Did you know that measuring the return on investment from your social media marketing efforts is just as important as creating the content itself? This article talks about various metrics, how to measure them and what they mean, and how to maximize ROI.
Importance of measuring social media ROI
When you’re starting a social media campaign, it’s tempting to just jump into analytics and see how many followers you’ve gained or how many Likes your posts have. But measuring social media marketing ROI is important for two reasons. First, it helps you make sure the time and energy you’re putting into social media are actually yielding results. Second, it can help you determine whether your campaigns are worth expanding or scaling up.
How to measure social media marketing ROI
There are a number of ways to measure social media marketing ROI, and the best way to figure out what works for your business is to experiment. Below are some of the most popular methods:
*Cost-per-acquisition (CPA): This measures how much it costs to acquire a new customer through social media channels.
*Cost-per-engagement (CPE): This measures how much it costs to keep a customer engagement on social media.
*Lead conversion rate: This measures how many leads generated from social media activities turn into customers.
Choosing the right metrics and KPIs
Knowing how to measure social media marketing ROI is essential for any business hoping to maximize its return on investment. There are a number of different metrics and KPIs businesses can use to measure their success, but some of the most common are likes, followers, and website traffic.
Like counts and follower growth are two of the most easily tracked metrics. A business can see how many likes its posts have received and how many followers it has gained in a given period of time. Growth rates can be used to determine whether posts are resonating with the audience and whether more content is needed.
Website traffic is also a good metric to track. A business can see how many people have visited its website as a result of social media activity. This information can be used to determine which posts or pages are performing well and whether there is potential for further engagement from the brand’s audience.
It’s important to keep in mind that not all social media activity results in website visits. Posts that are engaging with the audience – including funny memes, images, and videos – can generate clicks through to websites even if no one registers or purchases anything. It’s important for businesses to track both Likes and non-Likes, as a result of which post is being shared the most and whether this has potential for further engagement.
Sending out surveys
There are many ways to measure social media marketing ROI, but one of the simplest ways is to survey your followers. This way, you can get a sense of what content is resonating with them and how you can improve your content to better engage with them. In addition, using surveys can also help you identify any areas where your social media engagement could be improved. When you are ready to start tracking, use something like Facebook Pixel combined with Google Analytics, or even better Zapier if you can get your hands on some Salesforce data. You can easily plug your affiliate links into these tools so that every time someone signs up for an account through one of them (or any other service), you will also receive a commission for the referral.
It is good to look at the number of people who have taken part in each survey and find out what percentage might be interested in the product or service being sold. If this percentage is high enough, then it could be said that the survey is relevant to the audience and thus, should be sent out with more frequency in order to increase sales. While some people believe that it doesn’t matter how many surveys you complete, the truth is that your completion rate does play a part in how much money you make. When you submit each survey to an online panel, you are joining their community. If the quality of questions and responses that they receive makes them feel like they have time to do your survey, then they will have time to do so. You are adding value to the community if your completion rate is high enough. This means that more people will take the time to complete your survey, and you will find more people who are willing to pay for your services.
Conclusion
As social media marketers, it's important to measure the return on investment (ROI) of our efforts. Thankfully, there are a number of tools and techniques we can use to do just that. In this article, we have highlighted five different methods for measuring social media marketing ROI and help you choose the one that's right for you. So whether you're looking to track clicks or conversions, read on to learn more about these powerful metrics.