If you ask any business owner what’s their biggest Social Media challenge, I’m sure they’ll all agree it’s the ability to measure whether they are seeing true return on their investments. Social media is not free and besides the cost incurred, Jennifer Bridgeman of Marketing Cloud asks:
How much do you really know about your customers? You may know ages and names, if you’re lucky, but do you know what they do with the information you push out to them—especially digital information via social media? Analyzing the return on investment for social media campaigns is one way to dive deeper into real knowledge about customers.
Social media return on investment analyzes a number of factors, including goals and actual costs, to see how much campaigns are costing you and whether they’re delivering on stated goals. Analyzing that return on investment also delivers some metrics that allow you to know more about your customers—what they respond to, what worked, and what didn’t.
It can sometimes sound complicated but it really doesn’t have to be, so let’s break down the steps in this infographic,
Some key points to take away: before you launch your campaign
Choose your Goal
Are you hoping for more email sign ups, drive traffic to your website or local store, get more attendees to an event? Choosing a goal is of course the first step.
Determine which metrics will help you to succeed
Will you be measuring leads, conversions, shares, reweets or page views? You should be measuring anything that demonstrates the reach of your content.
Track your metrics
There are a number of ways to track your progress. Take a look at Google analytics or even Facebook insights.
Tie your metrics to a monetary value
What are your expenses? Are you going to hire a Social media manger? Will you be running ads? What’s the cost to create your campaign? These are just a few of the costs to consider.
Review your results
You should now be able to take a look at what worked and why didn’t and make adjustment for the next time around.
I truly hope you are now better able to measure the return on your investment (RIO) when it comes to your social media marketing. Again a special thank you to Jennifer and the team over at Marketing Cloud for an amazing infographic.