Measuring ROI is one of the most important yet also the most challenging aspects of social media marketing. Here’s how you can streamline the process of measuring the success of your social media efforts into five simple steps:
- Identify your key performance indicators (KPIs) – you can’t evaluate social media marketing effectiveness without a clear brand awareness goal. Specify the relevant metrics you’ll use to evaluate your strategy based on your goals.
- Align your social media goals with your business objectives – break down your goals into smaller goals. Then find the business objective that best matches each of those smaller goals e.g. if your business objective is brand awareness, your social media goal can be increase brand mentions by XX percent.
- Set up Google Analytics to track conversions – use Google Analytics to set up trackable goals and monitor how often visitors complete the actions you’ve preset.
- Assign values to your KPIs – assign a monetary value to each KPI such as lifetime value, average sale, PPC valuation, etc.
- Benchmark against your competitors – compare your social media strategy with that of your competitors. Use the findings to identify ways to improve your strategy.