Social Media ROI – Are You Successful?
For many companies, it’s difficult to justify spending through Social Media marketing channels. Tracking can be more complicated than that of traditional sources. However, we may just be looking at the wrong KPI’s to determine our actual ROI. At SMX West 2012, “ Justifying The Investment: Analytics For Social Media”, the importance of establishing the “correct” goals was discussed.
Courtney Seiter, Community Manager at Raven Tools did a great job of outlining tips that we should understand before beginning any social media campaign. They are as follows:
- How to align social metrics
- Break down of data
Studies show that only 19% of marketers are able to measure ROI from social media marketing campaigns. That being said, we first need to make sure that we establish solid goals. Below are a few examples of those:
- Brand Sentiment
Once goals have been established, we need to align social metrics with goals. So for example, if brand sentiment is a goal, you may be measuring number positive reviews generated, number of mentions, volume of posts, etc. Get very specific in terms of KPI’s.
Lastly, break the information down as much as possible:
- Time period
Make sure to implement event tracking and campaign variables in Google Analytics to be able to truly track your campaigns.
All in all, not everyone will have the same goals for all social media campaigns. It’s crucial to know what you are trying to achieve before you begin participating through the social media channels. Only then will you be able to really asses the true ROI for your social media efforts.
- Courtney Seiter, Community Manager, Raven Tools
- Monique Pouget, Sr. SEO & Social Media Strategist, Thunder SEO
- Merry Moud, Account Manager, aimClear
- Tami Dalley, VP of Analytics & Insights, Buddy Media
Contributed by Zulema Romero, Director of Client Services