The results of everything you do in social media, ranging from protecting your reputation, building brand awareness and loyalty, retaining and satisfying customers, and directly earning or saving revenue is all about Social Media ROI returns.
5 Major metrics to measure your Social media ROI:
1. Begin to gauge online networking systems together and independently:
Each social media network has its own arrangement of qualities. Therefore, you may find that Twitter drives the most site traffic, Facebook creates the most leads, and LinkedIn produces less yet increasingly qualified leads. Truly, you ought to totally investigate your social media strategy as a total of every single social media network so you can contrast it with different crusades, however then be prepared to separate it down network by network. This will let you figure out which networks are best helping you meet explicit deals and advertising goals and which aren’t making the cut.
2. Track which visitors convert into leads:
Social media easily helps you to drive people to your website; however traffic doesn’t make a living. Track (network by network and as a total) what number of those guests convert into leads. Knowing precisely the amount of a role social media plays in generating lead will assist you with meeting your month to month lead objective by giving you the chronicled information to set an informed objective dependent on how much social media life acquires, and what that pace of development resembles month over month.
3. Track which leads converts into a customer:
Indeed a very obvious step, correct? Since you know what number of leads you get from every online networking and social media, all in all, utilize closed-loop examination to perceive what number of leads transformed into clients. This understanding will assist you in applying a lead scoring framework so your business group can concentrate time on the leads that are on the way to closure. At the point when you utilize closed-loop marketing on social media leads, you can likewise learn measurements like how much social media clients cost to procure, and the amount they go through with you contrasted with leads from different crusades.
4. Score leads and do the screening of the business cycle:
Score social media leads and screen how much time it takes web-based social networking to lead to enduring the business cycle. Not exclusively does scoring drives help your business group organize now is the ideal time, yet this understanding will likewise help advise your lead nurturing program so you can abbreviate the business cycle for social media leads. It additionally causes you to see how significant a social media lead is, and where it positions contrasted with leads from different other campaigns.
5. Watch out website behaviors from your Social media traffic:
Seeing how to appropriately nurture social media leads will rely vigorously upon this step. By understanding where internet-based life drives enter, leave, and invest their energy in your website, you can perceive what sort of content tends to their particular needs. So before entering them into a lead nurturing line implied for, individuals in their purchasing cycle, you can give content that tends to their particular issues.
By putting systems in place to track social media ROI, you can:
— Understand the effectiveness of your social media efforts and adjust what isn’t working
— Prove the value of social media within your organization
— Show how social media can impact all departments, going beyond marketing and sales to HR, engineering, and PR.
— Understand and measure brand reputation and gain control of that organization
— Prove to executives the value of budgeting for your social media efforts
A social media audit will help you:
— Develop or adjust a social media strategy that aligns to specific, actionable business objective and goals
— Discover trends you can use to create or modify social media campaigns
— Receive valuable insight into customer sentiment and perception of your brand.
— Provide executives and your team a look into what is or is not working so you can manage and justify social media spend.
— Develop new benchmarks and KPIs
— Determine the best mix of content on the right channels at the right times
— Identify opportunities to better engage with customers
— Adjust budgets and calculate social media ROI
— Identify how you need to make resource changes to boost social media efforts
What to track in your social media Audit:
— Your owned social channels
— The internal owners of those channels
— Number of followers
— Non owned channels for legal usage
— Profile consistency
— Content performance
— Best and worst performing posts
— Posts with most engagement
— Post frequency
— Content with the best and worst performance
— Publish times of post with the best engagement
— Video Views
— Click through to content
— Post reach and impressions
— Number of Twitter mentions
— Effective keywords
— Response rate
Note: Conduct an audit every 12-18 months at a minimum
Leading Indicator of success:
>> Sign-ups for email, webinars, and events
>> Product downloads and trails
>> Downloads of marketing materials
>> Visit to lead conversion rate
>> Sentiment analysis
>> Competitor benchmarking
>> Website traffic
>>Reach and engagement
>> Audience size
>> Campaign results