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 tips that will help you stay ahead of the social media marketing curve?
Here’s some great advice from ten social media pros.
In this article I share 10 social tips from the pros to improve your social media marketing in 2014.
Looking for the latest social media trends to inform your marketing?
Based on new research, here are five areas you should start paying attention to right away.
Note: This article is based on Exact Target’s 2014 State of Marketing Report, which shows top marketing objectives, priorities and concerns for 2014.
#1: Social Listening Becoming Important
More brands are beginning to really listen to their customers.
According to the report, 60% of marketers were using social listening strategies in 2013 and 24% plan to do so in 2014. The sad news is that only 31% of marketers think their social listening is fully effective.