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How to Measure the ROI on Social Media?

ROI

One of the most common questions I get asked is how to measure the ROI on social media. It’s a great question that not many people know how to answer. Today, I am going to give you a few quick tips for measuring your brand reach, as well as diving into consumer’s purchasing process.
 
 

Brand Awareness

In today’s fast-paced world, brands are driven by their social reach and online presence, which includes all the various social media channels including: Facebook, YouTube, Twitter, Pinterest, Google+, Instagram, Vine, Tumblr, Yelp, blogging and more. This step pertains to determining where your customers are, and then building a loyal audience on those channels. The more you grow your followers and encourage them engage with your content, the stronger your brand and customer loyalty becomes.

DETERMINING YOUR SOCIAL REACH

Each follower is a potential customer, who has chosen to like you, and made a conscious decision that they like your brand and they want to see more. Your social reach is the maximum number of followers, or customers, who you can connect with through your social networks. As you begin to engage with your followers through high quality content that interests your community, your social reach will begin to grow as people want to hear more.

Think of your brand reach as synonymous to the size of your email marketing list.

Brand Reach

Engaging Your Audience

To effectively use social media marketing, it is important to understand and quantify your list of social media followers and their engagement. To do this, you can use Facebook Insights, Google Analytics and other tracking tools. These tools become extremely important when trying to understand how your actions affect your brand reach. The key is looking at your social media efforts and tying these efforts to the goals you set from the beginning.

Once you start to see trends in how your audience engages with your content, you can continue to replicate these actions to increase followers and engagement. You must also remember that you’ll see different types of engagement across your various channels.

 

WHAT IS ENGAGEMENT?

When you hear social media marketers say “engagement”, they are referring to how your audience connects with your shared content across social media channels. It’s important to also look at your brand engagement, which is what your audience is saying about your brand.

Total Engagement

ANALYZING YOUR ENGAGEMENT

Which pieces of content generate the most engagement? After you look at your analytics to understand the types of content your audience prefers, this will help you determine the dates, times and types of content you share.

Content Engagement

Generate Sales

Once you have started to build a loyal following of engaged users, the question becomes: how do you turn these contacts into revenues? Traditional marketing efforts wants to drive quantifiable results to justify the time and investment. However, this can be difficult to measure.

THE NEW PURCHASING PROCESS

  • Visits your website.
  • Follows your brand on social media: Twitter / Facebook / Instagram etc.
  • Views several posts develops brand trust and affinity.
  • Signs up for your email.
  • Visits your website to learn more.
  • Contacts you regarding a product or service.
  • Becomes a paying customer.

 

Measuring Social Media Impact

Social Media – Specific Offers

Using social media-specific offers is a great way to promote your business and to see how your fans are using real offers through specific channels to purchase items/ services from your business. You can track actions, and you can create a smart social media strategy around these efforts. Plus, you can directly tie sales back to social media!

Google Analytics

Google Analytics i s an incredible source of information. With a plethora of social media channels, it becomes important to find out which channels drive the most traffic to your website, plus you can create campaigns. This will help you determine how many visitors to a particular landing page came from which specific social media source.

Trackable Links

Tools like HootSuite can help you with trackable links so you can assess exactly where your traffic sources are coming from. For example, you can use a different link for a tweet, than the link you use for a Facebook post to help determine if your traffic came from Facebook or from Twitter.

Surveys

Another way to measure the impact of your social media is to survey your customers. Ask them whether social media played a role in their purchasing process. Also, ask them how you could improve your social media.

 

Advocacy

The final step within the purchasing process is getting your customers to serve as brand ambassadors for your products or services. This is one of the most difficult steps. However, it can be done! Brand ambassadors who believe in your products and services can help you sell even more.

Brand ambassadors are extremely loyal, once you’ve got them. But, it takes a lot of work, and it requires an extraordinary amount of passion behind your products and services. Remember to always thank your brand ambassadors and offer them special deals or offers.

 

 



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