If you're a business owner using social media, and are still wondering if measuring social media return on investment (ROI) is important or not, then you need to take out some time to read this post.
With communication moving from behind closed doors to wide-open spaces of the cyberworld, it becomes important for businesses big and small to take a plunge into the social media pool, someday or the other. Social media lets you reach your target audience easily, helps you interact and share information with them, enhancing your social brand image. And when you're investing your money and time in social media, it becomes more important for you to measure your social media ROI as it would help you take better decisions and check - what's working for your brand, plan better marketing campaigns and invest properly. Need more reasons, then read along:
- Its ROI or nothing: No matter how good or bad your social media campaigns are doing, it is mandatory for you to measure your social media ROI as it helps you measure the success of your branding strategy.
- Valuable investment: Social media is a free investment for your business, you just need to take out sometime and work on it and in case, time is what you don't have you can outsource it or hire a social media strategist and get the best results.
- Makes you awesome: So your social media strategy is successful and your ROI is huge, just don't stop there! Keep on working on your social media and be awesome at what you do.
Wondering how to measure social media ROI? It's simple, you just need to monitor certain social metrics like Social connections, Social Page views, Video/SlideS hare views, Engagement rate, Facebook (Talking about this and reach), social chatter, Twitter retweet rates, Twitter impression reach, Social clicks, Chatter levels, Social-referred site traffic, Social-referred leads, Social-referred revenue and Media equivalent value - all the things you look at when you run banners or paid search or look at your site analytics.
Now that we all know that social media ROI is not that difficult tool to measure and understand. What I have next for you is an infographic brought to you by the InventHelp marketing team. Since most of the businesses invest quite a lot of money and time in Facebook and Twitter, this infographic is a Facebook and Twitter ROI help book.
Happy viewing!
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Nice Post..Something which many brands are actually confused with..
Social Media ROI = (Investment Return – Spend on Social Media) / Spend on Social Media