Why You’re Not Seeing A Return On Investment On Social Media
Monday, September 15th, 2014
Ever since the inception of social media and it’s use by businesses, the age old question has been how do I get a return on my investment.
There’s no question that your social media plan will take time and a dedicated team to build and execute, it’s a significant investment, but how do you know that the investment you’re making is worthwhile?
If you’re engaged in social media and not measuring it, you’re losing valuable insight into how your customer interacts with your brand.
Measurement goes well beyond just putting analytics on your site to see how many people are coming to your site at any given time. You need to be measuring a handful of key data points that will be critical to determining if all that effort you’re putting in to create a valuable social presence is actually converting to new business. Start with these key touchtones:
1.) Tracking links for all posts: Anytime you are posting a link back to your website on your social networks, make sure you can see exactly who clicked on it and what they did after they arrived at your site. If you don’t know this, you’ll be stuck in the mud.
2.) Measure engagement: Almost all social platforms now give you the ability to measure engagement on your posts. The best at doing this is Facebook. The largest social network online gives businesses the ability to monitor engagement on every post and tweak messaging based on these results.
3.) Conversions: Your social posts should be converting for you and if they’re not, something is wrong. If you can’t measure whether your social media plan is converting into business for your company, you’ll never know what your ROI is on these campaigns.
4.) Measure campaigns: One of the many mistakes that businesses make in doing social media is to just put up one post after the other with no real direction or cohesiveness. Campaigns should be carried out across all of your social channels and measured individually (by post) and collectively to understand how they are working for you.
One of the most amazing things about digital marketing is that everything is measurable. Each click, like, tweet and hashtag can be dissected into useable data sets to help determine the direction your business is going. If you’re not taking advantage of these data points, you’ll never know if what you’re doing is working.
If you need help with any of this, please let us know and we can help take your social media plan from zero to lead conversion machine.
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