One of the biggest ongoing challenges for marketers when using social media for business is measuring the success and return on investment of the different social media activities. Fortunately for all of us, measuring a return from social media is not a myth. In this video, we explore the key steps that are necessary for ensuring your social strategies are created in a way that brings value to your business.
Four Steps for a Measurable Social Media Strategy
- Defining ROI: To be able to measure a return from your strategies, you have to define very clearly what ROI actually means to you. What actions are you trying to get users to take that would qualify as a conversion for your business. This can be many things, based on the type of business (B2C or B2B) or industry. Common examples are hotel bookings, product purchases, whitepaper downloads, webinar registrations, and application installations.
- Setting Goals: One your ROI is defined, set goals that are ultimately tied to your overall revenue strategy. While “engagement” is a popular metric to observe in social media campaigns, this is not a good business goal. You can’t define how many engagements it takes to get a new customer, therefore engagement ultimately is not a good measure of success. Make goals that you can track with analytics software – such as the number of people that complete a booking and reach the “thank you” page of your website.
- Measuring Results: Once you have clearly defined goals, you want to be able to measure impact. Facebook, Twitter and Google+ all have their own analytics suites that give you information about how users are interacting with information you share, but ultimately a tool (like Google Analytics) that measures traffic to your website from different social networks and then tells you how many of those users go on to complete your goals is a more effective way to measure success. Look at what path users take once they get to your website; are they landing on pages that compel them to convert?
- Adjusting Strategy: Having the data is not enough – you need to analyze it and decide what does and does not work for you. Is your content strategy attracting the right consumers? Are those consumers clicking on the right pages? Are your social connects ultimately bringing you more business? Know what works and what does not so you can maximize your time in future campaigns.
At the end of the day, it all comes down to the planning you do before you start to socialize. If you set specific goals that have a defined impact on your revenue stream and implement ways to track those goals, then you should be able to show a direct connection between your social media strategies and your bottom line.
Mike Supple, Director of Social Media
Leslie Perryman, Social Media Team Lead
Social Media Analytics – Measuring ROI [Video]
Source: Paid Search