Whether you’re a small or big business, being on social media is a good idea. The visibility and connectivity accessible through social media has convinced most business owners that it’s worth their while. But what isn’t so clear is how to measure what’s working and what’s not, and when to drop a platform that’s just waste of time and energy.
While its possible to track ROI and conversions, it can be tough to accurately measure the effectiveness of a social media campaign. You might find that some social media efforts that drive visitors to your content can be measured in other ways. For example, if your social strategy isn’t so content-heavy, and if you are promoting products or events, then your business would fit a more traditional measure for ROI and conversions. The only way to know if what you’re doing is enough is to have a gauge on your ROI.
In order to get there, you have to align your objectives to your measurement. For each network (Facebook, LinkedIn, Twitter, etc.) you’ll need to have an objective before you can decide on how successful the network is. You’ll need to decide what measurement would be the most valuable to you. Maybe you’re a blogger and your goals are e-mail sign-ups and blog followers, or, maybe you are a retailer looking to increase sales and traffic to your website – either way you must consider your key metric. I can guarantee that if you have had no objectives for your social media, then you will be extremely disappointed with the results.
Capturing the data is the easy part – measuring interactions (likes, clicks, shares, followers) and analyzing traffic, reach, and leads, can help gauge what your business is getting out of its social media investment, but you’ll need to measure these outcomes against your objectives.
Like all marketing tools, each social media network provides some general trends and demographic information to help guide your decision as to which platform your unique business should focus on, but ultimately, you need to understand your brand and your audience before you can choose the right platform, set objectives and measure if it is successful.
If you leverage the right tools and tactics necessary to better understand your audience, then you are more likely to put out messaging and content that is most likely to increase loyalty, drive sales, and help you reach company goals.
Measuring social media ROI can be extremely frustrating and difficult. I’d love to know how you measure your social media ROI, and what metrics you measure. Share your comments and thoughts with me in the comment section!