Are you struggling with your social media ROI? We got this.
Measuring the returns on metrics including customer satisfaction can often feel tricky, and that’s why we TWO ARK BUSINESS SOLUTIONS THE BEST SOCIAL MARKETING COMPANY IN CHENNAI put together this article to help the marketers by providing the importance of ROI FOR SOCIAL MEDIA MARKETING and to determine their ROI once in for all.
Table of Contents
WHAT IS ROI? HOW TO CALCULATE ROI?
ROI – Return on investment. (Representing your returns on investment in social media)
Net value investments (effort, budgets, time) by 100 – You will be getting ROI in %
WHY DOES HAVING A GOOD ROI MATTER IN SOCIAL MEDIA MARKETING?
- ROI /especially matters when it comes to business financing. Having the insight to decide your investment ultimately leads to your growth in business.
- Some of the marketers spend hours and hours on social media without knowing the returns beyond vanity metrics – a positive report including performance, subscribers, pages, views and it does not provide impact on your future marketing decisions.
- Some of the brands are doing just right by using paid and organic campaigns.
- You should consider ROI as an important factor when it comes to deciding the investment path. Which depend on your business PROMOTING PLATFORM, depends on your business growth, depends on your team, your weaknesses and strength.
- Analyzing your social media ROI matters when it comes to saving your valuable time. As you need to save time and attract your customers at the same time.
- Take advantage of utilizing the tools to measure metrics.
- GOOGLE ANALYTICS – for conversions, tracking traffic, tracking social campaigns
- UTM PARAMETERS – analytical program shows your performance in detail.
- FACEBOOK PIXEL – a code of your website that that tracks the conversion.
HOW TO MEASURE YOUR SOCIAL MEDIA ROI ?
STEP 1: SET YOUR SOCIAL BUSINESS OBJECTIVES AND GOALS.
- Objectives are defining the destination that you wanted to reach whereas goals are planning the ways to reach the destination.
- Plan your terms in business. Consider the following values – brand awareness, conversions, employee trust, customer experience, security, and brand community.
- Set a higher goal than before and analyze the ways to improve your services.
STEP 2: TRACK METRICS.
- You should track social media metrics to analyze your performance.
- They are called vanity metrics – positive reports of your performance including site traffic, audience engagement, revenue and lead generated, and conversions.
STEP 3: CALCULATE YOUR INVESTMENTS.
- The budget that you have decided to spend on shares, ads, and network agencies.
- Specific time-fare that you are planning to perform maybe month or year.
- Your effort based on training your employees, consultations, planning of a goal all these comes under investments and knowledge to tackle the campaigns in certain periods trains you to succeed your goal.
STEP 4: CREATE A REPORT.
- Usually, 60% of social marketers share their ROI reports.
- The report consists of the value of your team, budgets, and returns.
HOW TO IMPROVE A POSITIVE ROI?
- You have to aim at the highest when you are expecting exponential business growth.
- SOCIAL PRESENCE plays an important role in BRANDING PLATFORM. For that first, you need to define what you are trying to get out of your social presence.
- Plan to increase sales without increasing expenditure.
- Employ several tactics to increase revenue.
- Focus on excellence in customer services to improve positive reviews of customers online to increase ranking.
- Always find ways to improve the online conversation.
Sometimes the riskiest path leads to generate the highest returns on investment. In this process, Always remember that your business growth depends on the accountability of time, resources, proper utilization of tools, and your social efforts. In which all these factors train you to take financial decisions to take your business to the next level. Contact us today! For more Digital marketing tips and tricks.
