How do you measure the success of a social media strategy?
Measuring the success of a social media strategy is one of the toughest challenges business owners face. What does all the boosting, posting, liking, commenting, and following really do for your business?
1. Establish KPIs. Key performance indicators can include metrics like sales, followers, reach, and engagement.
2. Measure KPIs. Each week you should measure and report on the results from your KPIs.
3. Determine ROI. Translate KPIs into ROI. What value does each KPI have on your business?
Creating a social media strategy helps you answer the tough questions surrounding your activity on platforms like Facebook, Instagram, LinkedIn, Twitter, YouTube and Snapchat. By analyzing activity, a company can make adjustments to evaluate the benefits and improve their social media marketing performance.
Return on Investment. In order to calculate ROI on social media, you need to figure out return and investment.
Investment is easy. What are you paying your social media manager and what are you paying social media platforms?
Return should be based on key performance indicators like sales. Metrics like followers, reach, and engagement should be assigned a value as well. What's each new follower worth? What's the value of an impression?
Once you have values assigned for each KPI, divide by your investment and you'll have calculated ROI on social media.
We’ve seen the “free-for-all” before. We have been there ourselves. One group within a company will start to tinker with social media, then another group begins to make social media efforts…and then another.
These social media experiments start with a full head of steam. But with no real strategy, employees take the company’s message and marketing in several different directions at once. It’s a recipe for disaster.
That’s why you’re here. You don’t want to end up on this year’s social media fails list, and you want to implement a social media strategy with clear objectives and measurable goals. We can help with that.