3 Tips To Determine Social Media ROI

Building and maintaining a presence on social media can be simple, but it’s not easy. Make sure your efforts pay off by measuring your success over time.

In this post, I’m sharing three tips you can use to track the right metrics and accurately evaluate how social media is actually making an impact on your business.

1. Set goals that make sense.

This one may be obvious to some. Still, I see a lot of businesses making the mistake of approaching social media as a sales tactic. People want to make a direct correlation between an individual social media post, and an increase in sales/conversions. But that’s not really how it works.

While it’s completely possible for companies to see an increase in sales when they’re using social media correctly, you definitely don’t want to make this your primary goal.

Social media should be used to increase brand awareness, build community and establish credibility. Focus on one of those three goals and then determine what you should be measuring along the way.

And, this probably goes without saying, but setting clear goals for your social media is essential. It’s pointless to put effort into any marketing activity, without having a clear goal in mind right from the start.

2. Track metrics that matter.

Of course, it’s important to track numbers that will help you identify the progress you’re making toward your social media goals. Additionally, you also want to know the numbers that allow you to see how the achievement of your social media goals is impacting your bottom line. Then, you’ll be able to get clear on the ROI.

If you don’t know all the right numbers you should be tracking, or how those metrics relate to one another, you won’t be able to track your ROI.

And doing social media without the ability to accurately measure the ROI is like heading out on a long road trip without navigation. Driving all over tarnation with no clear direction is a quick way to get stressed, lost and/or burnt out before you have any real fun/success.

3. Systems you can maintain.

The most effective approach to tracking and achieving success on social media is an approach that you can realistically maintain long-term.

It’s a common misconception that social media managers possess some superpower that can make things go “viral” or attract thousands of new fans and followers to an account overnight.

Unfortunately, no such superpower exists. Nobody can predict what content will go “viral” and it’s impossible to guarantee that a specific number of people will resonate with your posts enough to become followers right away.

That said, it all comes down to thinking about what you want to achieve with social media in the next month, quarter and year. Then, a social media manager can help you create content, manage your accounts and measure numbers that translate to your ROI. Their true “super power” is knowing and using the strategies and tools that will simplify the entire process and save you time.

A solid first step to take if you want to determine ROI for social media in your own business, is to put a systematic plan together. Include a clear set of manageable expectations, and outline the steps and recurring routines required to accomplish your goals. Then, decide which numbers you need to track along the way.

 


Need help taking that first step? Leave your questions below or grab this FREE Guide To Determining Social Media ROI in my Resource Library.