It is important to measure how marketing efforts are benefiting a business, and to see if these efforts are actually working. The IMI interns did their research and gathered the information below to help guide you through the best way to get the most out of social media marketing. They want you to understand that in order to ensure maximum ROI it is important to follow a series of steps to create a proper strategy for evaluating your ROI.
#1: Set Goals
Before you can measure your ROI, you need to determine what your company is trying to achieve through social media.
• What do I want to know about my social media efforts?
• Why do I want to know these things?
• Why are these metrics important to my business?
• In a perfect social media world, what would I measure?
#2: Determine which social media platforms to use
• Figure out where your audience is:
o Are they posting pictures on Instagram?
o Do they like DIY projects or recipes on Pinterest?
o Are they sharing their thoughts and funny pictures on Facebook?
o Do they like instant news and participating on Twitter?
Check out the user statistics for each platform to determine which platform is best to reach your specific audience
#3: Track your campaign
Not only do you need to keep track of how much time and money is being spent on a social media campaign but also how many impressions it is making.
• Analytics tools:
o Google Analytics: Track website traffic, on-site conversions, and sign-ups originating from social media campaigns.
o HootSuite: snapshots of your reach through metrics like follower growth, total daily URL click-through and per-post stats for Facebook, Twitter and more.
o SalesForce: track sales leads back to specific campaigns or social messages.
Determine the best time frame and way to report. Is your campaign short or long-term?
You also need to figure out how much monetary value your social reach equates to.
Create a document to correlate the social reach data from reporting to a monetary value.
Check your reports daily to track your campaign’s success.
You can now finally review your results and determine if your campaign was a success or not.
• Calculating ROI is a numbers game.
ROI = (Benefit + costs) x (100 / Costs)