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How to Measure Social Media ROI

Most businesses today are involved in social media, they either on management of multiple accounts or a single platform. However not every one of those businesses measures the results from using social media marketing. Measuring your metrics will give you an insight into what your marketing efforts are doing for your bottom line. If you’re randomly posting to your business Facebook account, then you don’t really know the way you’re benefiting from that interaction.

Social media is said to account for over 16% of digital marketing efforts, but are you really making the most out of it? The truth is that a lot of people become discouraged when they don’t get the results that they need out of social media and this is especially the case when they are paying for it. If you want to change things around, take a look below.

Identify

You need to identify your KPIs. These are essentially your performance indicators. If you want to try and drive revenue or if you want to build some awareness about your brand then you will want to measure these two things separately. If your goal is to get more sales then you should measure your sales in terms of their financial value instead of the amount that you sell.

If you want to measure your brand awareness then you may want to get your brand out there and in front of as many people as you possibly can. Facebook advertising is a great way for you to do this and when you do pay for it, you’ll quickly find that you can measure the amount of people that you reach by using Facebook’s own metrics.

Business Objectives

One of the first steps that you need to take when running a business is to know what your goals are. You also have to make sure that you align the objectives of your business. These goals may differ based on what you actually want to achieve, but at the end of the day, if you don’t know your goals then how can you possibly go on to achieve them through social media marketing?

Google Analytics

Google Analytics is a brilliant way for you to track all of your conversions. You can watch how your audience are being converted and through what methods, not to mention that you can easily find out how many visitors are actually landing on your site as well. Google Analytics is free to use and it is very easy for you to setup.

Your Value and KPI

So now you know what a KPI is, another thing that you can do is assign it some value. You can plan out how much you earn from each customer on average or you can find out how much each potential visit is worth to you. How much are you converting with that visit? When you know how valuable each customer is, you can then make more progress with your social media accounts.