It’s undeniable, your business needs to be active on social media. However, many companies still struggle with calculating the return on investment of their social media marketing campaigns. More than 50% of the US population has two or more social media profiles.
That’s why it’s important to choose the platforms where your target audience is active. This allows you to connect with customers, prospects, and partners. And, according to Business 2 Community, the importance of leveraging social media to grow your business will continue to rise as the number of worldwide social media users will hit 2.5 billion in 2018.
As important as social media marketing is to your business, 46% of B2B marketers are still not sure whether any social channels have generated revenue.
Don’t fall into the same trap as your competitors. Solve the mystery of calculating social media marketing ROI so that you can grow your business and stay ahead of your competition.
Managing Social Media ROI to Grow Your Business
You can’t just hop on every social media platform, start posting, and expect to see results. You need to perform the research before starting you social media campaign to come up with a successful strategy.
Find which social media platforms your target audience is active on and focus on growing your brand awareness.
What’s the best way to do that?
Focus on interacting and engaging with prospects and customers. And don’t forget to research your competition! This way you can find which platforms they’re most active on and where they’re having the most success. You can also see where they’re struggling to gain traction.
You’ll never know whether or not you’ve achieved a good return on investment if you haven’t set specific S.M.A.R.T. goals. Plus, you won’t be able to gauge whether your campaigns are succeeding or failing.
Set specific goals before starting your campaign so you can track the data. When just beginning, don’t always focus on generating sales. Instead, your initial goals should be focused on increasing brand awareness, impressions, and interactions.
By focusing on the top of the funnel at first, you’re increasing the likelihood of future sales generated through your social media activity. Once you’ve filled the top of your funnel, you can readjust your strategy to focus more on generating sales and moving prospects through the buyer’s funnel.
You need to set up your Google Analytics page to track conversions. This is a free tool that allows you to set up trackable goals and monitor how often visitors complete defined actions. You can set this up by placing tracking codes on your site.
The most common place for these tracking codes is on a Thank You Page after a desired action has been taken. But this doesn’t just have to be for sales. There are a number of other places you can place the tracking code to help you track your ROI. These other options include email subscriptions, engagements with page, and watching product videos.
Google Analytics also allows you to see where the visitors to your site originally came from. While sometimes this information can seem overwhelming and cluttered, each of the most popular social media platforms offer their own Analytics as well. Most often, this data will include link clicks so that you can track which posts generated the most desired interactions.
What’s the point of all this data and research if you’re not going to use it?
Compare the data to see which aspects of your social media marketing campaign is working and which aren’t. That way you can track the ROI of your resources and time.
This is why setting goals is so important before beginning your campaign. Without setting these specific goals, you won’t know whether your campaign is succeeding or failing, no matter how much data you’ve collected.
After you’ve collected the data you can then restructure your strategy as needed. This allows you to improve upon the aspects that aren’t succeeding and continue dedicating more time to those which are.
Calculating the ROI of your Social Media Marketing:
It doesn’t matter if you’re an international corporation or a small business, every company needs to have a presence on social media. You can use it to build brand awareness, develop relationships through engagement, and to improve customer service.
According to Business 2 Community, only 13% of marketers feel they can quantifiably prove the impact of social media marketing. Solving the mystery of your social media marketing ROI is one of the most important aspects of your campaign.
Don’t start a social media campaign before setting clear, specific S.M.A.R.T. goals! That way you can easily track the success or failure of your campaign.
Use these tools and strategies to make the most out of your campaign and to track the ROI. That way you can quantifiably calculate the success of your strategy.
Continue reading to learn more how to see if your social media marketing strategy is working.