When spending time and money implementing social media strategies. Measuring R.O.I is a vital step in measuring success and noticing opportunities. Measuring R.O.I involves setting social media goals that compliment existing business and departmental goals. If you have set a specific number of leads you’re trying to attain, set the number of leads you want to specifically be driven by social media. If one of your goals is to increase landing page conversion by 10%, ensure that you’re tracking the conversion rate of people who land on the page through social channels. Audit your existing social media performance to establish baseline targets, then set appropriate goals for improvement. The brand awareness created by social media—seen from KPI’s is valuable, but it is not enough. According to Altimeter, only 34% of businesses feel that their social strategy is connected to business outcomes. To demonstrate social media’s value, you need to measure social media ROI as it relates to your broader business goals.
- Key examples of social media metrics to track include -
Reach, Site traffic, Leads generated, Sign-ups and conversions, Revenue generated
It’s important for social data to be relevant. Tying social media to the big picture by linking it to organisational and departmental goals will help you achieve that. Once you’ve established your social media goals, you’ll need to identify and implement the tools and processes required to measure the ROI on your social media. This may involve adding tracking codes to URLs through po.st.it or google url builder, building custom landing pages, and more. There are a variety of social media analytics tools which service to track the diverse metrics you are after.
- Here are some to consider -
Google Analytics: Track website traffic, on-site conversions, and sign-ups originating from social media campaigns, Salesforce: Add Salesforce tracking codes to the links you share on social networks. When paired with marketing automation software like Marketo, you’ll be able to track sales leads back to specific campaigns or social messages, Hootsuite Analytics: Hootsuite offers a variety of analytics tools to help you track your reach, conversions and more. A few noteworthy examples are:
Custom URL parameters allows you to track which social networks and social messaging did or did not drive traffic to your site, blog or landing page. Hootsuite Analytics Reports offer quick snapshots of your reach through metrics like follower growth, total daily URL click-through and per-post stats for Facebook, Twitter and more Creating analytics templates will allow you to track your desired metrics without having to build out custom reports for each campaign. These reports will also present the data in an easily digestible way, allowing you to simply and effectively share your ROI on social media with the organisation.
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- jessie may -
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