So, you might be thinking about measuring your ROI; which is also known as return on investment but not to mention, it is quite difficult in some cases. If you think that measuring return on investment is just like when you measure traditional advertising returns, you are not right. It is entirely different when it is about social media investment. Unlike traditional ROI, the social media ROI is different to measure, and it also takes much longer to show its results. These results are often long term and provide benefits for years!
Well, one method is of ppc, pay per clicks which can be done easily by measuring the number of online visitors you get from different sources like social media channels and search engine results. Converting your sales ROI is a little bit different, and the data that is based on a sales report sometimes differ from the original measurements. This is because the first and last click of the customer might be measured, and both measurements are different. The time is taken by a customer to think whether he should make a purchase or not should be considered important for measuring sales ROI. Well, if you measure sales using social media channels, the rates are even more different. The most important thing, in this case, is the user engagement and time spent on clicking. You can encourage your customers to click your ads and your posts on social media to improve your ROI.
That is the main reason ROI is higher for your loyal customers and potential buyers than those who are just your online visitors and followers for your social media profiles. When it comes to social media marketing like Facebook or Twitter marketing, you can track individual ROI separately and find out sales that come from a particular customer. Facebook allows you to target your audience and measure ROI depending on many factors. You can track your sales, your income, and your expenses in the form of ads and paid campaigns.
How is ROI measured correctly?
The ROI on social media is a measure by measuring the rate of your followers engagement on your profile. More clicks mean more ROI and this is also true when customers share your posts and your content on their social media accounts and other online websites or blogs. The basic cost of getting a customer cannot be measured in terms of money separately as you do not know how many consumers you will get by spending on one Facebook ad or Google paid ads. The key thing that matters here is the level of engagement by your followers. There are various social media tools that could help you in measuring your ROI for any of your social media channels. Many software and apps are available in the market; some are offered free of cost whereas some might cost you a little money. You can take advantage of these apps for measuring your ROI in better ways.
In order to make sure that your social media ROI is going great, you can track your online progress in many ways. Some of these are discussed here;
- Link back your social media ROI to original goals of your organization
- Use social media ROI measuring tools for measuring your success online
- Create analytics reports for measuring your social media ROI
- Update your ROI goals consistently and measure the improvements precisely
Here are some of the popular apps and software for measuring your social media ROI that can help you in better ways. Check out these apps and choose any one of these which suits your organization or your brand according to your requirements.
Social media reports
If you want to measure the number of visitors who visit your website using different online channels, you can take help of Google Analytics. These Google reports can help you understand how traffic is generated towards your website or your blog. The main thing to consider here is that the presence of an active blog and a website is crucial as without having these, you cannot create these reports.
By using this ROI measurement tool, you can track your every activity on the internet. This app shortens the link and shows you the activities of your audience as well as activities of your related brands and relevant content. You can also collaborate your Bitly app with other social media trackers so this means that you could use Bitly individually or use it by linking it with other ROI apps.
Among the ROI measurement tools, Buffer is a tool that holds a good reputation. You can sign up for Buffer account and let it post to your social media channels according to a set schedule. You can have a look at the dashboard given by Buffer and measure the metrics related to your every post and content that you share. You can also improve the results by linking UTM parameters to check out your traffic metrics in Google Analytics.
You can track your Twitter, Instagram and Facebook ROI using this wonderful tracking tool. It can provide you exact measurements related to HashTags or particular set of keywords. It can provide you quick and exact results, and you can trust the reliability of this tool as many social media experts suggest this tool for measuring your ROI.
Another tool for measuring your social media ROI is to use TweetReach. You can track the popularity of your Twitter post or any conversation using this beneficial tool. You just need to enter relevant HashTags or keywords in this app, and it will tell you reach of all related posts and conversations. If you own a Twitter account for promoting your online brand, this tool can be the best thing for measuring your ROI.
Well, measuring social media ROI is not a simple thing and for beginners, it might be a little bit difficult task but by using above tools, you can measure it easily. Sometimes the results are different from reality due to many factors but an idea can be derived from the measurements so that you could know whether your social media marketing campaign is going great or not!