How to Measure your Social Media ROI
Okay we all love Social Media right? Well I do. And when we start social media its fun to watch how many people like your page, how many fans you got, how many follower. To see how many retweets you are getting, how many people who are commenting on your Facebook posts. I admit it – I love that too.
But when all this is done – it’s all about sales. The social media has to fit into your overall marketing plan. We have to measure how well we are doing. If we don’t know that we can’t do it better. So lets me show you 5 ways to measure your Social Media ROI.
1) Measure your social media networks together AND separately. First you look at your Social Media altogether. But remember also to measure it separately. You might find only one or two of your social media are doing good. How much do you engage your customers on the social networks? How much traffic do they get? How many visits to you get to your website? How many sales do you get from the social media? Remember together AND separately.
2) Track visit-to-lead conversion. Where is the money. Many you get 1 million visits from twitter but its only the 150 visits from Linkedin that brings the sale to your company. How many lead generation are you getting? Is Twitter better than Facebook? How is Google+, Linkedin and Tumblr doing? When you are making your campaigns you will learn how many leads each social network can bring to your company. This will make you able to make better plans and yes – better ROI.
3) Track lead-to-customer conversion. Now you have your leads and the nest step is to convert theses leads to customer. You have to know from which social network your customers comes from. This can help you to allocate your marketing budget to optimize your sale.
4) Score leads and monitor the sales cycle. Score each social media. How long time does it take for people from reading your posts to make the sale. The sales cycle can be very different. Some social media has much shorter sales cycle than others. What can you do to shorten the sales cycle for social media leads.
5) Monitor site behaviors from your social media traffic. Get to know your customers. In a store you will watch how they are walking around in the shop. Do the same on your website. Listen to your customers by the way they act. Are the worrying about something, what are they checking before buying, what are their comments? If you can quickly show them the information they need you will shorten the sales cycle and you will get a higher ROI.
Social Media traffic is getting more and more important for more and more companies. If your company is not active on the social network and your competitors are you will loose leads and sale. When you are doing marketing in the REAL world, you will monitor how the ad is doing separately. When you are doing PPC online you will monitor them separately. So start monitor your social network and do it separately.
Enjoy your day