So, you’re a business owner wondering if your social media efforts are actually worth it? I hear you!
Measuring R.O.I. (return on investment) is one of the most common questions I get asked by clients and can often be the most challenging part of social media marketing – a bit like figuring out whether your shiny new gym membership is earning its keep or if it might be better to say “See ya!” and use that money for a Netflix binge-fest instead.
Yet, equipped with the right guidance and appropriate tools, gauging your social media R.O.I doesn’t have to be a Herculean task. Below, you will find several insightful tips that simplify the process of measuring the return on investment from your social media marketing endeavours:
Bust Out the S.M.A.R.T Goals
Nope, I’m not talking about your lofty ambition to rewatch every episode of SuperStore. Although, let’s be honest, that’s an amazing goal (Glenn forever!). I’m talking about setting Specific, Measurable, Achievable, Relevant, and Time-bound goals. This acronym stands for:
Specific: Your goal should be clear, precise, and straightforward. No vague or generalised statements here! For example, instead of saying, “I want to grow my business”, you might say, “I want to increase my customer base by 20%”.
Measurable: Your goal should have a defined metric to track progress and determine when the goal is achieved. If we continue with the above example, the “20%” allows you to measure whether or not you’ve reached your goal.
Achievable: Your goal should be realistic, based on your resources and current circumstances. Setting a goal to triple your followers in a week may not be achievable, but that 20% increase over six months could be.
Relevant: Your social media goal should align with your broader business objectives.
Time-bound: Every goal needs a time frame or deadline. This adds a sense of urgency and provides a timeline for tracking progress. “Increasing reach by 20% in six months” would be an example of a time-bound goal.
Get Down With Metrics
Next on the list, it’s time to track your progress with metrics that matter. Here’s a handy guide:
Brand Awareness: Reach, impressions, engagement, all the stuff that makes you do a happy dance when your audience sees and interacts with your content.
Lead Generation: Your click-through rates, website traffic, and newsletter signups are all prime suspects here.
Sales: Count that money! Look at the revenue coming in or the cost of customer acquisition.
Advocacy: Keep an eye on referrals and reviews. These are golden!
Gear Up with the Right Tools
Let’s arm ourselves with some fantastic tools to track these metrics. Here are some of my favourites:
Bitly: Bitly isn’t merely a link management service. It is a powerful tool that allows us to shorten, customise, and share links across different platforms. It also offers detailed analytics about who’s clicking on your links, where they’re coming from, and when they’re doing it. This can help you understand what content resonates with your audience, and you can use this information to tailor your future content and marketing strategies.
Google Analytics & UTMs: Regarding web analytics, Google Analytics partnered with UTM parameters is your comprehensive solution. Google Analytics offers detailed insights about website visitors, their behaviour, and web traffic sources. It tracks metrics such as bounce rate, session duration, and pages per session. It also provides demographic details about your audience, like their location, device, and interests.
On the other hand, UTM parameters are tags you add to a URL. When someone clicks on a URL with UTM parameters, those tags are tracked back to Google Analytics. With the data from UTM parameters, you can precisely understand where your traffic comes from and how your various marketing efforts perform.
Agorapulse: This is my go-to social media management tool; Agorapulse is a powerhouse that helps you manage all your social media channels in one place. It’s efficient for scheduling posts, engaging with followers, and monitoring your social media performance.
Agorapulse’s unique social inbox feature ensures no user interaction is left unnoticed. Its detailed analytics and reporting can help you understand what content works best on each platform. In addition, Agorapulse includes features to monitor your brand’s online reputation, compare your performance with competitors, and collaborate with team members.
By leveraging these tools, you can measure, monitor, and manage the success of your social media marketing efforts more effectively.
Keep Your Eye On The Ball
Always be on your toes. Watch your social media metrics and R.O.I. like a hawk. Spot trends, identify patterns, and find those little areas that need a boost.
Use what you learn to review and refine your strategy. It’s all about testing, testing, testing!
Find Your Platform Happy Place
Remember, not all social media platforms will be a good fit for your business. So, find out where your people hang out and focus your content there.
LinkedIn fan? Create content for that. Facebook more your speed? Do your thing there.
Look, this isn’t some mad dash to the finish line. Nah, we’re talking long-haul marathon style here. And here’s the thing – sometimes there are these magical, mysterious parts of your social media impact that you can’t measure with cold, hard numbers. I mean, who can put a value on the screenshots taken of your posts, those real-world chit-chats sparked by your content, or the warm, fuzzy sentiment from your fans? Not everything that counts can be counted, right?
So, there you have it! Social media R.O.I. might feel like a dragon to be slayed, but with a dash of determination and a sprinkle of strategy, you’ll start seeing the payoff.
If you need help with your social media strategy or management, please give me a shout!