This is a critical aspect of measuring ROI that so many marketers miss.Ī campaign is a planned out effort with set goals and a measurable outcome. Rather than look at the big picture of your social presence, social goals should be campaign-specific. For example, you need to know whether or not those clicks are resulting in sales or other meaningful interactions. Someone clicking a link to your site in a Tweet is always nice, but tracking such interactions shouldn’t stop there. Specifically, actions that convert a casual browser to a lead and ultimately to a paying customer. In order to get the most accurate numbers for your social media ROI, it pays set your goals based on defined actions. Unless you’re focused solely on engagement and awareness, these metrics don’t drill down deep enough for assessing ROI. Metrics like social shares, followers and general traffic are worth tracking but they shouldn’t be your main goals. Note that all of these goals are based on someone taking a measurable action that can be tracked. The same rules applying to uncover your social ROI.īelow are some common yet specific goals for any given brand’s social campaigns: In our guide to building a better social media presence, we discuss the need to set measurable, realistic goals. Reality check: it’s impossible to measure your social media ROI without keeping a close eye on your metrics. Getting a return on that investment means understanding your performance.īut to do that, you need a data-driven endgame. ![]() This could ultimately frame how much time or money you’re willing to invest in the first place. To define your social media ROI, you need to first break down the “why” of your presence. The takeaway here is that is no single way to use social media effectively. Heck, you could be doing all of the above. These businesses are rightfully concerned about making the most of their ad spend. Of course, there's a wealth of brands that are running frequent social ads targeting specific customers. In this sense, customer service can provide a massive ROI with just a little bit of effort. Failing to pay attention to customer concerns via social could result in someone bouncing to a competitor. ![]() Timely back-and-forth with customers is key to retention. You also have brands that are primarily concerned with customer service and community building. Brands like Ben & Jerry's illustrate that there’s more to social than just pushing products. Yet not all brands are necessarily using their social presence to “follow the money.”įor example, raising brand awareness is a perfectly good reason to invest in social media. When we think of “ROI,” we often default to thinking about money. Social media ROI is not some sort of one-size-fits-all affair. ![]() Start by defining the purpose of social media for your brand ![]() With that, we dive into the meat of figuring out your social ROI. If you want to squeeze the most out of your valuable time to attract and convert customers via social, you need to define what you’re trying to get out of your presence. There’s also a universal expectation for businesses to have some sort of social presence whether it be for customer service or brand awareness.Īnd beyond accountability to your boss, effectively measuring your social media ROI can help inform you how to improve your campaigns for engagement. On the flip side, so many brands are killing it with paid and organic campaigns alike. Sure, it’s true that businesses can pour hours upon hours into their social without seeing much in return beyond a few vanity metrics. To skeptics, social media has the reputation of being a total time-sink. That’s why we put together this guide to help social marketers determine and define social media ROI based on their unique online presence once and for all. Yet at the same time, businesses need to be held accountable for the time and resources that go into their social efforts. Measuring the return on metrics such as engagement rate or customer satisfaction often feels like a guessing game.īesides, not everything you do on social media translates directly into dollars and cents. So if you’re struggling with social ROI yourself, we totally get it. Only 15% of social marketers cited measuring ROI as a way they were using social data in a recent Sprout Social Index. But bear in mind how difficult it is for brands to wrap their heads around the ROI of social media. Be honest: is your business actually getting anything out of its social media presence? Harsh question? Maybe so.
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