More and more businesses are recognizing the value of social media marketing campaigns, but may not know exactly how to measure social media’s return on investment (ROI). To find information that is meaningful to your company, here are some social media metrics you should be aware of.
To really see the ROI for your social media marketing efforts, set a control group of people who have had no social media interaction with your company. Compare results to people in your social media channels on factors like conversion rates and retention rates to see just how your money and time has paid off.
Measure how many customer complaints have been dealt with over social media networks. Preventing someone from cancelling your service or returning your product over social media should be an invaluable part of your marketing strategy.
Remember to measure not only your volume of social media followers, but also your customer conversion rate. Social media dashboard HootSuite allows you to track results including visits to your website and number of page views. They’ve integrated with Google Analytics, allowing you to see the volume of hits to your site coming from HootSuite.
Timing can mean everything for your social media efforts. Set an experiment for your social media updates at different times throughout the day to determine when your target market is most likely to respond. Once you’ve determined that time, schedule all your social media activities to those times for maximum exposure.
The only way to find out how your time and money spent on social media marketing is paying off is through metrics. If you’re not happy with your ROI, see if there are social networks that are not bringing in returns, in which case it may be best to eliminate them from your marketing strategy.