Most of you must have heard the term ‘social media ROI’. But what does it really mean? Broadly, social media ROI is the total of all the activities, efforts, investments and actions on social media that create value for your brand or business. This could be in the form of brand awareness, traffic to your website, sales through social media promotions, and of course, revenue.
Hi, I’m Cally, from the International Institute of Digital Marketing. Here are  4 Quick Steps To Define And Measure Social Media ROI For Your Business
1) Clear objectives
Aligning social media strategy to business objectives is imperative. If your social media marketing objectives are not set in line with your brand or business goals, what’s the point? If your business wants to increase revenue, but your social media campaigns are targeted at only generating audience engagement without any Call To Action (CTA), your social strategy is completely wrong.
2) Be SMART
a) Specific: Do not leave any space for ambiguity. Get as specific as possible.
b) Measurable: Ensure that you set goals that you are able to measure. Intangible goals such as ‘increase excitement around the product’ will not give you specific numbers. Instead set goals that can be measured in numbers, graphs and metrics.
c) Attainable: Don’t let over ambition take over your excitement. Set goals that are attainable and realistic. Over-ambitious and unrealistic goals will only lead to disappointment.
d) Relevant: Keep it relevant and to the point. Ensure that your goals are aligned with your company’s objectives.
e) Timely: Follow timelines to the tee. Fix the date of commencement and end date. This will help you in measuring the ROI.
3) Measure these metrics
● For engagement: likes, comments, clicks, shares, and brand mentions
● For reach: followers and impressions
● Make use of tools such as Google analytics, Facebook analytics and more
4) Keep track of expenses
Once you have set up your goals, started generating quality content, posted content and started seeing traction, make sure you keep a track of the expense to calculate how much your investment is returning to you.
Review performance and re-strategize if need be once you reach the end of a phase on the timeline. Rethink. Reflect.
For more information, Visit www.thedigitalmarketinginstitute.org

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