Social media marketing has become an integral part of the marketing campaigns of most businesses. No matter how small or how big your business is, if you do not invest sufficient time, money and financial resources for developing social media marketing strategies and implementing them, chances are high that you will lose out to your competitors.
Wrong social media marketing strategies do more harm than good. Measuring the social media ROI is the only way to find out how many leads your social media marketing strategies are bringing and how it has helped in increasing your sales figures. Marketing strategies can be changed if you find that the ROI is not satisfactory. Measuring the ROI can save you from losing money.
The reasons for investing in social media marketing
If you are yet to figure out a proper social media marketing plan for your business then start chalking one out immediately. Social media marketing can be beneficial in many ways. Social media marketing is highly effective in creating positive brand identity and brand awareness among your consumers.
Your online identity prevents other similar businesses from cheating people on your name and helps you in building a niche. It also helps business owners in targeting particular sections of the audience and generating quality leads. Social media marketing is also important for increasing the rate of conversion and increasing the number of sales. You can also keep your customers loyal to your brand by being in touch with them continuously.
Why is it so tough to measure social media ROI?
The social media metrics are tough to measure because most companies are new to this and they have very little experience of measuring social media ROI. Social media algorithms change often as a result the ROI too tend to change.
Not more than 25% companies have started using the social media space for generating greater revenues. Most companies use it just for connecting with their audience and creating brand identity. The multi-channel social media campaigns cannot be tracked or measured easily. You can measure the number of likes but profiling the audience from that is hectic and complicated.
The different social media platforms require different data analysis tools for measuring data. The focus should not be on getting a huge number of likes on Facebook or followers in Twitter. Social media marketing campaign can only be successful if a major number of customers engage with your business regularly.
Aim at the measurable metrics
To find out social media ROI you should target measurable metrics like the engagement of audience, number of shares, comments and reach of the posts. Facebook lets the page admin check insights regarding how many people have engaged with posts and how well the page is doing. Aiming at the right metrics can simplify your task.
Set your goals
Another way of measuring your ROI and gauging the effectiveness of social media marketing efforts is by setting small weekly or monthly goals. Aim to engage more people with your page and get positive feedback from them.
The number of orders you receive through social media channels is also a measurable and important metric. Once you have set a goal and launched a campaign it is then time for managing it for a stipulated time period and then optimizing it. Next comes the time for measuring ROI and changing the strategies if deemed necessary.
Measuring the social media ROI by using various analytical tools helps businesses to find out the effectiveness of their social media marketing strategies. Try to create small achievable goals and use innovative tactics to reach out to more targeted audiences for better results.