One of the most commonly asked questions in online marketing centers around measuring the return on investment from social media marketing.
“How do I know if my social media efforts are making me any money? How much money?”
As business owners, you are justifiably more interested in dollars and cents than likes and shares. You’re not opposed to social media; you simply want to know if your efforts are making a discernible impact on your bottom line.
Does reaching 10,000 Facebook fans add up to a couple hundred dollars for you in revenue, or several thousand?
Want to measure the ROI on your social media efforts without losing your mind? We bring you the top tools for measuring social media ROI. All of these are free, easy to use and accurate. Browse through the list and start looking into your social media campaigns’ numbers. You will likely be surprised by the how much money social platform activity is netting you.
First and foremost, set strong social media metrics. Look at these four elements, and define the numbers that you want to achieve when it comes to Reach, Traffic, Leads, and Customers. (Learn more about these metrics from Hubspot.)
Answer these four questions before moving forward:
- What is your reach on your social media channels? The more “reach” you have, the more people see your content, read your message, and hear about your company.
- How much traffic are your social efforts bringing back to your website? It’s fun to be “social” on social media, but at the end of the day, your goal should be to drive more traffic to your website. Make sure to include a link back to your site often (say, in one of every three posts) and that your “about” description and applications all draw traffic back to your website.
Sample Facebook Apps
- Are your social media leads becoming leads? If not, you may need to rethink who you’re targeting and create a stronger buyer-persona. Then, market to the people you know have a potential to become a lead for your business.
- How many of your social media leads turn into customers? If this number is in accordance with your social media goals, you know that your efforts are worth it. If not, consider launching a contest, running advertisements, or incorporate an email campaign in conjunction with your social efforts to start seeing more leads funnel into customer-status.
Disappointed by lackluster results? Check out next week’s post on tips for increasing ROI from social media!
Tools For Measuring Social Media ROI
- Facebook Insights: Log into your Facebook account. Look at the top right hand side of the page for the “See Insights” link. Click. Facebook has created a dashboard that displays everything from the age and location of your followers to the CPC, or cost per conversion per fan if you’re investing money into ad spend. One thing to remember: Facebook conversions can include anything from landing on a particular page or signing up for a contest. Be sure to go into your settings and choose what your business would like to qualify as a conversion. Super fast and fairly easy!
Twitter Analytics: Twitter has just rolled out its own, unique analytics dashboard. Users can now track timeline views to monitor the lifespan of your tweets. How many were favorited? Retweeted? Replied to? How many included links were clicked on? Additionally, this dashboard allows you to keep track of how many new followers come to you and how often your brand is mentioned.
Google Analytics: Google Analytics is the oldest of these platforms, but simultaneously the most comprehensive. It is an absolute must for any business owner. Google has set out to bring its’ users an easy to read, downloadable ROI report. You can check everything from bounce rate to return visitors. What’s more? You can track a user’s activity by the second to learn how they got to your site, what they did once there and where they went when they left. This is extraordinarily helpful for creating buyer personas and altering your targeting criteria. Additionally, Google Analytics lets you easily see which of your social platforms is resulting in the most visits to your website.
Google Analytics Example Page
Spend some time today setting up accounts with Facebook, Twitter, and Google analytics. Explore Facebook’s insights dashboard. Get comfortable with these platforms and watch your ROI increase as your campaigns become increasingly well targeted.
Still unsure what to look for? Don’t hesitate to give us a call! We would love to answer any questions you might have!
By: Elizabeth Raymond & Elle Spektor