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 5 Ways to Measure Your Social Media ROI

5 Ways to Measure Your Social Media ROI

Social media has become one of the top most channels for marketing that it is high time to start measuring social media ROI and seize all the insights to work better. Since social media is said to be volatile, measuring through traditional methods wouldn’t work. So, you need to choose the reliable and perfect ways to keep your social media activities on track and win more bucks.

Keep a check on the social media expenditure: As many social media channels are free, most people think that social media for business can also be done for free. BUT, what about the time being spent by the resources? Does it cost you nothing? Time has value and time spent on social media channels obviously has great value. Calculate how much each resource could cost you for one hour and check the number of hours the resources are spending. We anyways cannot leave the money spent for pro accounts or enterprise accounts for all the social media channels. Take it all into account.
Know the value of your customers: There are many people who do not realize the value of customers. Do not be one amongst them. If you get to know how valuable the customers are, you can make great marketing decisions and do more relevant social media activities. The more you engage, the higher the chances for your content to be shared. Customer sharing your content on the social web is more reliable than the word of mouth. Social media is a great channel for customer acquisition but it works the best with customer retention. So count the number of people who are sharing your content, liking it and following your pages.
Calculate the value of social media channel: Every social media channel you have been using has it s own value. LinkedIn, twitter, facebook, pinterest, everything is different from each other. They have their own weightings. So when you are calculating your ROI, you need to keep in account the importance of each channel in your business and count accordingly.
You can measure the entire journey of your click: If a person clicks on the link of any social media content of you social networks, trace the entire path of the click. The entire navigation of person throughout the website and if any other clicks or conversions or any other actions in specific.
Have macro and micro goals for social media channels: Every social media channel should achieve a goal be it in a day or a week or a month or a year. Do not brood over just the likes, follows, mentions etc. have greater targets like leads and conversions. Once you have optimum leads in your pipeline you can craft plans to for sending eNewsletters Once recipients get accustomed with emails, they can be converted into deals by processing them through sales.
No matter what your objectives are for year 2013, measuring social media should be a must foa ny business enterprise. Do not go bonkers over what cannot be tracked. Try out ways which can be easily tracked and analyzed.