You may be seeing a lot of engagement on social, but are your social campaigns driving real business results? You’ll never find out if you aren’t measuring your social ROI.
Social ROI shows the value of your social strategy by comparing the amount of money you are getting out of your social efforts to the amount of money you’ve invested. It allows you to track the impact social is having on your company’s bottom line and how it benefits your business.
So why is social ROI so important? Here are three reasons why your brand should be measuring it:
1. To understand your success
If you’re unsure of whether or not your brand is successful on social, how will you know when you meet your objectives? You need to set measurable goals, and then determine the best ways to track those goals.
For example, if your goal is to expand your reach, you’ll want to observe the total number of followers on your social media accounts over time. Set up UTM codes for each channel and campaign to track the number of people accessing your content. This way, you can pinpoint which of your specific campaigns resulted in an increase in followers.
With information on how your brand is performing on social, you’ll be able to make better, data-driven decisions and meet your goals faster.
2. To pinpoint bottom-line impact
Once you understand your social media success, it’s time to prove it to the important members of your organization. When calculating your social ROI, be sure to take into account the money your company is investing in tools and labor costs.
To save both time and money, invest in a comprehensive social media management tool that allows you to combine monitoring, engagement and analytics all in one place.
Present your calculations to stakeholders and executives using charts, graphs and other easily accessible visuals. Explain how you came to your conclusions clearly to ensure everyone understands how you’re driving results.
3. To improve future campaigns
Measuring social ROI isn’t just a one-time action. It’s an ongoing process that should be revisited often to ensure the most accurate and up-to-date results.
Social platforms are constantly changing, and those changes may affect how you use them. Keep up by continuously checking in on the performance of your strategy, what you’re measuring and the results you’re getting.
By understanding what’s working and what isn’t, you can make adjustments to your social strategy to ensure better results in the future.
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