Measure ROI on Social Media
In , we听broke down the basic ways you can produce a well-crafted social media campaign that results in the ultimate goal: skyrocketing revenue with no sign of stopping. Step #5: Verify Your ROI. Well, seven months later, and the same advice applies.
It鈥檚 just business.
Which means it does deserve closer scrutiny. If you鈥檙e measuring ROI on any other business decision, then it only makes sense to do it for social media activities too. When in doubt about the benefits of social media marketing, you can鈥檛 go wrong by vindicating the true value of all that hard work and investment.
Mathy, but no mystery.
It might not be traditional, and maybe it鈥檚 still new to you, but measuring ROI on social media is by no means utterly cryptic鈥撯�揳t least not to an expert. There are many ways to discover whether or not a social media campaign is working. Namely, the careful measurement of numerous factors and super-crafty strategies.听
More to it than metrics.
Yes, metrics are important. They gauge vital stats, including shares, likes, reach and relevance. However, they are only some of the components involved with fully measuring ROI. Analytics is where it鈥檚 at. Complex? Sometimes. Comprehensive? Always. But set 鈥榚m up, so you know when your social media knocks 鈥榚m out.
Begin with your baseline.
First, we determine exactly what ROI means to you, whether it鈥檚 visits, downloads, registrations or sales. Since not all activity is created equal, we鈥檒l slap the term 鈥渒ey performance indicators鈥� (KPIs) on the most important ones and see how you鈥檙e doing so far. Following a social media push, we track the changes to your KPIs. That鈥檚 where we start measuring the success of your efforts.
Let your lifecycle linger.
As your social media campaign progresses, we鈥檒l see that the traffic you鈥檙e driving results in a sustained lift. Specifically, that the success of your campaign results in continued success鈥撯�揳 higher new baseline from which we can grow your ROI in the future.听
We鈥檙e all in this together.
Larger brands and multi-faceted campaigns call for the cooperation of different traffic drivers. Pinpoint the channels with the highest conversion rates and revenue potential. Then use this invaluable data to validate your social media efforts and help plot lucrative future promotions.
Not simple. Simply necessary.
That鈥檚 why you need a specialist who can implement precise social media ROI reporting. To find out if your social media is achieving its full profit potential, email Lynn Kaniper at听lkaniper@danacommunications.com.