The only way to know if something is working is to measure it. Tracking your return on investment (ROI) will allow you to visualize which strategies are effective and which need to be revisited, so that you don’t waste time, creativity, and money, on ineffective campaigns.
Making content is only half of the equation; once it’s scheduled and published we have to measure it.
At SPS DGTL, everything we do is to deliver results. Every content strategy, every post, every design piece, ties into our client’s goal. Tracking the ROI of social media is how we ensure that we are advancing our client’s objectives. Is your social media marketing effective? Here’s how to measure your results:
How you measure your social media ROI will vary depending on your campaign objective. Measuring brand objective awareness, for instance, is much different than measuring direct social media sales. Before you can create a campaign strategy, you must make sure that you have a clearly articulated social media objective, designed to fuel your business’ overall goals.
Work hard in the strategy sessions until you move beyond vague or grandiose targets, and have clearly focused, measurable targets.
Instead of setting your objective as “improve customer service,” make it something more manageable and more quantifiable, such as improving response time to 1 hour. Similarly, an objective of “increase your digital footprint,” could be measurable with added specificity, such as improving your audience engagement as evidenced by increasing shares and retweets by 25%.
Once you articulate your objective, you’ll be able to set specific targets and the metrics by which the targets will be analyzed. These should be clear, concise, and directly aligned to your campaign objective, not simply the common metrics of social media, followers and likes.
If your objective is brand awareness and your goal is to improve audience engagement, you would track engagement, shares, retweets, follower growth and reach. On the other hand, if your focus is sales, you would look at lead generation, conversion and customer acquisition cost.
Establish a Baseline
Once you determine the key metrics, you’ll want to pull your current data to establish a baseline. After all, you can’t know how far you’ve come, if you don’t know where you start. From there, you’ll delineate a timeline to achieve your objectives with key mile markers confirming progress.
When you begin properly tracking the ROI of your social media efforts, you’ll be able to compare different campaign’s success against each other. You’ll gain insight into which types of content your audience engages with and how your social media marketing drives revenue impacting your overall business’ goals.
Without the proper systems and measurements in place, it’s easy to feel like social media marketing is a black box delivering only good intentions. But with careful consideration of your business goal, clearly defined objectives and key metrics, you can take the guesswork out of your efforts. You won’t have to wonder if a strategy is working, because you’ll have the data to prove it.