Written by: Vergio S.
May 27, 2021
Digital Marketing | SEO
Tracking Social Media ROI
Social media is one of the best digital marketing tools used by many business owners today . Most businesses these days engage in social media, either rely on one platform or manipulate multiple accounts. But not all of these businesses track the results of using social media marketing. So how do you know it will work for you even without knowing the numbers it produces? By monitoring your ROI, you can gain insight into the impact of your social media marketing efforts as a result. If you randomly post to your Facebook account every week, you do not know exactly how this interaction will benefit you. Very simple and quantitative factors usually determine it. However, when it comes to return on investment through social media, many companies can hardly link the return on investment directly. Social media requires time, planning, scheduling, and organizing resources. For example, everything that is published must be produced and organized behind the scenes so that the content is up-to-date and relevant to consumers.
So investing in SM is often less than a dollar investing in human resources. Someone needs to create, submit, update content, organize contests, contests, and more. He should answer questions and participate in discussions on other companies’ websites. Then all these efforts must be made to sell. The return on investment for social media (and its benefits over traditional marketing) has been proven in many cases by businesses large and small. Some criteria are:
–improved efficiency/cost savings
–improved customer feedback
–value to the consumer
How do you track social media ROI?
In many cases, direct ROI tracking is difficult. For example, if your social media activities are primarily based on customer service and troubleshooting, there are usually no specific criteria for determining ROI. This usually has to be evaluated on a case-by-case basis, depending on what you want to achieve. Below are six ways to track
1. Define achievable goals
First and foremost, you need to determine what your real social media goal is. Are you trying to be brand awareness, create sales, find joint venture partners and connect with customers? These are all worthy goals, but their measurement and achievement are very different. If you haven’t thought about it before, have a brainstorming session with your team to discuss exactly why you engage with social media and what you want to do with it.
2. Use tags in URLs to track traffic
To determine the return on investment on your social networks, you need to know where people come from when they come to your website. When promoting your business across multiple platforms, you need to know which campaigns work and which ones fail. This will facilitate future struggles. To successfully track traffic, you need to tag the URLs to know it is from a specific operating system. Remember, the whole idea behind this technique is to find campaigns that work and discover things that need to change. surveys are also useful in tracking your ROI.- You can also use a simple survey method, the best way to know how visitors visit your website.
3. Track the right performance metrics
The performance metrics are the key to determine whether your social media goals and objectives are achieved. These include likes, shares, and comments. You need to use these metrics to know the strength of your social media presence and gauge yourself against your competitors. In addition, the performance metrics should align with your objectives to give the best result on return on investment.
Reach metrics such as audience impressions and followers determine how far your message is going and the number of people getting your content. How do you know your reach? Reach is measured through posts on different social media platforms .there are tools such as content calculation tools available on a social media platform that displays the relevant content on your website. Facebook and Instagram aggregators also enhance the reach of your postings and content.
Engagement metrics show how different followers are interacting with the content. This enables you to track the content or posts generating the highest level of engagement .this is proven through comments, likes, and shares. Through engagement metrics, you can know your audience’s interests and hence put more effort into relevant content .some examples of engagement metrics are comments, brand mentions, clicks, shares, and likes.
6.Track Conversions and Leads with Google Analytics
Many social media marketing experts have used Google analytics. It is one of the best tools to track your ROI. It involves tracking your social media traffic and progress on your sites. It also determines the conversion leads generated and the performance of the leads. To maximize the benefits of google analytics, make sure you set the conversion goals. Google analytics gives an insight into social media channels, driving more traffic. Monitoring the conversion goals of your website will help you determine your ROI
7.Calculate how much you spend on social media and revenue generated
There is a need to understand your social media investment to determine your return on investment is good or bad. in this case, you need to consider keys things such as;
–Cost of tools and platforms
–Budget allocated to social ad spends
This involves tracking the cost of each Facebook post or Instagram ad and recorded on the platform’s ad dashboard. In addition, some tools can help you track ads on multiple networks. For example, Hootsuite Ads is one of the best tools that help manage each social media campaign and determine the ROI of a single platform.
determines how much you have spent on content creation, including the materials you used.
–Time spent by your social media team
This including time spent on postings, content creation, and running ads. this will show your ROI of each campaign
Tracking your social media ROI is the key to determining whether your goals have been achieved. It also refines your social media strategy by showing what is working well and not working. It enables you to build an effective method to improve your social media ROI .keeping track of your social media ROI is essential in determining success. Make use of available tracking tools. The ROI (return on investment) should show you the strong and weak areas of your social media campaigns.
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