Return on investment (ROI) can be difficult to measure for social media. Yes. It is possible. Likes, impressions, link clicks, landing page views, comments and more are quantifiable. But, it goes beyond the numbers.
Organic social media is about creating a positive perception of a company or person. There are intangibles that extend past a specific campaign or post. Let’s say someone wants to remodel their kitchen. She remembers saving something on Instagram a while back. She also started a Pinterest board for inspiration. She logs in to show her partner. The pictures are exactly what they are looking for in their space and they contact the contractor. Those images are from a campaign over a year ago. It is long forgotten about at the company, but it’s still making them money. This is just one example of how organic social media continues to work for you.
When setting social media strategy, creating clear goals with measurable benchmarks is key to measuring ROI. Marketers cannot guarantee numbers, but they will get results.
Here are a few ways to measure social media ROI:
Page Likes: More page likes means more people seeing your content which leads to sales. This can be a “vanity metric”, meaning people outside your target market will like your page, but it is still a useful number and should be monitored.
Post Engagement: This is a multipronged metric encompassing Reactions, Comments and Shares. The more people who interact with posts, the higher it ranks in algorithms, and the more people will see it.
- Reactions: people who like, love, etc., to a post
- Comments: people can use a comment to tag a friend or express an opinion
- Shares: people see the post and they share it on their own timeline or on a friend’s
All of these increase the reach of your message.
Website Traffic: Google Analytics is an easy (and free) way to measure visits to your website. Facebook also has a Pixel code that will gather data from visitors to use on future campaigns.
All of these data sources help businesses see what resonates with their audience and help shape future campaigns when we ask these questions:
- Are the numbers better than last month?
- What got the most likes?
- Which post got the most clicks?
- Did any of them lead to sales or leads?
Questions like that help determine next steps for companies and marketers alike.
If this seems like a lot to track, that’s because it is. Especially when you’re trying to run your business and not your social media profiles. When you are planning your next campaign, call in the experts. Contact us today and see how we’ll Handle Your Handle, so you can get back to running your business.