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These days every savvy company is active on social media, trying to craft content that resonates with their target audience and hoping for a social media ROI. Roping in a prospect through engaging social content may seem like an easy task, but knowing how to quantify your social media marketing ROI is a more challenging task, which Spot On will help you master.
There are two primary categories for measuring your social media engagement, both of which are important:
There are several things you can do to assess how effective a campaign’s success may be. For example, if you are promoting a free e-book or white paper, checking the number of downloads is an easy step. Or you can follow your post hashtags to see what kind of traction they’re getting.
Primary considerations to ask yourself before even launching a campaign include:
Our partner HubSpot recommends considering these five social media metrics as well:
To calculate your social media ROI, add up all revenue gained from your social media efforts, and subtract from that your investment (boosted posts, paid platforms, content creation, people hours, ad budget, etc.) to determine your profit. Divide that profit number by your total investment to get your social media ROI. If you want to know that ROI as a percentage, times your subtotal by 100.
For example, if you made $1,000 in revenue from social media on a $500 investment, your profit is $500. You then divide that $500 profit by your $500 investment, multiplying it by 100, to show that you received a 100% return on your investment. A pretty wise investment, by any standard!
From using Bitly and UTM Codes to track behavior to setting up Google analytics for social tracking, there are so many factors to consider when improving your social media marketing ROI.
If you’re looking to strengthen your approach to social media marketing, check out Spot On’s blog post on 10 ways to step up your strategy.
Spot On has a long track record of success in helping companies measure social media ROI and we’d love to assist you as well. Just set up a time to chat and we can get your social media performing in ways that deliver the most efficient return on investment. Spot On can bring you the expertise and strategy to cut through the clutter.
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