How to Measure ROI on Social Media
Tips for How to Measure ROI on Social Media
The purpose of your online presence and social media marketing is to build your business. How do you know if your online efforts are resulting in dollars for your company, and not simply wasting valuable time?
If you aren’t using measuring and analytics tools to assess the ROI of your social media, you will never know if social media is an effective use of your marketing budget.
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Determine Your Goals.
What is the purpose of each piece of content you share on social media? Every tweet, status update, photo and video should serve the purpose of meeting your goals as defined in your brand’s overall content marketing strategy.
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Pay Attention to What Content Drives the Most Conversions.
Keep a close eye on your metrics to know which types of content your audience responds to most. Which content form results in the most conversions for your brand? Generally speaking, photos and videos are the most engaging types of content on social media. If you discover that some types of content aren’t resulting in engagement through retweets, shares, comments or conversions, consider how you can reshape the type of content or drop it all together.
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Track Conversions.
A conversion on social media is anything that requires a specific action. Sales, leads, e-newsletter subscriptions, downloaded content or apps — these can all be considered conversions. Using metrics tools like Google Analytics, you can track the source of conversions and traffic to your brand’s website.
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Know What Metrics Matter and Which Ones Don’t.
It isn’t necessarily the number of “likes” you have on your Facebook page, or how many Twitter followers you have that matters most. If you have 1,000 Facebook likes but no real engagement and no resulting conversions, then those 1,000 likes are inconsequential to your brand. What matters most is the number of followers and fans that buy your products and services. How many people share your content with their networks? How many people are engaged with the content you share? These are the numbers that count. At the end of the day, it’s all about conversions. If you aren’t getting conversions from social networking it is time to reevaluate your strategy and change your tactics.
- Hire an Experienced Social Media Marketing Team. Yes, there are free analytics tools available that can simplify measuring your ROI, but your time is precious. If you have the budget for it, hire an experienced social media marketing agency who can measure your ROI and adjust your strategy as needed to increase the overall impact of your social media campaign.
Frozen Fire is an experience social media marketing firm that will work with you to develop and manage your online marketing strategy and provide you with metrics that show how well your social media efforts are performing.
Frozen Fire is a Dallas internet marketing and video production company that helps companies harness the most powerful aspect of modern marketing—the internet—to engage customers in memorable and meaningful ways. Ways that ignite sales and business growth. Contact us to learn how we can help your business.