Social media is an essential marketing channel, alongside the more conventional methods such as newspapers or broadcasting. Businesses realize the importance of establishing an online “home” on social networks. Examples of social media networks / resources include Facebook, Twitter, and LinkedIn.
The trouble with many firms is they don’t know where their customers come from, indeed some might just ask their clients how they heard of the company in question. When entering the social media space for the first time, most companies spend a lot of money on their new social media campaign. What happens if they don’t track how or when they get visitors via these social media outlets? The answer is simple: they have no way of knowing which campaign has worked the best!
Does any (or all) of your new business comes via social media? If so, how well are you tracking your campaigns? The following guide will help you track your ROI on the social media campaigns you run.
What are your business goals?
The first thing you need to do is think about why you run these social media campaigns. Are you aiming just to get more “Likes”, or more followers on your profile? Do you want people to visit your website? And, if you do, is your goal to have them buy products from you?
As you can imagine, businesses run social media campaigns for many different reasons. Of course, the ultimate goal is to generate more revenue but, the way that you do this via social media can differ. That’s why it is crucial you track which campaigns work the best.
Vanity metrics are one thing, but what if those new likes or followers don’t convert into paying customers? Your ROI could end up becoming a big fat zero! Before you start setting up social media campaigns, make sure you have well-defined goals.
What should you be tracking?
There are different metrics that you can analyse to measure your ROI. You might wish to measure things like:
- How many people you reach;
- How much traffic your site generates from social media visitors;
- The number of people that sign up for newsletters;
- The amount of visitors that convert into paying customers; and
- How much money your social media visitors make you.
Each business will have different goals in mind. When you start a new social media campaign, tie your metrics to the goals you wish to achieve.
What are the best ways to track social media campaigns?
The answer is simple: analytics. You will need to use a variety of tools to help you measure the success of each campaign. Some people assume they should just use one tool alone. In reality, that’s a bad idea!
The analytics tools that you use will depend on the campaigns you run, and also which metrics you wish to measure. For instance, let’s say that your goal is to have people visit a la