Number of people who filled in the “get more info” form Number of new customers / sales Reduction in support costs Number of minutes a day we are nice to customers Number of influential people who tweet something about us Number of influential blogs that linked to us Number of repeating, unique visitors Number of new customers / sales Number of people who used a specific coupon that is associated with this campaign Number of minutes a day we are nice to customers Number of features suggested by users that we actually implement Number of people in a specific location / demographic who follow us on twitter Number of new things we discovered about customers that we never knew before
Tracking- Which platform social referrals arise from What types of promotions on social media attract the most user activity What actions are taken by users on each landing page
Calculating social media ROI Social Media ROI = Revenue from social media – cost of social media marketing / cost of social media marketing
Quantitative data is generally numeric in nature and can be used in true scientific analysis, with sample sizes of statistical significance and results that are repeatable.
QUANTITATIVE - Qualitative data is based on observations, and it often takes the form of hypotheses that stem from smaller sample sizes than you'd normally need for a true scientific study. These hypotheses can then be tested using quantitative data.
Google Analytics: Track website traffic, on-site conversions, and sign-ups originating from social media campaigns. Salesforce: Add Salesforce tracking codes to the links you share on social networks. When paired with marketing automation software like Marketo, you’ll be able to track sales leads back to specific campaigns or social messages. Hootsuite Analytics Hootsuite offers a variety of analytics tools to help you track your reach, conversions and more
Measuring roi on digital spend
When it comes to social media marketing, there is perhaps no other topic that is
discussed more than determining and reporting return on investment, or ROI.
Marketers intuitively understand that building marketplace awareness is essential.
Obviously, your customers need to be aware of your brand, product or service in order to
buy it. But awareness and brand building aren’t enough. Businesses like retailers that
frequently have a presence both offline and online have numerous variables to factor
into ROI, such as point-of-sale information and online purchases. Capturing and
interpreting data from multiple, and sometimes disconnected, sources can add
additional layers of complication.
WHAT IS ROI
Return on investment (ROI) simply refers to the idea that something of
value has resulted from an investment of time, energy, or money. In
financial circles ROI usually is reduced to a formula.
ROI is calculated by simply subtracting the cost of an investment from
the proceeds received from the investment, divided by that same
ROI = Benefits - Costs x 100 = Percentage Return on the Investment Costs
MEASURING ROI IMPORTANT
Proving the value of social media to your organization’s overall goals and business
Allowing you to clearly see where efforts and resources are being used efficiently
Enabling you to evaluate where resources are being wasted, or not used as efficiently
Allowing you to recognize gaps in strategy, key messages, and content
Showing where your social media budget is being used most effectively, and showing
areas where it can be pulled back
DEFINE YOUR METRICS
Average engagement time
Online sales/donation volume
QUICK STEPS TO MEASURE ROI
So how do you align your social media efforts with your business goals?
Let us attempt to simplify the process into three steps:
1. Decide which metrics are important.
2. Measure the metrics.
3. Check your results against your goals.
1. DECIDE WHICH METRICS ARE
No campaign can work based on the overall strategy alone. For the
campaign to be meaningful and measurable, you need to break down your
big picture into smaller bite-sized goals. Each of these goals can be
measured using specific social media metrics like:
2. MEASURE THE METRICS
Nearly every metric is measurable if you adopt the right approach.
Tools- Most social media platforms offer some form of native analytics suite for
corporate account users (e.g., Facebook Insights and Twitter Analytics).
Tracking- The trick to tracking social media metrics effectively lies in identifying the
3. CHECK THE RESULTS OF YOUR
This is the final step, where we get the proof of the pudding. Compare the
results achieved against the goals laid out, and measure the surplus or
shortfall in numbers. ROI is a function of your marketing costs vs. the net
profits you generate from social media:
Define relevant success metrics that translate into a business context.
I. Quantitative - sales (obviously), new leads, new qualified subscribers
II. Qualitative - satisfaction, loyalty, authority, interaction, feedback .
Set campaign goals based on these metrics. Your return is successfully meeting or
exceeding these goals.
Implement campaign, review metrics and goals. Filter out channels and strategies
that don’t get good returns. Repeat.
If you’re measuring to the goal of protecting your reputation, you report online sentiment, Q-
scores, positive vs. negative articles ranking in search and the like. That’s your return.
If you’re measuring to the goal of building community, you report on size and scope of the
community. You can also report on how much the community spends vs. those not in the
community, so there can be some revenue discussion. But you report community metrics.
If you’re measuring public relations, you report on public relations measures like successful
messaging resonance, media relations hits, community partners engaged and so on. That’s
If you’re measuring to the goal of facilitating customer service, you report on things like cases
handled, solved, customer satisfaction and the like.
If you’re measuring to the goal of research and development, you look at new products or
features created. You can also then track and measure revenue derived from those new
products or features. Or even cost savings from conducting research and development in the
online space vs. outsourcing to a market research firm.
And if you’re measuring to the goal of sales or leads, you look at revenue in, conversions, sales,
SOCIAL MEDIA MEASUREMENT
Facebook Conversion Measurement
TOP REASONS TO MARKET ON
Brand awareness and top-of-mind recall