Measuring ROI on Social Media

Tue 27 Feb 2018 - posted by Jake Hall

Quick Wins to help define Social Media ROI:

Firstly, let us start with the reasons behind why to use Social Media platforms and how they can help be a driving force for your business:

  1. Protecting your reputation
  2. Building Brand awareness & Loyalty
  3. Retaining and Satisfying customers
  4. Directly Earning or Saving Revenue

There is zero point in creating content for just vanity metrics with shares, likes and comments. This content needs to be tracked and shown that it has value and is an investment well made. Social media mixed with other pieces of software does create a powerful tool for tracking and understanding the return of investment. The age of accountability is upon us.

Quantifying this investment is exceptionally tricky, with the journey of the customer going through so many channels whether that be, online like an app or a web form or offline like the customer going straight to the shop and buying the product. That is where an agency can help with creating these KPI’s and help with the tracking using specific software tools and strategies.

By putting systems in places to track ROI you can:

  1. Understand the effectiveness of your social media efforts and adjust what isn’t working.
  2. Prove the value of social media within the company.
  3. Demonstrate how social media can impact all departments including sales, HR, Operations and PR.
  4. Understand and measure brand reputation and gain control of that conversation.
  5. Prove to executives the value of budgeting for social media efforts.

 

Creating a social media audit:

This can be key to help you understand which channels are relevant to your client base and type of persona you are looking to target. An audit will help you:

  1. Develop or adjust a social media strategy that aligns to specific, actionable business objectives and goals
  2. Discover trends you can use to create or modify social media campaigns
  3. Receive valuable insight into customer sentiment and perception of your brand.
  4. Provide executives and your team a look into what is or is not working, so you can manage and justify social spend.

 

What to track in your social media audit:

  1. Your owned social channels
  2. The internal owners of those channels – who has access, who has passwords
  3. Number of followers -
  4. Non-owned channels for legal usage – are there channels illegally using brand
  5. Profile consistency – are all icons, avatars on brand, tone and voice the same on all channels.
  6. Content Performance

 

Additional Metrics to Track:

  1. Best and Worst performing posts
  2. Posts with most engagement
  3. Post frequency
  4. Content with the best & worst performance
  5. Publish times of posts with best engagement
  6. Video views
  7. Click-through content
  8. Post reach and impressions
  9. Number of Twitter mentions
  10. Effective keywords
  11. Response rate
  12. Sentiment

 

Apart from using the native platforms reporting tools, we would recommend that you look to try and centralise this with just one platform. Interdirect recommend HubSpot as that centralised tool that can incorporate multiple social media platforms into one system and extract that data into one report for you to work with. For further information please take a look at the https://www.hubspot.com/products/marketing/social-inbox  

If you have any further questions or enquiries then please get in touch with Interdirect via 0345 121 5566 or email enquiries@interdirect.co.uk

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