Measuring Your Social Media ROI
What is social media ROI? Social media ROI is the income from your social media marketing campaign. ROI stands for “Return on Investment”. We are going to be focusing on how to measure your ROI.
Measuring your ROI is the most important aspect of your social media marketing campaign, if at any point you’re not tracking your ROI and your social media then you could end up losing income without knowing.
However, the first thing that you must do is set up a few goals for you to follow and work towards. The goals should be very specific to helping you gain more followers and customers for your website by using goals that will intrigue the customer into paying for the product that you’re selling.
The second step is to come up with a creative social media campaign that your goals can link to. This will allow you to attract more customers to your company. The campaigns will allow you to track individual links that you have previously shared onto your social media websites whether it is Facebook, Twitter, Instagram etc. This will allow you to easily check the visits on your social media links.
After you have been creative and expressed your goals then you can go straight onto the tracking of your ROI. Luckily, Google have introduced a tool called “Google Analytics” Once you have launched this tool you will have to navigate to the social conversions section. Once you have this open you will have to add the goals that you came up with in the second step of this blog. Once here you will have to enter the URL that you want to make a conversion for, be sure to check that the only way to access this URL is by going onto your social media and clicking the link, otherwise you might generate a loss.
You can attach a value to each conversion; this will allow you to check certain aspects of your income whether it is the average sale amount or the value of each individual visit.
Now to manage your expenses, you must ensure that you calculate all the costs whether it is wages, ads, social media managers etc. Once your expenses are calculated use this formula to generate your ROI:
(Earnings-Costs) x 100 / Costs
It’s as simple as that; you can now measure your ROI using this method.
