Social media has become an important platform in the overall marketing plan for most businesses. Yet, most business owners and marketers will not make the extra effort to measure the ROI from it. The fact is that the definition of social media ROI will vary from one business to another and will depend on your own goals. Eventually, it will be measured in terms of the money you spend. You will compare the returns against the money you are spending on your social media marketing efforts and how much your social media goals are worth in terms of pounds.
You should consider the following metrics for measuring your social media ROI:
1. Web Traffic
The primary goal behind investing in social media marketing is to generate visitors who are going to visit your site/blog and improve your conversion. You must keep track over the pages and ads which help redirect more visitors. This will help you learn about:
- The social sites which are generating the most benefits;
- The ROI you are generating;
- The improvements that could be made for improving your site traffic.
2. Building Customer Base
Another key to measuring social media ROI is to know the number of customers you have gained over a specific period of time through social media campaigns. Create a report of the number of clients who are buying from you and have remained loyal to you. You can further customize your social campaigns to focus on these buyers and boost your profits.
3. Your Reach
In social media terms, reach means the number of fans and followers you have on your social sites. The equivalent terms on different sites are as following:
- Twitter – Followers
- Facebook – Fans
- LinkedIn – Group Members
- Pinterest – Boards
When you have a wider reach, you will be able to reach a larger number of potential buyers with your campaigns/ads. When you have larger reach, your ROI will naturally increase.
4. Volume of Leads
Quality leads refer to the number of queries you have received through your social media ads/campaigns. Leads form one of the most important factors in measuring social media ROI. Analyze the number of quality leads generated to learn the number of customers who made enquiries about each product and the number who converted.
Do you want to run successful social media campaigns that help generate high ROI? You should get the help of social media marketing experts. Visit https://thesearchmarketingshop.com/social/page-management/ to learn more about running successful social media campaigns.