In Marketing with Social Media, we broke down the basic ways you can produce a well-crafted social media campaign that results in the ultimate goal: skyrocketing revenue with no sign of stopping. Step #5: Verify Your ROI. Well, seven months later, and the same advice applies.
It’s just business.
Which means it does deserve closer scrutiny. If you’re measuring ROI on any other business decision, then it only makes sense to do it for social media activities too. When in doubt about the benefits of social media marketing, you can’t go wrong by vindicating the true value of all that hard work and investment.
Mathy, but no mystery.
It might not be traditional, and maybe it’s still new to you, but measuring ROI on social media is by no means utterly cryptic––at least not to an expert. There are many ways to discover whether or not a social media campaign is working. Namely, the careful measurement of numerous factors and super-crafty strategies.
More to it than metrics.
Yes, metrics are important. They gauge vital stats, including shares, likes, reach and relevance. However, they are only some of the components involved with fully measuring ROI. Analytics is where it’s at. Complex? Sometimes. Comprehensive? Always. But set ‘em up, so you know when your social media knocks ‘em out.
Begin with your baseline.
First, we determine exactly what ROI means to you, whether it’s visits, downloads, registrations or sales. Since not all activity is created equal, we’ll slap the term “key performance indicators” (KPIs) on the most important ones and see how you’re doing so far. Following a social media push, we track the changes to your KPIs. That’s where we start measuring the success of your efforts.
Let your lifecycle linger.
As your social media campaign progresses, we’ll see that the traffic you’re driving results in a sustained lift. Specifically, that the success of your campaign results in continued success––a higher new baseline from which we can grow your ROI in the future.
We’re all in this together.
Larger brands and multi-faceted campaigns call for the cooperation of different traffic drivers. Pinpoint the channels with the highest conversion rates and revenue potential. Then use this invaluable data to validate your social media efforts and help plot lucrative future promotions.
Not simple. Simply necessary.
That’s why you need a specialist who can implement precise social media ROI reporting. To find out if your social media is achieving its full profit potential, email Lynn Kaniper at lkaniper@danacommunications.com.
