What Does Social Media ROI Look Like?
Social media ROI is what you get back from all the time, effort, and resources you commit to social!
there are no dollar signs dangling from retweets or likes. Twitter, Facebook, and others are no-cost marketing channels to join, potentially a zero-dollar investment .
So first things first: What do you want to achieve?What is your overarching goal with social media? And how can you specify the right actions that meet this goal?
Then, how much are these actions worth to you?
Step one: Choose a goal
A few of ideas like:
- New followers
- Clicks on link in update
- Online purchases
- Filled out contact form
- Signups for newsletter
- Downloads of .PDF file
- Time spent on important webpage
Step two: Track your goal
Choose one or more of the above conversion goals, and start tracking. You can use:- Facebook Insight
- Google Analytics
- Twitter Web Analytics
- Youtube Analytics
- TwentyFeet
- StepRep
- Sproutsocial
Step three: Assign a monetary value
Once you’ve chosen a goal and tracked the actions, it’s time to tackle the dollars-and-cents side of ROI. There are several different methods to choose from here:- Lifetime value – How much do you earn on average from a customer?
- Lifetime value, multiplied by conversion rate – How much is each potential visit worth to you?
- Average sale – How much is the average purchase through your site?
- PPC costs – How much would you end up paying if you were to use ads to achieve the same social media actions?
More into at Social Media Pinterest Board
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