How to measure your Social Media's ROI

By Mari Morrison - 59520 views

Although the effectiveness of adding social media to your marketing and sales strategy has time and again been proven, companies continue to question its return on investment. The reason for this, is because most of us do not know how to measure it as the basis of social media marketing’s success does not solely lie in the number of your followers.

 

  1. List your company’s goals for the next 6 months.
    It is important to treat social media, marketing and sales as a whole and not as three separate entities. Social media should be integrated into these goals in order to complement and boost them.

  2. Determine your level of customer satisfaction.
    You want to ensure that your current customers are satisfied with your product or service offering, before diving into the social media pool. Because many people use social media as a tool for customer support, so if you have many unsatisfied customers they will make their feelings known on your public profile (which will give your business a bad reputation).

  3. Determine which platforms you will use.
    Pinterest: Use this platform if your products/services primarily appeal to women and if
    your business is more B2C inclined than B2B.
    Facebook: This platform is an automatic ‘yes’ as it has over 1 Billion active users.
    Twitter: If your target market likes to consume information quickly (in 140 characters or less).
    LinkedIn: This platform can be used if you need to connect with your peers or others in
    your industry. It is perfect for a B2B company.
    Instagram: Product photos will need to be supplemented with more informal photos, as
    this platform is used to show a more personal side of businesses.
    Google+: Is great for communicating with niche groups.

  4. Use analytics tools to measure your reach.
    With the variety of information available on analytics, you can measure the amount of reach your posts have, how your audiences engage with your brand and even whether or not your brand is reaching the consumers you have in mind – to name but a few. This information should guide you in the way you present your content to social media users. Use analytics on both your social networking profiles as well as your website for optimal information on the effectiveness of your strategy.

  5. Reset your tactics.
    Examine your analytics results every few months and determine how you can improve on your strategy, then implement these changes. This way you stay up-to-date and in touch with your audience.
   

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