social media success
Social Media ROI Measuring and Managing

Social Media ROI Measuring and Managing

Did you know that more than 60% of consumers today rely on social media before making a purchase decision? And about 71% of such consumers will more likely make a purchase based on referrals from the social crowd. That goes to say, that a lot of your business success rides on your social media presence.

Needless to say, social media activities are a big investment for businesses and it is essential that you measure your social media ROI to get a fair assessment of your efforts.

Measuring and managing social media ROI

To assess the results of your efforts, you must first set your decide what you want to measure- Brand awareness (traffic/followers) or lead generation or sales (conversions).  Accordingly, you can measure each KPI.

Here are a few things you can start with:

Website Traffic – Are your social media activities increasing your site traffic? Do you have more returning visitors or new users? If you see a constant increase in the traffic, then you should continue with your strategy. If not, then you might need to relook at your approach.

Followers – Do you see an increased number of followers on your social media page? Is it because of your regular marketing efforts or a particular campaign? Although more followers do not directly translate to increased sales, an increased outreach would mean brand loyalty and more awareness, which can prove to be beneficial in the long run

Conversions – Is your social presence resulting in increased sales? Or is it a particular campaign that leads to conversions? Look at your Page Analytics data to determine your leads and what is driving them.

Know your numbers

The numbers that you extract can tell you a lot more than direct results of your effort. You can also analyze the data on engagement, reach, impressions, views etc. Once you have all the data, compare the numbers (results) against your expectations and that of your competitors.

To monitor all your social media activities, you can either use the inbuilt tools provided by each platform or use comprehensive analysis tools like Google Analytics.

While you might be doing everything to boost your social presence, the dynamics of social platforms keep changing almost every day. With the help of a social media company and industry experts, you can enjoy increased ROI from your marketing investments

Do your marketing activities measure up to Social Media success?

Social Media makes for an indispensable part of your marketing strategy. Needless to say, you would do everything possible to make your efforts successful and increase your brand visibility on social media. But how do you know if your strategy is relevant and is working as expected? That is where social media metrics play a significant role.

Here are a few proven ways to measure social media success

Check for the effectiveness of your social media activities
To assess this, you must first set your social media goals and determine what you want to achieve out of your activities. Read, share, reply, click, purchase, or engage? The results of your activities will be effective accordingly.

Decide which metrics you want to monitor
Based on your ultimate goal, you will need to measure awareness, engagement, traffic, followers, and fans, or brand’s share of voice. Accordingly, you will only look at the numbers that matter.
For awareness– see volume, reach, exposure, etc.
For engagement– see retweets, comments, shares, replies, and participation in contests/polls/discussions.
For traffic– see URL shares, clicks, conversions, time spent on your site, activity on your site.
For followers– track contributors to your page/s/profiles and their influence on the rest of the audience.
For the share of voice– track your brand’s mention among your competition

Calculate the metrics that you need
You can look at ongoing activities to measure and monitor all social activities over a period (week/month/quarter). Or you can focus on campaign-based activities for specific results.
Once you know what to measure, look for tools to extract the data and analyze them. You can use the inbuilt analytics tools provided by most social media channels or use third-party tools.

Interpret the numbers that you extract
This is the most important part of your analysis and will determine if your social efforts are bringing any results or not. Compare a) number you got against what you expected, and b) your results against your competitors against related products/campaigns.

Numbers do look great on the monthly report but measuring social media activities can do more than that. It helps you learn about what is working for you and what isn’t, and what can you do to improve your strategy and create a robust plan.

FOLLOW US

CONTACT

Tenovia Solutions Pvt Ltd.,
139/6-1/1, Rasika,
Amar Jyothi Layout, Domlur Extension,
Bengaluru, Karnataka 560071.
Opp to Hero Show Room.
Phone : +91-9884491228.

© 2018 Tenovia Solutions Pvt Ltd.
Tenovia Solutions – Your eCommerce Expert Talk to Us!

Talk to Us

+91.80984.56160

+91.98844.91228

+91.80561.38444

Or, let us contact you

we're happy to answer any questions
you have.Drop us message in the form
below and we'll reach out to you