Are you looking for advice to help you measure your ROI?
For most businesses, being able to substantiate the allocation of resources into social media is a necessity. But it’s not always easy.
We asked 25 online marketing pros to share their best ROI tips. Find out what they had to say below.
#1: Measure Your Key Performance Indicators
People who try to set revenue expectations are setting themselves up for failure because people aren’t on social media to buy.
So, what should you do?
It’s better to look at numbers such as engagement rate, referral traffic and audience reach.
If I’m doing app install ads through Facebook, for example, I’ll measure cost per install. If I’m promoting content, I really only care about the traffic coming back to my site for branding reasons—conversions from social media content promotion are icing on the cake.
Eric Siu, founder of Growth Everywhere and COO at Single Grain, a digital marketing agency.
Are your clients constantly clamoring for social proof?
If you haven’t already done so, you need to find a strategy to measure your social media return on investment (ROI).
In this article I’ll share tools and tips to measure the ROI of your social media efforts.
Why Measure Your ROI?
ROI is proof that your marketing efforts are working. Clients and supervisors need to know if you’re successful… and you do too!
This is important for social media companies, consultants and in-house staff.
The main challenge in measuring ROI is keeping up with changes in algorithms, implementing the new tools that hit the marketplace and proving to your clients that they’re getting the most out of their investment in you.
Here are five steps for your ROI measurement strategy.
#1: Set Social Media Goals
ROI can be measured in a variety of ways: through customer acquisition, lead generation, clicks, revenue, contest entries, etc. It all depends on your goals. Before you can track and measure your ROI, you need to determine your goals so you know which factors you’re measuring and what success looks like.
Top 5 Metrics for Auditing Your Social Media Marketing ROI: Beyond revenue, participating in social media has many “beneficial business applications, such as facilitating customer service and boosting public relations.”
Reach, traffic, leads, customers and conversion rate are the metrics Pamela Vaughan on HubSpot suggests you consider to determine social media marketing success.
Social relationship management is about managing these relationships. And you need the right tools to help.
In this article, I’ll show you 3 new social media tools to help manage your online relationships and grow your presence on social media platforms.
#1: Engagio—Manage All of Your Online Conversations in One Place
Engagio is an inbox for conversations on the web. It tracks your conversations, your friends’ conversations and you can even track any conversations you’re interested in through the search feature!
Together, social media channels and your website should work seamlessly to promote your online brand.
However, if you’re like most businesses, you’re probably missing out on potential interactions, impressions and ultimately sales.
Regardless of the size of your business, chances are good people are talking about you and your brand via social networks and blogs. In this article I’ll cover four free monitoring tools to help you get started.
Getting Started: How do people talk about you?
A good place to find how people know and speak of your brand is to look at the keywords and phrases they use to find your website.
You can find these metrics in the analytics package you’re using with your website. If you’re not using an analytics package like Google Analytics, Webtrends or Clicky, then brainstorm keywords and phrases that you may have heard clients/customers use in discussions you have had with them.
Quick Response codes (QR codes) and other two-dimensional codes are expected to achieve widespread use this year – and for good reason. Consumers want immediate access to what’s relevant and QR codes are being used to make that possible.
QR Codes 101
If you’re not yet familiar with QR codes, they’re similar to the barcodes used by retailers to track inventory and price products at the point of sale. The key difference between the two is the amount of data they can hold or share.
Social media allows you to match data generated by social interactions with individual’s preferences and general interests. This creates useful profiles that give marketers insight into how to tailor future offers and products to their customer base.
In this article I’ll show you five ways to use the data generated by your social network profiles—and those of your competitors—to expand your reach and sales.
#1: Listening Data
Nearly every social media plan tells you to begin by “listening,” but what are you listening for? Monitoring news related to your local business environment and industry can give you a sense of the conversation around your products or services, but social listening allows you to expand this information and make it more relevant.
HootSuite just announced that they’ve passed their millionth user at the end of November, so it’s time to take a deep dive to see what HootSuite is doing and how it’s going to impact the social media space. Here’s a review of the latest and greatest with HootSuite’s new freemium service model.
Last fall, HootSuite announced that they were changing their business model to offer new “premium” services for business customers. All HootSuite users received a message asking them to choose a plan when they attempted to log in for the first time after the change.
Most people talk about Twitter in terms of getting to know people, building lists and using followers. But for marketers and business owners, that’s just the start.
The Laser Focus of Twitter
One of the reasons I prefer Twitter to Facebook is that it’s much more focused, and in that regard, is much more business-oriented. As opposed to Facebook, where business and social are separated by pages and profiles, Twitter combines it all together in an easy-to-follow format.