Measuring Social Media Marketing ROI

When you're spending resources like time & money on something, it's natural to want to know the return on investment (ROI) you're receiving. Often people don't know how to track this in terms of social media marketing. Essentially revenue is the ultimate indicator of social media marketing success. However, depending on your sales cycle, it can be months before you close new customers from a social media campaign. In the interim, it is important to use leading indicators of success. Here are our top 4 indicators:

1. Brand Awareness

Your number of follows = the amount of possible exposure. Just as the amount of engagement (likes, follows, shares) = spreading awareness. Ensure you have a business profile set up and keep an eye on those analytics. These metrics will give you so much information to use towards your next strategy.

2. Customer Satisfaction

Online reviews are super important! A group opinion has the power to change a potential customers mind (more on this soon). No matter if it's good or bad, always respond to your reviews. For more on tapping into the mind of your customers, check out our post here: https://bit.ly/3v5lOgU.

3. Gaining New Customers

Don't neglect your Google My Business account. Statistics on how many people asked for your business directions on Maps and the number of calls are directly related to the number of people that seriously want to do business with you! Ensure all your information is relevant to where you're currently at in your journey and everything is up to date - Phone number, address, hours, about me, photos.

4. Brand Loyalty

Your loyal customers are the ones that constantly engage with your brand, thus allowing for better rankings and, inevitably, reach. There's a simple equation to see if the numbers are where you want them to be: Engagement rate % = # of likes / # followers x 100.

At the end of the day, you need to ensure that your business goals align with your social media goals. For example, if your main goal is to use social media for listening purposes only, your ROI would be the amount of information you've managed to collect and forward to your correct department.

PS. Competitor benchmarking is a good idea too!

If this gives you anxiety, get in touch & we'll guide you through it all, or better yet, we'll take your social media marketing completely off your shoulders!