How can we work more smartly and prove our value in an industry where the rules and tools are changing every day?
Keeping clients happy and more importantly signed on to your company lies in both driving your client’s revenue goals and proving that you’re the one doing it. While proving ROI in the past has been tricky, with the data and technology available today it’s not only possible, but a business imperative.
No business wants to put money and resources into something that doesn’t pay off.
- Will the results from the channel make the effort, time, and cost worth it?
- How will you prove this?
- Is there content that will perform better and show a higher ROI?
- How is this going to be measured?
Measuring social media ROI
Here’s an example of how we measure ROI for our social media clients. First, we put very specific metrics in place, so we know what data we are collecting and tracking.
1. Increase social media engagement
Social media metrics to measure: Likes, Shares, Comments, Retweets, Mentions, Favourites
2. Increase customer visits to your website and online store
Social media metrics to measure: Website click-through and traffic from social media
3. Increase brand awareness for your product or company
Social media metrics to measure: Follower growth rate, percentage change over time in followers, Twitter sentiment, reach by region, clicks by region
There are numerous tools to also help you track Social Media ROI:
- Google Analytics: Track website traffic, on-site conversions, and sign-ups originating from social media campaigns.
- Hootsuite Analytics: Hootsuite offers a variety of analytics tools to help you track your reach, conversions and more; we swear by this for our campaigns.
You should check your various social media metrics frequently. We do this daily to ensure that our clients’ social media goals are being met. The lifecycle of social media campaigns is often very short, so you need to stay on top of the data as it happens.