June 15, 2016
/ by Maria Materise
Two thirds of American adults now use social media, but are your social efforts reaching them?
Find out what impact you’re making by measuring social ROI.
Social ROI proves the value of your social efforts by comparing the amount of money you invest to the amount of money you get back. But your social ROI can also clue you into what’s working and what’s not to help you make future business decisions.
Measuring your social ROI can seem like an overwhelming task, but in the long run, the numerous benefits to your business will make your efforts worth it. Here are three questions you’ll be able to answer by measuring social ROI:
The first step in measuring social ROI is to set goals. But your goals shouldn’t be abstract or too vague. They need to be measurable so you can pinpoint whether or not you’ve made progress.
For example, a goal such as “drive more traffic” is too vague, but “increased engagement on social posts” is more quantifiable. Note how much engagement you currently get on your social posts. Then, wait a month and check back in. Has your engagement increased?
Get all departments involved when deciding on your goals. That way, you’ll know what role social media will play for each aspect of the business.
Executives and stakeholders want to know that the money they’re putting into social media is resulting in success for the business. When measuring social ROI, make sure you include all financial factors, including tool and labor costs.
Use a comprehensive social media management tool, such as Cision Social Edition, to monitor, engage and track your analytics. With everything in one place, you’ll get more accurate results, be able to make sense of them easily and calculate the bottom-line impact.
Present your findings to executives and other important members of your organization using easily accessible visuals, such as charts, graphs and other reports.
Use UTM codes to track the links you share on social. You’ll be able to see how many visitors are accessing your content and where they come from most.
With the data acquired through UTM codes, you can clearly identify which channels are working and which aren’t. You can also assess what types of content your audience engages with most and how many people who engage with your content convert to customers.
Use this information to make informed, data-driven decisions about your strategy and your overall business. Continue to revisit your social ROI on a regular basis. Social is always evolving, and your strategy should be too.
Images via Pixabay: 1, 2, 3
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