To get an idea of how successful you have been, you need to measure the return on investment (ROI) on social media.
The returns on social media marketing are harder to calculate than you might think, but the obvious way to find out is to check the traffic to your website, as well as the conversions, or how many customers buy your product.
Define your Goals
To measure ROI effectively, you need to know the value you assign to your social media goals.
Even some people believe that calculating ROI in social media is possible and useful, but it requires a different setting than the traditional measurement of ROI.
Even if you want to calculate ROI on social media, it is essential that your company has a clearly defined goal, because ROI is impossible to calculate without some kind of baseline.
Looking at the timeline of when you did a big social media push, and the traffic on your website during the same time can hint at what trends your social media campaigns were and how they affected your website traffic.
Social Media ROI can give you Insights
The ROI of social media can be valuable to your business and give you insights into other areas of marketing. Social media ROI could be useful for your business, and can it give you insights that you can use in any other area of your marketing.
The ROI of social media can be helpful not only for you but for any business in a business similar to yours.
Use Google Analytics to help measure Social Media ROI:
By listing your goals and conversions on your social networks and showing how much traffic social brings to your site, you can summarize your social media reports into a single view that your customer or boss can report on.
Measuring your social media ROI will help you determine which aspects of your social media marketing campaign are working well and which elements you need to improve.
Remember that each social media target needs a different social media ROI metric to gauge its success.
The number of employees and the time employees spends on social media must also be taken into account when measuring your ROI.