Measure ROI From Social – SEO Video
Welcome to this weeks video blog, in our second social media topic we discussing measuring ROI from social sources.
If you are thinking about beginning a social media campaign it is important to understand how you are going to measure what affects it will have on your business; ie how to effectively measure your ROI – return on investment. You want to be able to track and measure to see if it cost effective for your business. Watch the video for our 3 top tips.
Traditionally the impact of social media upon sales has been measured via the amount of likes and followers a campaign has, or by the amount of customer engagement that occurs via their social profiles. These metrics, though useful, do not directly relate to an increase in sales.
Though these factors may, and probably would have a positive effect on your business, it is very hard to measure and to report accurately.
Thankfully, through advances in measuring tools, especially Google Analytics, it is easier to now determine the exact influence of social media on your website goals.
So here are our top ways to measure ROI………….
Utilising Google analytics
As long as you have an analytics tracking code on your website, it will show you the effect of social media on your site. You can directly track how many visits have been referred through from your campaigns, and the interactions they have made on your website.
Utilising The Top Conversions Path
This is a brilliant new feature in analytics that directly shows you the impact on social media referrals in the completion of a goal. Therefore, if a customer found your company through your social media pages, but didn’t actually buy a product on your site until later on, this would still show ‘social’ as a conversion path into the completion of that sale.
Despite the difficulty in quantifying the effect of interaction and engagement from followers on your social pages, this does not mean that these are not effective metrics in assessing the success of your campaigns.
Building a fan base that is loyal and regularly interacts will build your brand awareness and will lead to increased sales, even if the sale is not in the immediate future. The old cliché ‘People buy from people’ is one of social media’s biggest strengths.
We have also found that return on investment can be easily measured & enhanced by utilising an ecommerce platform like Magento, as it has the capabilities to create ‘cart price rules’ which can be used to reward your ‘social’ customers.
In essence, once you have your audience & they are engaged with your brand, you will need to use the techniques above to measure the success & ROI of your campaign. For some campaigns this might not always be an immediate return, but an increase in your brand awareness.