How To Track Your Social Media ROI
A cornerstone of success for many companies is a direct and purposeful advertising campaign, be it traditional or new media. Designed to bring in new customers, the campaign can be specially crafted to a target group. With the popularity of social media and a shift in how advertising effectively targets Millenials, many companies have been left in the dark regarding effective advertising campaigns.
What is known is that roughly 31% of all traffic that goes to a website will go through a social media platform. This means that nearly 1/3 of every person who visits your website will have seen it through their social media network, clicking on it from a range of platforms. With so many platforms out there and so little still known about this newer form of advertising, many companies have been yearning for metrics so that they can measure their social media ROI. With that in mind, lets take a moment to do just that and show how companies in the past found ways to track their social media ROI.
The Importance Of ROI
ROI, or return on investment is an incredibly useful tool. Simply put, it measures how much you get back for how much you put in. When it comes to larger companies, this is measured in dollar amounts. However, with social media, an important thing to consider is your own time as well. Your time is valuable, and maximizing your time to produce the best possible social media ROI means knowing that you did everything you could to market yourself well. The following guide will help you do just that.
- Separate Out Where People Are Coming From
There is no getting around it. In order to measure traffic, you will need to get analytic software. A free choice that many people enjoy using is Google Analytics. While it can take a little time to set up and get working, it can be an incredibly powerful tool to advertise yourself to the world. Through this tool, you can begin to see where traffic is coming from when it arrives at your website. This is the first step to measuring social media ROI.
- Turn These Channels Into Groups
Making sense of this information in how it relates to your outreach campaigns is critical. With that in mind, turn these various channels of people into different groups. A popular technique is to create two large groups, including those individuals who come from social media and those who come from search engines.
- Create Goals
What are you trying to measure? Google Analytics can provide you a lot of information. Without a direction however, it will not be that useful. Typically speaking, your goals to measure will be born from whatever activity you are doing to market yourself. With that in mind, you can create special groups and focus on this particular part of recorded information.
4 Record Information
Either by exporting to a spreadsheet or by typing in by hand, you should record the information you deem useful on a daily basis to get a sense of what the general traffic is like. After a few weeks, you can move on to a weekly or even monthly tracking system depending on your needs. Again, the information that you track will include where people are coming from, what kinds of actions they took while on your website, and whether or not they ultimately purchased something.
Cross-reference the data you have been collecting with a timeline of your marketing goals to see if and when any changes occurred. With enough marketing campaigns, you can get a sense for what works verses what does not, building an invaluable social media ROI history for your brand.