult. According to a study of marketers done by the experts at Domo, a business intelligence solutions provider, 3 out of 4 marketing professionals cannot measure social media ROI. Without a firm grasp of ROI, it’s difficult to warrant spending money on social media marketing.
So what’s the best way to gauge a social media campaign’s success? Here are some simplistic, yet critical aspects of social media marketing ROI.
1. Likes, Follows and the Engaged Audience
The most straight-forward way of measuring your social media impact involves evaluating your likes on Facebook and Instagram, your followers on Twitter and any other social media platform that you’re involved with.
Creating a spreadsheet can be a valuable way to gauge the support you are receiving on these sites, as well as serving as an indicator for which trends and campaigns have been most successful. Also, keeping track of engagement can prove valuable. This can be done by simply noting the amount of sharing activity on Facebook posts as well as retweets on Twitter. These actions can serve as adequate measures of success without too much effort.
Easy-to-use marketing software tools such as HubSpot allow for fast and simple tracking of the success of specific posts and can be a helpful identifier of which content is promoting the most responses and support. There are also ways to calculate the effectiveness of specific keywords, hashtags and specialized topics. Within platforms such as this are ways to help explain particular trends on Facebook and Twitter based solely on the keywords you enter.
2. Click-through Rate and Impressions/Views
Click-through rate (CTR) is most commonly used to measure the efficiency of advertisements on social media. If your company is looking to run promotions on social media sites, the concept of CTR is of great importance.
CTR is essential to gauging how often people are seeing your ad, keyword or brand on a particular site, as well as the rate and volume at which they click and follow it. Google Analytics, which tracks click-through rates and views of other similar pages, may prove quite helpful in understanding the function and importance of CTR evaluations.
3. Monitoring Influence
There are tools available that can serve to measure influence within your industry. Social media influence is a term that describes an individual’s ability to affect and direct the thinking of an online community. With influence comes appeal and appeal can eventually lead to attention and interest. Evaluating brand awareness through these avenues is still an imperfect science, but it can provide very helpful information about how people interact with what you share on social media. It should be noted that while popularity does not necessarily equate to influence (and vice versa) validation of a company’s brand or product can be most easily achieved by utilizing social media influence trackers.
4. Integrating Social Media Analytics
As necessary as all of these tools are to evaluating the social media profile of you and your business, much of this data can prove to be vast and tiring. Investing in a dashboard that provides real-time feedback from all of your social media accounts can prove vital to expanding the range of your product or brand. These customizable dashboards allow you to analyze future activity and trends as well as simplify the collection of real and accurate ROI information. The path to success for you and your business lies in combining quality social media content with useful social media ROI information.