Is Social ROI Measurable?

Is-social-media-roi-measurableIs social ROI measurable?  YES! The stigma surrounding social media marketing is that your success (or failure) cannot be measured and this is simply not true. The truth of the matter is that businesses are on social media for all kinds of reasons and what you measure depends on what you’re trying to achieve…but regardless, you usually CAN measure it!

For instance, say you are a small to medium business with a limited budget and you want to expand your reach in the local marketplace. You simply want to get your message in front of more people. In this case, simple things like growing your fan base and increasing your number shared posts might be top priorities and both these metrics are certainly measurable.

If your goal is more along the lines of nurturing existing relationships and really connecting with your customers, you would place more weight on your PTAT (People Talking About This) stat and your Engagement Rate on Facebook, which you should be paying attention to regardless of goals.  These simple stats give you a snapshot of how many people find your content/posts engaging enough to interact with you.

Maybe your goal with social media is to drive more traffic to your website. In this case, you can use simple Google Analytics metrics to determine which social networks are producing the most hits for you.  To take it a step further, maybe you’re simply trying to deliver more visitors to a specific landing page that is setup to capture leads.  There are a number of ways to track hits to a landing page depending on how you set it up.  And with the right tools, you certainly could measure how many new lead submissions were made on those landing pages as a result of social media.

Now, you’re probably asking, “Ok, but how do I do all that and how exactly is this proving ROI?” Good question.

To truly determine Social ROI in monetary terms, you’ll need to co-mingle the two worlds of your social media and website metrics with your CRM (Customer Relationship Manager). Allow your social efforts to capture the leads and deliver website hits, lead page visits, email address submissions, etc. Then let your CRM tell you what converted to a sale.  Hubspot is a great software that allows you to do this. It’s an all-inclusive automated marketing suite that will make your job a whole lot easier.

If you don’t have a CRM, can’t afford Hubspot or need a free solution, you can rely heavily on Google Analytics, tracking pixels on Facebook and Google’s URL Builder to track marketing campaigns by URL. With a good strategy in place, you will be able to draw educated conclusions about your social media efforts and understand what network or post increased your bottom line.  You may not have an exact figure down to the penny, but these tools will give you enough data to determine if your social media presence is making a difference and growing your revenue.

Sprout Social is another phenomenal software that will help you manage your social communities and provide awesome social analytics, but it won’t close the loop for you like Hubspot. It isn’t free, but is affordable. There are all kinds of social media management softwares out there like this, but we love and recommend Sprout Social based on our experience. Their analytic reports are just unbeatable!

So don’t let the measurement of ROI deter you from getting social. We can help you figure out what to measure and how to do it….Just click the Get Started! button below!

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