Social media agency in delhi

June 15, 2021

5 Ways to Actually Track Social Media ROI

If you use social media, you MUST measure it. No matter how good the latest marketing techniques become, there always seems to be a room for some social media optimisation. But remember, don’t just measure it for the indicators but also for the social activities, so that you can understand what works, what does not work, and how to have the best social media optimisation strategies for your brand. We will know exactly how people go from finding your brand to being a happy shopper in an ideal world. But not so easy in this high-tech complex world, right? You already know it because you have realized that tracking your social media return on investment can be a real challenge.

It is important to know whether the money you invested in social media optimisation has brought income worthy of your investment or not. You already know that social media adds a lot of value to your firm. But how do you track the return on investment (ROI) of your efforts? How do you connect your social media marketing efforts with the new business generated? The return on investment is simple: what you invest, you get some return, the return should be greater than the investment to make a profit. Are you also struggling to determine the exact return on investment of social media marketing? Are social media activities more profitable? If you are also asking all the above questions, then you are at the right social media marketing agency. To make this tedious process a little easier for you, here are 5 ways to actually track social media ROI:

  1. Tracking Number of Clicks on the Website

By tracking visitors to your firm’s website by source, you can understand how many people actually interact with your brand through certain social media platforms. Marketers can use this information to understand whether your social content generate leads on social media or not. Social platforms include LinkedIn, Facebook, Instagram, Twitter and Clubhouse. By tracking the number of clicks on your website by source, you can understand which social channels have brought you the most clicks. Therefore, you can conclude that this is the social channel where you get the most conversions. You can then create more content for those specific social channels that drive more traffic to your website and get the desired return on investment from your time and investment.

 
  1. Defining Clear Social Media Objectives 

Now you can define what social media results mean for your brand. Companies believe they can add value to media-centric business results with clear social media goals, which will help in determining how social media actions align with the company and department goals. Think about the different ways in which your social media investments can add value, for example:

  1. Through Business Transformation; such as brand awareness or recognition Experience and customer loyalty

  2. Employee Trust

  3. Partner Trust

  4. Security and Risk Reduction

  1. Setting Realistic Goals

Also, make sure that your goals include your entire social audience. Unsurprisingly, customers and brand communities are the main audiences of social media. If you do not consider all social audiences, you will lose the value of calculating the return on investment, including employees, suppliers and partners, and shareholders were also identified as an important part of social media audiences. Once you have a clear objective to link social media ROI to actual business results, you need to set goals. What’s the difference? Objective determines where you want to go. Goals determine how and when you achieve them. Each goal should be: 

  1. Specific

  2. Measurable

  3. Achievable

  4. Relevant and 

  5. Timely. 

For example, if you want to improve customer service on social media, set a date and deadline. In order to increase the conversion rate, a good goal might be to get a certain number of potential customers on social media within a quarter, or to increase the conversion rate of the landing page by the end of the year. Use past performance to create benchmarks and then set improvement goals, and realize the importance of each goal to your brand.

 
  1. Google Analytics

Google Analytics is the most powerful tool for measuring the return on investment in social media. Google Analytics’ social media reports can show marketers the impact of social rate of conversion and also which social media performed best for the brand or firm, which social media platform’s content is most popular, and how social media can increase conversion rates. Your ability to attract and convert audiences depends on how well you understand their behaviour on your website. If you, do it right, almost any goal can be measured. Google Analytics is a free tool that allows you to set trackable goals and monitoring frequency.

 
  1. Share of Voice

 

An indirect way to track the return on investment in social media marketing is to measure brand metrics. The number of mentions or reposts, emotions, and language participation are some quantifiable indicators. You can then match these numbers with new business indicators. The key figures of start-ups and social brands are aligned, so that there is a causal relationship. You can test this hypothesis by changing social media marketing activities and measuring the changes brought about by the new business style. Mention tracking tools such as the “mention” and “keyword comparison” module in Hootsuite Pro, which will allow you to track your brand mentions across multiple platforms including Facebook, Twitter, LinkedIn, Instagram, and YouTube.

All this work might be too much for you if you do not have the expertise for this. To make this tedious process a tad bit easier for your firm and to get the expected ROI on your social media marketing investments, hiring a digital agency is never a bad option!

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