The Ultimate Guide to Measuring ROI in Social Media
Updated: Aug 9, 2022
Do you know how your social media is helping your brand? Are you aware of how Twitter and Facebook are directly impacting your brand’s awareness? Businesses want to know the ‘accountability’ of their social media strategy and yet struggle in measuring ROI in social media. Yet, there isn’t a single-cut answer to achieving the impact social media directly has.
Social media is similar to traditional marketing efforts. If your business posted a full-page print in a magazine, how would you measure the amount of impression it had on sales? You may have an increase of sale enquires and website traffic while that print was running, but what about the people that ad left an impression on? The ones who refer back to ‘that brand I saw in that magazine that one time’ customers?
Here is the ultimate guide to measuring ROI in social media to understand what’s working and what isn’t.
Measuring ROI in Social Media: Key Metrics
Exposure: Exposure allows you to know how many people your posts could potentially reach.
Engagement: How many people did something with your message? How many people cared enough to do something about it.
Exposure: How many Twitter followers do you have? How many accounts retweet your posts? How many followers do these Twitter accounts have?
Engagement: How many times were your shared links clicked on? How many times were you retweeted? How many times was your campaign hashtag used? How many people directly engaged with your brand?
Exposure: How many Facebook fans have liked your brand’s page? How many commented or liked your brand posts? Identify how many people your posts could have potentially reached; Facebook Insights provide value here.
Engagement: How many times were your shared links clicked on? How many times were your Facebook posts liked and commented on? How many direct messages and wall posts, directly in respondent to your campaign, did you receive?
Exposure: How many views on each video, over a period of time, is your brand receiving? How many new subscribers to your YouTube channel?
Engagement: How many comments do you receive on your videos? How many times is your video rated? How many newly subscribers do you have? How many times is your video shared?
Exposure: How many visitors view your new content over a period of time? Is the number of visitors to your old and new posts increasing?
Engagement: How many news comments on your blog posts do you have? How many newly subscribers do you have? How many times was your blog post shared? On what social channels was the blog posts shared? How many comments on third-party blogs resulted in traffic to your website?
Exposure: How many newly acquired email addresses do you have on your distribution list? How many received the emails that you have been distributing?
Engagement: How many people opened and clicked on your email campaign? How many people shared your email? On what channel was the email shared? How many new subscriptions were generated?
To measure the influence is a subjective metric that relies on your own company’s perspective. Look at the engagement metrics listed above: were the engagements positive, neutral or negative? Did your company influence any positive vibes? Was your content picked up by any influencers with a large audience?
You should be spending your time engaging with influential users as well as your average social media user. Tools are available to track the influence you have with content but they are not free.
Track Your Social Measurements
It goes without saying that should be tracking these measurements. Depending on your company’s goals, depends on how often you should measure your successes. A smaller company may want to track their measurements monthly, whereas a larger organization will want to track measurements daily.
To track your social measurements you should build a dashboard in Excel or Google docs that highlights the key metrics which matter to your business. By tracking this data, you will be able to track progress in your efforts and determine room for progress.