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.
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.