Social media is a means of getting the word out about your business to the public since it’s now a big part of your audience’s life. But how will you know if your social media strategy is working or not?
It is through measuring the return on your investment in social media. This is why I have compiled 8 ways of tracking the Return on your business’ investment in social media. Also, for professional social media marketing that promises high ROI, reach out to iTonic.
- Revenue: This is perhaps the simplest means of tracking your social media ROI. Every business exists to make money, so what percentage of your revenue comes from your social media marketing?
You may not be able to get an accurate figure because sometimes, people are attracted by a post on your social media page then visit your website to find out more information before making a sale.
- Quantity and Quality of Fans and Followers: A large audience is not really proof that your social media marketing is generating generous ROI but it gives you leverage. The higher your followers the higher your reach and the higher the chances of engagement. But of what use is having a large number of followers when the engagement is almost nonexistent? This is where quality comes to play. How much engagement do you get from your audience?
- Website visitors from social: When someone likes what your social media posts promote, they will take it a step further by checking out your website. You can measure the MoM growth rate of website visitors from your social media to track your business’ social media ROI.
- Brand advocates: How fast are you getting advocates for your brand on social media? Brand advocates are loyal customers who repetitively share your content with their circle. The more customers that you are successful in converting to brand advocates is likely related to the level of success of your social media strategy.
- Customer Acquisition Cost: Each time you run a social media campaign to achieve more conversions, gain more traffic, create brand awareness, or achieve a certain goal. How much does it cost you to win a customer? For instance, if you run a conversion campaign you can determine your ROI by dividing your budget by the number of conversions.
- YouTube page viewers and subscribers: At specific intervals, perhaps monthly or quarterly, take the time to check whether your Youtube subscribers and video viewers have grown or stagnated. Once your business fulfills certain requirements, you can even start earning from your videos on Youtube.
- Landing pages click: You may create special; landing pages whose source link will only be found on your social media pages, by doing this you will be able to measure how much traffic comes from your social media at fixed intervals.
- Reach/ Profile visits: In this case, how many new people come in contact with the content, and how many people and what percentage of these people check out your profile to learn more about you?