There are many who think that measuring your returns on social media is not such an easy task. Probably, because there are innumerable data involved in it, and judging each and every one with accuracy can turn out to be a troublesome task. In fact, an independent study showcased that on an average
- 30% companies said they have unreliable data
- 38% admitted for poor tools
- 35% were inconsistent and lacked analytical approach while
- 58% had the inability to integrate social media with the outcomes of their business
With this, it must be noted that measuring social media ROI does not have to impossible, especially when you have credible media monitoring platform. So, to help you have a perfect approach towards it, this article will explain everything that you wanted to know about return on investment from social media.
Social Media ROI- What is it?
Without a doubt, the true meaning of social media ROI is based on the marketing goals that you have, and a reputed provider of business intelligence solution can help you gain the maximum information about big data analytics ROI. However, it can be simply defined as the revenue or results that your company gets back from money, time and other resources that you have invested on the marketing.
Why Measure Social Media ROI?
There is not one but many reasons that emphasize on the importance of measuring your social media ROI and these are:
- Understand those specific areas that require efforts and improve them accordingly
- Determine the appropriate social media channels that offer highest revenue and thus work to be a form of asset for your company
- Know how the specific changes brought to the campaign have an impact (positive or negative) on your marketing goals.
Let’s say you are running a campaign on a leading social networking platform, and you never examined the progress from the same in terms of what type of customers the marketing has attracted, conversions to sales and whether they are in a long-term relationship. This is exactly what you do when you are not measuring social media ROI.
How To Measure and Track Social Media Goals?
Plan, precision and certified steps combined with exceptional tools are more than enough to measure and track your social media goals. Because at the end of the day, it is your strategies and call-to-action that will make you stand apart from the crowd.
So, to make the most of intangible benefits offered by social media you need to understand what your goals are, measure the ROI, trace your growth and then take the desired steps according to that.