Utilizing the potential of social media platforms for your business is really great. But when it comes to measuring what exactly you are getting from it, everything becomes a bit confusing. At the same time, some focus on the number of retweets, followers, fans, and shares.
There are also some others who look for referral traffic from social media platforms. But if you want to measure the ROI of your social media campaign, there is no common denominator.
Though measuring the ROI of your social media activities is a little difficult, there are some sections that you can utilize not only to measure the outcome but also to get the best POIs from social media advertising examples.
Identifying your key performance indicators or KPIs is the first and foremost thing here. For your business, when you are planning to drive revenue or develop brand awareness, there are different sectors of getting the most ROIs.
Your boss or manager might tell you to make your brand reach as many people as possible. On the other hand, the PR team of your company might want your brand name to be remembered by journalists. Make sure you agree with a particular brand awareness goal.
Tracking the conversions is really vital when you are willing to increase your ROI from social media platforms. When you are informed about the behavior of your audience on your site, you will be able to convert them.
When you adopt the right approach, you will be able to measure every single goal and take necessary actions as per that. One of the best free tools to set up trackable goals along with monitoring the action of visitors is Google Analytics.
For getting the maximum ROI from your campaign, you need to break the big picture into smaller ones and more into bite-sized goals. On the basis of your overarching key performance indicators or KPIs, the goals might differ.
If you are looking to map your business’s revenue to social media with effective social media content, your social media goals may include customer sign-ups, product purchases, or free trials. While, when you wish to track brand awareness, the goals will shift to followers, brand mentioned, and impressions.
Once you are done with choosing your goals and setting up your tracking, you need to handle the monetary value of those specific goals. And they are as follows.
- On average, how much you are earning from every customer.
- On the basis of the conversion percentage, how each potential customer is worth.
- If you want to use ads for achieving the same social media results, how much do you need to pay?
All these things will help you in determining the dollar values of your particular KPIs. As per the results, you will be able to measure and push the ROI as per your requirements.
It is really great that you are doing possibly everything in order to get the maximum from your social media campaign. You measure the outcome, which is also really good. But you also need to have a closer look at the action and behavior of your competitors.
You need to compare all the analytics and your social media efforts to your competitors. This way, you will be able to discover some more areas of opportunity for your business to stand out. Among all the other noises, your target audience will be able to hear the voice of your organization.
When it comes to Return On Investments, there is no absolute social media marketing rule. A strategy, which is working really well for your competitor might not perform the same way for your business though you belong to the same industry. So, the best way is to analyze your own actions and develop strategies as per them.