“Conversations are happening whether you are there or not.”
If you are not already aware of the important role social media can play in your marketing, then these statistics will help you understand-
- 97% of adults between the age 16-64 say they logged onto at least one social network in the past month
- 7 in 10 Gen Xers are more likely to make purchases from brands they follow on social media
- 4% of users follow a brandbecause they’re interested in the product or service
- The top choice for a customer care channel is social media
Tracking the ROI on social media is very important for your business as social media can be a source of a lot of income. Tracking the ROI on social media can give you a lot of insights on customer behavior and help you with product improvement and product development as well. Social Media ROI is the sum of all actions that provide the value you gain in comparison to the resources you invest on social media. Basically, calculating the ROI tells you whether the time and money you spend on social media are worth the investment. These are few of the ways you can track your social media ROI. Let us now understand why it is important to track your social media ROI-
1. Providing perks to loyal customers
Identify influencers and prospects that engage with your brand on a consistent basis. Target these individuals and set your ad campaigns around them. Paying attention to the customers who are the most consistent in their purchase of your products can help you in increasing sales.
2. Measure the individual campaign performance
Tracking an individual campaign allows your firm to quantify the success of each campaign and helps in determining the campaigns that are the most important in driving leads. For example, if you generate more leads on Facebook than on LinkedIn, then it is rather wise to allocate more funds to Facebook when compared to LinkedIn.
3. Research and Development
Tracking your social media ROI can help you in evaluating your products and improving them. It can also help marketers for coming up with ideas for product Development. With a solid understanding of what content works where, when and for whom, your company gives itself room to play with the latest tools. It is an ongoing process, a journey. Tracking your ROI on social media can help you with a lot of insights!
1. Identify your key performance indicators
Assign a dollar amount to your conversation goals to fully understand the ways your social media marketing efforts impact your bottom line. Some objectives you could set for your social media campaigns are:
- Build brand awareness
- Drive traffic
- Drive conversions
- Improve customer retention
2. Google Analytics
Google Analytics can help to track social media by analyzing social media interactions that bring users to your website.
3. Onsite Engagement
By using a social sharing plugin on your site, you can measure your onsite engagement to figure out which social plugin users click on your site and which pages they share and like.
4. Use UTM Tracking
Tag your links with UTM codes with our URL builder for more accurate analysis.
5. Use Third-Party Insights
For better analysis on social media and social reporting, you might want to track your metrics using a social media scheduler app, like Buffer.
Through tracking of social media ROI, you can find out whether your social media campaigns are working or not and figure out which social media campaigns works the best from your product or firm.
Need a tip for best results?
Ad campaigns on social media work the best when they are put across to the right people. With the contact database from DataCaptive, you can get in touch with your targeted market and get the most out of your social media campaigns!