Taking things even further, you can find specialized tools that track more nuanced social media engagement. You’ve probably heard of Hootsuite, Buffer, Moz, and Kissmetrics any of these will help track your interactions and manage your ongoing campaigns. There are several well-known dashboard tools that act as swiss army knives for social media tracking. That’s where additional reporting tools come in. That said, while these tools are insightful, they can become cumbersome to handle separately. Get familiar with tools such as Facebook Insights and Twitter Analytics to get to grips with the data available from these services. To get started, check out the native insights offered by each platform.
There are a lot of ways to measure your chosen metrics over time. That said, you should also bear in mind the less tangible ways in which social media can contribute to your business’ bottom line. In reality, you’re likely to find yourself drawn to those metrics that offer the closest possible relation to tangible results (e.g. Conversions: The number of conversions made on your site (sales, signups, etc.) divided by the amount of traffic you receive from social media.Traffic: The number of users who are directed to your physical store or website from links within your social media accounts.We’re talking likes, shares, comments, retweets, repins, bookmarks, favorites, etc. Engagement: The sum of interactions across any given social media platform divided by the total number of followers.
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Reach: The number of users who see a particular update divided by the number of followers online at the time.That said, we can certainly give you some suggestions: There is no definitive list of the ‘right’ and ‘wrong’ metrics in fact, the metrics you choose to measure will depend largely on your business’ goals, and are likely to change over time. While you can follow a myriad of metrics when it comes to social media, you will be best served limiting yourself to a handful. By the time we’re done, you’ll have a solid framework in place for both observing the efficacy of social media marketing, and improving your efforts to encourage a greater return on investment. With that in mind, we’ve broken down the process of measuring social ROI into four steps below. After all, measuring something – even if the means of measurement is imperfect – is better than measuring nothing.
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In simple terms, you simply account for what you can to learn how to better direct your investments in a positive direction. Unfortunately, the fiscal value of social influence can seem abstract, but there are ways in which you can objectify your investment in social media. Tracking And Assigning Fiscal Values To Results How you decide to leverage social media ultimately depends on your business’ goals, but one thing is for sure: social media as a marketing medium can be highly effective – if you can measure, analyze, and iterate on your successes. Customer support can offer immediate replies to time-sensitive messages that would otherwise get lost in a sea of support tickets.Sales can establish one-to-one relationships before reaching out over the phone.This ranges from recommendations to a simple thank you when someone mentions your brand.
To establish effective social media goals, you need a clear understanding of how social media can play an effective role in your business. In this article, we will firstly look at the primary ways to use social media from a commercial perspective, then walk you through the process of turning your social media goals into hard numbers you can optimize over time. From there, you can begin to apply what you’ve learned to increase your overall ROI from social media. However, by using certain methods and tools, you can begin putting a dollar value on the return of your social media investment. And without knowing the hard numbers, it can be difficult to improve your current strategy. The impact of social media on sales and revenue is still something that businesses struggle to measure, even with its wide use in marketing.
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