How to measure social media ROI

While there is no doubting the power of social media and (and the ever-increasing numbers of active visitors to social network sites such as Facebook, Twitter, and LinkedIn!), businesses still struggle to quantify whether the investment of time and effort in marketing to these channels is really paying off.

The problem many businesses run into is that the initial focus begins at the stage where they create their Facebook fan pages and Twitter handles, and launch straight into building up their ‘likes’ and ‘followers’ without putting some thought into the strategy behind it first. The best way to measure your return on investment is to first plan what you want to achieve from your social media marketing efforts. Some good examples of social media marketing goals are:

  • To increase brand awareness
  • To drive traffic back to your website
  • To increase your conversion rates
  • To increase your search engine rankings
  • To improve customer service
  • To be seen as market leader and influencer in your industry
  • To create conversation between your business & your customers

Once you have decided on why  you want to invest in social media, the next step is to create a list of 5 to 10 measurable goals which will prove your objectives have been successful, as well as a timeframe in which you would like to achieve them in. For example:

  • If your goal was to drive traffic to your website your measurable metrics could be to going from x amount of monthly visitors to x amount within 3, 6 and 12 months
  • If your goal was to improve customer increase your conversion rates, your measurable metric could be to receive x amount of customers directly from social media channels between the months of February, March & April.
  • If your goal was to improve customer service, your measurable metric could be to decrease the number of customer complaints from x to y between the months of June & December.
  • If your goal is to increase your search engine rankings, you could choose 5 keywords/phrases you want to rank for, and then write a targeted blog post a month which includes these for the next 6 months, and then track how your rankings increased for those words at the end of the period.

As you can see, when you actually map your goals and objectives down in this way, it’s less about the number of likes and shares you are getting and more about being clear on the reasons you are engaging in social media marketing activities in the first place. Do you agree? What sort of social media marketing goals do you have in place? Read our next article which provides 5 great (and free!) tools you can use to measure your social media successSubscribe to our newsletter or ‘like’ us on Facebook if you would like to be notified!

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  1. hey what is your fb page

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