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 you soliciting user-generated content (UGC) for your business?
Would you like to know how to get the most out of user-generated content?
Medtronic Diabetes, which develops and sells diabetes management products, has been soliciting user-generated content since 2012.
Their Share Your Story Facebook app has been so successful that it is driving a 2-to-1 return on investment (ROI) for their entire social media program.
Read on to discover best practices from Medtronic Diabetes for how to get the most out of user-generated content.
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.
Do you want to know which social network drives the most leads to your website?
There are many social media statistics you can track, but it’s important to track the data specific to your business’s use of social media.
Track the right metrics for your community and you’ll better understand how and when to share information, as well as what type of content drives the most traffic to your website.
In this article, you’ll learn how to track and measure four important social media metrics to help you improve your social media marketing.
#1: Determine the Best Times to Post Updates on Twitter and Facebook
Because Twitter moves at such a rapid pace, tweets get buried quickly. Knowing when your followers are online plays a crucial part in your tweet’s visibility and success.
Luckily there are some great tools to analyze the activity of your followers.
Tweriod looks at the recent tweets of your followers and provides you with analytics and data that show when your followers are the most active.
Once you connect your Twitter account to Tweriod, it runs an analysis and summarizes the best hours of each day for you to reach your followers with your tweets. The report is delivered to you by email or a DM when the results are ready.
Have you had trouble giving an exact number to explain your ROI or even set quantitative goals for your social media?
25% of marketers said that their biggest marketing challenge was finding the ROI of their marketing activities.
In this article, I’ll show you how to tweak some of your social media actions with your business goals in mind and make them easier to tie to your ROI.
#1: Use Social Media to Promote Your Offers
Social media is an important channel to promote any content you create. Whether you’ve created an ebook, blog post, webinar or white paper, you should promote it through social media.
Do you know how to tell if your Facebook ad is accomplishing your objective?
In this article, I’ll cover what Facebook conversion tracking and offsite pixels are, why they matter and how to start tracking the conversions of your Facebook ads today.
Facebook Ad ROI?
You’ve probably heard the refrain that you can’t measure ROI on Facebook.
Let me be clear—measuring the ROI of all of your Facebook efforts is dangerous. You are performing more than just a sales role—one of customer service as well.
And you absolutely can measure the ROI of your Facebook advertising efforts, particularly when you’re looking to drive an action that can be assigned a value. This is done with conversion tracking and offsite pixels.
Or perhaps you were there but weren’t able to attend all the sessions you would have liked to.
In this article I’ve assembled for you 15 actionable social media marketing takeaways from some experts who presented at the event.
Here’s what they had to say.
#1: Prepare for Social Displacement
With maturity of any new industry comes disruption. Just as email, the web and search disrupted entire industries several years ago (e.g., the postal service, print publications and traditional sales), we can also expect a lot of online disruption to happen because of social media.
- Facebook messages are displacing email (it’s becoming easier to send your friend a Facebook message rather than find their email address).
- Asking friends rather than searching (more and more people are asking their Facebook friends or Google+ circles for referrals instead of searching online for a product or service).
- Listening to podcasts is beginning to replace radio.
Do you know if your social media efforts are worthwhile?
Social media measurement is one of the most frustrating challenges business face.
In this article I’ll show you three simple measurement strategies that can fit into one of your future campaigns.
In order to measure the effectiveness of your social campaigns, it’s critical that you know your objective.
Would you like to know how other marketers are using paid social media?
A recent survey (by Vizu, a Nielsen company) analyzed the opinions of digital marketers’ use of paid social media marketing.
This article will highlight seven key findings from the research.
#1: 65% of Marketers Increasing Paid Social Media Ad Budgets for 2013
The majority of advertisers surveyed revealed that they plan to increase their paid social media advertising budgets for 2013. As social media use continues to explode among U.S. users, marketers are following closely by investing heavily to stay in front of their customers.