Measuring your “return of investment” in social media
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Congratulations! If you are reading this your business probably has a social media presence and doing advertising on the channels as well. The only problem is that you are probably confused with how to measure your success or “return of investment” (ROI).
In this blog, we will tell you some of the things that you need to know to be able to measure your “return of investment.”
- Social media goals or purpose
Like everything in business, your social media has to provide a function to your business. This is the first thing you must always do because without a clear set of goals or a clear purpose, it would be like your social media was a bus headed nowhere.
Some examples of goals that can be set are:
a. Increasing brand awareness for your brand/business.
b. Attract traffic to your website.
c. Generate new leads.
Once you have set your goals, you can break down what are the analytics that you can use to support that you are indeed achieving your goal. It can either be tracking the vanity metrics – fan growth, mentions over time, or even the number of people inquiring through your social media about your product.
- Develop a social media strategy to achieve your goals.
Certain social media goals will come with certain strategies. Not all strategies will be the same so having a strategy on how to accomplish your goals is a great way to help you get your return in investment.
Some strategies include:
a. Run social media ads with goal conversion to generate new leads.
b. Run a remarketing campaign that targets website visitors on Facebook.
c. Follow 10 new people on social media a day (relevant to your industry and customers).
- How long does it take to accomplish set goals?
Since you are not the only company that uses social media, don’t expect that all your goals will be accomplished in a week or even in a month!
Doing social media takes a lot of time and effort, so give your self a rough timeframe based on your set goals. As you go along, if you don’t see the results you want in your timeframe take a step back and restrategize on how you can accomplish those goals (be doing paid, doing organic, or taking a look if your timeframe was the problem).
As the saying goes “Rome was not built in a day,” neither was a 1.2M followed social media account. Looking at what it takes to accomplish your set goal is how you know if you have a “return in investment.”
Investing in digital marketing can help your company earn more revenue, leads, and conversions. If you’re ready to take your business to new heights, contact us to see how we can empower your business.