A commonly asked question by marketers these days is how to effectively measure the efficiency of the efforts going into social media. According to Social Media Examiner’s report (Accessible here), 88% of the marketers want to know how to measure the return on investment for social media marketing.
Tracking and monitoring your social media efforts can help you find out precisely what is working out and what is not a hit. Identifying the correct goal hitters at the right time in this rapidly changing social environment is main rationale behind ROI evaluation. Your social media returns contribute heavily towards your business goals and your search presence on Google.
Social Media ROI Measurement For B2B
We have few tips and methods to help you measure your efforts on social media.
Examine Engagement Limits via Likes & Follows
This is one of the most basic and easiest ways to measure your ROI. Track your likes, comments, follows on platforms like Facebook, Twitter, LinkedIn and Pinterest. This has to be done post the publishing of posts on these websites. This trend analysis helps you gauge the popularity your posts are getting. It also provides answer to the primary question which every marketer has, that is, which is the best platform for me to publish my content? This exercise can be started with only one campaign in the beginning and eventually can be done for all, finally averaging out on a number for you to follow
Set Your Goals
Before we set to measure the returns we need to first place a yardstick for comparison. Source divisions can be made on factors like newsletter clicks, sign-ups, views on videos, filled out contact forms, etc. An estimated monthly goal has to be set on numeric value for all of these segments, before we compare and measure the actual attainment for our social media returns and engagement levels. If they are aligned and met, we are going on track. On the other hand the sources on which you measure a deficit have to worked on and more concentration has to put on them specifically
CTR is the most commonly used and popular tool to measure ROI or success rate on social media. It gives you the number of clicks on your posts on various social media sites. The basic formula for CTR is dividing the total clicks by views of a particular post on a specified networking site. On similar lines Google Analytics is also used to measure impressions and click through rates for websites
GA is a sophisticated service offered by Google gives detailed and documented statistics about a website’s traffic and its traffic sources. You can make it as specific as measuring the views on a specific page or even downloading a specific file. It is a free service for users. It provides options to prepare dashboard of various data types for poorly performing pages and view sources along with the visit time and visitor segmentation. Google Tag Manager is also a similar tool getting a great buzz in the market these days. It allows you, your agency and website team to easily tag content across any of your domains
Evaluate and Value Sentiments
Though it is nearly impossible to know point blank the exact impression customers or viewers hold about your company and website, but it is not completely hidden. By following conversations and content comments on your creations you can try to measure sentiments. Tools like Buffer, Hoot-suite and Social Flow help you connect all of your social accounts into a single platform and measure the sentiments. Just in-case you sense a negative cloud do the needful to eliminate the same and measure the sentiments again
Scaling of strength is as important as creating it and promoting it. Knowing where to tap and with what is a pain point for majority of marketers. These few methods have proved to be a great time and effort savers for organizations to figure out what’s working out best for them in terms of measuring ROI on their social media efforts and promotional en-devours. The 360 degree success of a campaign lies in placing a remedial aid in place if the plan goes south. This is also an integral part of the process and means we discussed in this article.
Please feel free to add in other methods that you utilize for measuring ROI of your social media efforts. What worked for you? We would love to try them too.