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Measuring Your Social Media ROI

What companies should do to move towards effective ROI measurement

25Mar

In a recent Salesforce survey it was identified that 70% of marketers will increase their social spending throughout 2015. As an extension of this, the same survey found that 66% of marketers now deem social to be central to their operations.

Although social is clearly not something that’s going away anytime soon, it remains difficult to measure effectively.

Organisations, if they’re to invest even more money in social, will want it to impact their bottom line and the only way they can prove this is to concentrate on measuring ROI. In this article I take a look at how companies can makes strides towards effective ROI management.

Make Sure That Your Business Objectives Are Reflected In Your Social Communications

Because social media can look alien to some, there can be a tendency for companies to forget about their business goals and just post things which seem to reflect the general consensus of what's interesting.

Instead of doing this, organisations should set social targets which complement their overall objectives. Whether it’s lead-generation or getting more people to visit your website, a baseline target should be set which states how much social is expected to contribute.

In a survey conducted by Altimeter, it was found that only 34% of businesses feel that their is a crossover between their social objectives and their company’s overall targets.

Pick An Analytics Tool To Measure ROI

Once you have decided what you want your social media campaign to achieve, it’s important to find an analytics system which will measure everything.

Thankfully, there’s a wide variety of different tools to choose from. Two of the most prominent are Google Analytics and Salesforce, both of which use tracking codes to measure website traffic and sign-ups that have originated from social media.

Salesforce, especially when combined with Marketo, has the capacity to track sales leads to specific social messages.

Upon deciding which system to go for, a process of adding tracking codes and building custom hanging pages will have to ensue. Depending on the size of your business, this can either be an afternoon’s work, or an incredibly arduous process.

Get Tracking

Now that you’ve got everything in place, it’s time to measure your Social Media ROI.

Make sure that you’re checking your reports and that the company’s overarching strategy is being adhered to. It’s also important to predict how long the lifecycle of a social campaign is likely to be, as this will have an effect on the ROI you’re seeing.

Try To Improve

After a while it’ll be clear what works and what doesn’t, as that’s what the aim of effective ROI is.

In order to keep on top of your social media campaigns it’s essential that your vigilant to developments and aware of the fact the social is never static.

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