Investing money, or your time, in marketing is something that all businesses need to do from time to time. However, despite the fact that you need to invest this money, you still need to know that you are getting results from it.
This is called the Return On Investment (ROI) and is something that every business should be paying attention to.
But how do you measure this, particularly when it comes to social media marketing?
Let’s take a look at how to measure your ROI when it comes to marketing your business on social media.
See how many visitors are coming from social media
One of the most obvious ways to make sure that you have a good level of ROI on your social media profiles, is to look at the sales that come directly from social media. You can use a web analytics tool like Google Analytics to take a look at how many users are being directed to your website via social media and out of them how many convert by making a purchase. This will show you just how well your social media is working in relation to traffic and sales.
Check whether or not you are being talked about
One business goal many companies have is to “raise awareness”. You can measure this on social media by comparing how many times your products/company is being engaged with on social media. This can refer to your business being mentioned, shared or recommended.There are tools online that can help you monitor this like Mention. If more people are talking about your brand positively on their own social media pages, they are acting as your brand advocates and spreading awareness of your business further, which in turn gives your business a better chance of being seen and followed. If this is your goal, then this a good way of measuring ROI.
Offer a reward or discount for those who come from social media
If you want to get an understanding of the amount of people that are coming to you offline from your social media posts, then one great idea is to offer a discount or reward to those people who make it known that they have discovered you from social media. For example, Facebook offers gives the user a online coupon that can be redeemed offline. Not only does this encourage sales and helps promote your brand, but this also is a good indication on whether or not your social media efforts are actually bringing customers through the door.
How many followers do you have?
One of the most basic ways that you can find out whether or not you have ROI on your social media efforts is if your follower numbers goes up. Although not the best indicator for whether this will translate into sales, if your followers are engaged with your content this does mean that what you are doing is working and that you are gaining momentum with an audience, which is a huge part of social media and what your aims are likely to be.
Social media is not only incredibly effective when it comes to marketing your business, but, in the most part it costs little and shouldn’t take too much time. However, despite this, it is still worthwhile checking out the ROI, after all, you want to make sure that you are placing your time and money in the right platform and that you are seeing the results that you hope for.