Similar to all other channels of marketing, regular reviews of social media campaigns are necessary to evaluate the return on investment (ROI). We often get requests for the best ways to measure the ROIs on social media activities. The following is a quick run-down.
Measurable actions
Social media campaigns can have many measurable actions, from questionnaires to giveaways to downloads. These actions create a trigger point which starts the process of discovering what your campaign investment is earning.
Tracking the conversions
Conversions are where the gold lies. It’s not just about the sale that’s been made. It’s about the data that’s been gathered allowing a clear picture of what strategies are most successful. Once you can start making evidence-based decisions around what works, you’ll be able to decrease the cost of conversion for campaigns.
Assign a value to conversions
Having analysed the data you’ll be able to apply some calculations giving you some figures around what your conversions are costing you.
Measure benefits
Make a list of traffic and conversions per channel using your analytics.
Determine cost
Add the total of all cost for each campaign by channel such as labour costs, account fees etc. Any cost required to deliver the campaign.
Analyse and improve
By assessing your channels strategically over time you can discover how to get the most for your marketing dollar.
This terrific infographic on QuickSprout by Neil Patel steps through the process.
