Friday, March 8th, 2013
Measuring social media ROI is a head-scratcher process for most of the businesses. EBriks Inftech has come up with some different ways through which you can measure social media marketing ROI.
How To Measure Social Media Marketing ROI?
Measuring social media ROI is always remain a top-of-the mind subject for most of the business owners. Social media demands time, careful planning, scheduling and organizing of all available resources. Whatever is posted online, needs to be properly produced and carefully organized in an ongoing effort to keep the content fresh and usable for people. To measure anything, a benchmark or objective is critical. To get desired results, you must first define success. Similarly, for measure yoursocial media marketing ROI, first you identify exactly what your plans are and what you want to get. Is it to increase your market share or to get more exposure to your brand? So, it is necessary to first define your intended outcome. Let’s take a look at how to measure social media marketing ROI of your business and some of the tools which you can use for the same.
- Decide your objectives and metrics- This can be termed as a baseline for your metrics. The key point here is to pick the right metrics and then stick with it. Here, an example might be if you are measuring your visitor’s engagement then a right metrics might be ‘comments and shares’. It is possible to measure this activity from varied data collection sources, like Google Analytics, your facebook page, etc. Collate the collected data into a single spreadsheet so that you can have all your data from varied social media tools.
- Calculate your reach-ability There are two different types of reach which you should measure. Brand reach and content reach. Both are crucial metrics. Every content piece you share can be shared by your followers also. Here, your original share will be ‘brand reach’ and when your audience also shares it then it is called ‘content reach’. Take an example, you share a video on your twitter account where you have 1000 followers. One of them likes your video and shares it with their 1500 followers. Here, the brand reach is 1000 but the content reach is 1,500.
- Analyse the data- Set aside some time for reviewing your progress on social media. Here, two things you should keep in mind. First, don’t get spoiled by obvious successes. Those activities usually spike as they are one-off and unrepeatable. Look for minor successes, like re-tweet of your update on twitter, the facebook status update that resonate with your clients and see whether you can repeat the same success in near future or not. You might be analysing your twitter insights, but you should see how that activity can effect your organisational growth. The main focus here is to set the equilibrium between your social media results and business results.