It’s always been tricky to track and measure the ROI of social media efforts.The most difficult part is choosing what is most important to analyze & how that translates to your real life business. Here are 3 things that you can realistically do:
Analyze Referrals and Traffic
A quick review in Google Analytics (Acquisition > All Traffic > Referrals) of referral sources to your website will show you exactly where website visitors are coming from. Referral from these sites may look familiar:
After reviewing this, take some time to analyze whether the outcome matches up to the time and efforts spent on the corresponding social network. If you log hours in Pinterest but don’t see a return, it might be time to cut back. If you’re getting good traffic from Facebook without really trying, it would be beneficial to focus your efforts.
Track Engagement and Audience Reach
How many fans/followers (and potential customers) do your social profiles reach? The Facebook Page Barometer gives a good estimate of social engagement metrics that you can keep track of and work on. Luckily, Facebook not only shows the amount of Likes, but growth over a certain amount of time, Reach, and Engagement (via Likes, Comments, Shares and Clicks).
Quantifying Actual Business from Social Channels
Numbers, spreadsheets, and graphs look great but clicks, calls, leads and conversions are what really matters. While they are perfect for your boss or client, it doesn’t really help if you don’t see anything from social media translate into real life.
This is where a loyalty program comes in handy. Launch and track different campaigns based on specific social media sites, such as coupons exclusively for Facebook users, deep discounts for Yelp check-ins, or freebies for a Twitter scavenger hunt. There are many creative but useful ways to track just how effective your social media campaigns are.
Need a Helping Hand?
Looking to take your social media campaigns to the next level? We hope that these tips help you get started. Contact us and join us on Facebook for new social media ideas.