How to measure social media ROI (return on investment)
Are you working your social media for your business/brand and you can't seem to understand if your time and efforts are worth the "struggle?" Let me show you how to ACTUALLY analyze social media ROI (return on investment).
A lot of the time we get hung up on vanity metrics to gauge our social media ROI. Although vanity metrics make us feel good and look pretty they don't often show the true ROI of our social media efforts. Let me break it down for ya...
Vanity Metrics < Conversion Metrics (or to some, actual metrics)
Conversion (Actual) Metrics: These include reach, impressions, link clicks, saves, engagement rates, etc.
Vanity Metrics: These include follower count, likes and comments.
To understand which metrics you should be monitoring, you have to understand what your desired business outcomes or goals are. Then, you can properly set up a social media strategy that compliments those outcomes. Each business goal/outcome should be correlated with a soial media goal/metric. By doing this it gives you a better overview of how to manage your own expectations when it comes to your social media strategy and properly measure the ROI from your efforts.
For example, say your desired business outcome is to increase your customer service. Your social media ROI metrics to watch are engagement rates, response rates and direct messages. Maybe your desired business outcome is to increase traffic to your website. Your social media ROI metric to watch is link clicks. Get it? Each business objective is matched with a proper metric and strategy...not just how many followers you have.
If social media seems overwhelming to you, that is okay - and why I am here! Head to my services page and pick out a package level that suits your needs and we can start to turn your visions into realities!