Social Media Marketing, like any marketing campaign, requires a strategic approach, sharpened by specific goals and tempered by careful measurement of ROI. Depending on what your specific Social Media Marketing goals are, your definition of ROI will change. Regardless, it’s important to know exactly what your Social Media Marketing dollars are accomplishing in terms of valuable traffic-to-customer conversion.
Let’s pause here for a quick note of caution. It’s important to avoid basing your ROI measurements on vanity-metrics such as Likes or Followers. Unless the Likes and Followers are converting to customers, it’s difficult to pin a dollar sign to these metrics.
First, we need to define our goals. Perhaps one or more of the following possibilities constitute our Social Media Marketing goal:
• New followers
• Clicks on a specific link
• Time spent on specific pages
• Email list sign-ups
• Contact form inquiries
• Downloads of a specific document or resource
Social Media Marketing, like any marketing campaign, requires a strategic approach, sharpened by specific goals and tempered by careful measurement of ROI. Depending on what your specific Social Media Marketing goals are, your definition of ROI will change.
Again, we are focused on casual browsers converting to prospects - and, ideally, customers - by means of a specific action. This is where tracking specific campaigns comes in handy. Campaigns are inherently specific, measurable and trackable. We set the goal, design the campaign, measure the actions of our visitors, and track the impact on our business!
Campaigns allow you to track individual URLs shared over social media channels. There are many tools available for creating campaign URLs (UTMs) and tracking the results by means of these UTMs. These tools will allow you to run detailed analytics on individual campaigns as easily as you do with overall website statistics.
Thanks to campaign-specific URLs and robust analytical reporting, we can now track the impact of our Social Media Marketing expenditures on measurable results - assigning exact expense figures to each conversion we achieve by means of social media campaigns!
One final word on a less tangible aspect of Social Media Marketing…
Numbers, data and analytics are all great and play an important role in Social Media Marketing ROI calculation, but remember, social media is about making connections, building relationships and creating brand awareness by means of networking, Likes, Retweets and cultivating a following.
Don’t underestimate the power of social media, even when it may be difficult to assign a dollar figure to such intangibles. Brand exposure, loyal followers and social media influencers are priceless, not worthless. Contact Market Momentum today to get started with your own strategic, measurable and impactful Social Media Marketing plan!