Social Media & Business: Metrics, ROI & Campaigns That Deliver
in Digital Marketing | by Teresa Szilagyi
Let’s face it – in 2018, no one can escape social media. This statement is especially true if you are looking to enhance your digital marketing presence. One of the (almost painfully obvious) reasons that businesses should leverage social media is the opportunity it presents for consumers to keep up with everything. Promos, new content, exciting announcements — everything. However, a successful social media presence is more than achieving a certain follower count. When done right, social media can significantly impact your ROI.
Let’s explore how:
Why does social media matter?
Social media is an extension of you and your business. It turns a seemingly distant, disconnected brand into an approachable, personable and relatable friend. Social media platforms help build your brand by providing a place to share information and engage with your audience. Whether you share links back to your website or respond to customer inquiries via messaging, social media can make your business more human – an important element in today’s very digital world.
How can I improve my social media campaigns?
There are several steps you can take to strategically improve your social media campaigns, both organic and paid. This includes:
- Conducting research: Take a deep dive into what your competitors are doing, industry standards and best practices across all platforms.
- Mapping content: The creation of organized, pre-planned content calendars allows your social media team to get ahead of the game. Based on past performance, they are able to map content that will make an impact.
- Tracking key metrics: Establish goals according to key performance indicators (KPIs) for each platform. This will ensure you are creating and implementing content that is truly working for your audience.
How can I see my ROI?
Measuring your social media ROI is hugely beneficial for your business because it allows you to see where improvements can be made, what your budget should be, and what kind of social posts consumers gravitate toward.
The first step? Set goals. The best way to track your ROI is through achievable and actionable goals. Make sure to utilize key performance metrics that are relevant to your business. This might include a certain number of web page visits, email sign ups, or simply number of followers on each platform.
As for tracking performance, there are several tools to help set up and track progress—and ultimately determine if your social media work is achieving a positive ROI. The easiest way to track these goals is through Google Analytics, which notes the blog posts or web pages that are performing the best, along with which campaigns are getting the most traction on social media. Some other platforms to keep in your arsenal include Sprout Social and Hootsuite, which allow you to schedule social media posts and see corresponding analytics.
Finally, benchmark your output of KPIs against your investment. The best way to do this is by tracking the amount of hours your company puts into your social media, along with the paid budget. (Hint: A social media management platform will allow you to track some of these hours more easily.) If you’re looking for more help, you can always reach out to a social media marketing company to assist in the planning, creation and execution of these digital strategies.
One last tidbit about social media ROI: Not everything is going to earn you direct cashback. For example, a reshare on Facebook or a post on Instagram may not visibly impact your ROI – but both are beneficial as they spread brand awareness and expose your company to a new audience.
Want to learn more about marketing ROI? Check out our online webinar on five ways to be a marketing ROI star.
Author: Trixie Szilagyi
About the Author: Trixie is an SEO and Content Intern at Sparxoo. When she’s not optimizing websites or writing content, you can find her running, eating queso and petting all the pugs she can find.