Brah, how much time, energy, and money do you spend on social media marketing? Do you know? But more importantly, what are the results of your efforts? Are you getting the traffic, sales, and brand awareness that you’re aiming for?
The difference between your input and your output is your return on investment (ROI).
Why measure your social media ROI?!
Your social media return on investment is proof that your hard work is paying off. The information can help you see what tactics are most effective and get you the best results.
Measuring your social media return on investment can also show you what to stop wasting your time with and can help you set better goals.
What Goals Are You Setting?
You can measure your ROI in a number of ways. But ultimately the only way to really know if you’re even getting a return is to know what you want to measure, where you stand now, and where you want to go.
Let’s say that your goal is to use social media to drive traffic to your website.
How much traffic are you getting from social media now?
How much do you want to increase it to?
What data plays a role in your increase in website traffic?
These are the questions you have to think about and answer as you start to measure your social media ROI. (Other goals to consider include: reach, traffic, leads, customers and conversion rate.)
Where Do You Find the Data?
In most cases you’ll need to use tools to track and measure your social media goals, but don’t worry homie, it’s not difficult.
If you already have analytics installed, for example Google Analytics, then you can look at the data and determine which social media platforms provide the most traffic to your blog or website.
You can also see which pages in particular generate the most traffic from social media. This information can help you create a stronger strategy.
If you’re not looking at your social media results or setting goals then you might be spending a whole lot of time and $$$ for little or no return. *insert sad face*
Set specific goals and implement tools to measure your efforts.
Stop wasting your mega precious time and energy! Decide what you want to accomplish with social media and then create a plan to kill it on social media.
Need help calculating your ROI? Schedule a quick call with me!