Many are the marketers who struggle with measuring the monetary value deriving from social media marketing. You may be in this case too.
Also Read: Social Media ROI: The Bad, The Good And The Ugly
Engagement and awareness are good, but proving social media efforts really contributes to the bottom line of your company is not exactly easy. It’s true, how much a ‘Like’ on Facebook is worth? Hard to say.
You can’t sell directly through social networks, not yet. Facebook and Twitter will probably make the move over the course of the year, but for now you have no hard data available, even though you know you can’t afford to disregard social media. Knowing the exact contribution of your presence on Facebook, Twitter and all the others is still nearly impossible, but ways to get a clear idea of the Return On Investment they provide do exist.
In the infographic below, the ever-awesome crew of Quick Sprout narrates the story of “Company X” and gives you some clues as to how to measure social media ROI. Follow the lead!
6 Steps To Measure Social Media ROI
- Set conversion goals (is it Reach, Traffic, Leads, Gain Customers? What are yours?)
- Track these goals – use online tools and platforms insights
- Assign monetary value – without this you cannot measure ROI
- Measure total benefit by channel – this will help you identify the best platforms
- Determine total cost – how much did you spend overall, including man hours?
- Analyse, understand and improve – ROI is the return percentage on your investment cost
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