How to measure your ROI in Social Media

How to measure your ROI in Social Media

Social networks are not a simple showcase where you can talk without knowing if things work or not, you are looking for another step, knowing if they convert, but… What steps should we follow to obtain the best results?

What goes through your head when you hear the word ROI ? When we start a campaign on Social Media, we always get the idea of ​​what we should measure and how we should do it.

ROI (Return On Investment) , allows us to economically quantify whether an advertising campaign has been profitable or not. It is a percentage that we calculate based on the investment and the benefits that we obtain to obtain the return ratio of said investment. A concept that is becoming more and more important to know the efficiency of a Social Media campaign.

Why should we measure the ROI of a Social Media campaign?

It is clear that measuring only the sentiment of a community, the number of page views or the number of impressions in a campaign, is not enough data to know if a Social Media campaign works or not. Brands and companies are increasingly looking to increase their sales through social networks.

Whether we make a small investment or prepare a larger one, we cannot forget to measure . The measurement conditions in social networks tend to change more constantly, implementing new functionalities that day after day complicate our lives.

The word ROI is always aligned with the word KPI , and for that reason, something that we must always keep in mind is that we measure what we measure, the KPIs (second rare word that I am talking about), or also known as keys performance indicators , they are metrics that help us measure and quantify the performance of an action based on the goals and objectives we set. And always, the KPIs will change depending on what we want to achieve.

What KPIs help us in a Social Media campaign?

There are many data that we can measure when making a campaign on Social Media, but…. What are the fundamentals?

  • Impressions They allow us to see how many times we are appearing in the timeline of our users, in order to have a small idea of ​​how many people we are reaching with a certain publication.
  • Scope. It is one of the metrics that Facebook Insights provides us in a very simple way, which gives us data on the number of people who have seen a certain publication. It includes users who have seen that publication on both the computer, tablet or mobile phone.
  • Interactions We can measure them in many ways, it all depends on what we want to achieve and the type of social network we analyze. The most common interactions are the total number of comments and Likes on Facebook, the number of mentions and retweets on Twitter, the number of repins on Pinterest, etc.
  • Engagement. Another of the KPIs that we can measure in a thousand ways. We can do this by adding the number of comments and Likes on a page in a given period of time, by the number of followers we have managed to increase, etc.
  • Increase in your community and the interaction of your active users. Is your community of fans or followers growing? Is there interaction between your community? Do they comment? Do they only like the like?
  • The traffic of a landing page. We can measure the traffic we carry a particular landing page or web thanks to a trackeo allow us to see where our visitors come. (Social media is often the drive to drive traffic to a landing page or website).
  • Brand mentions If you have an active community that talks about you, measure and monitor both positive and negative mentions and the amount of them to know what is happening on social networks.
  • The bounce rate . (No. of visits that view a single web page / No. of visits to the web page). Indicates in percentage the number of visits that directly abandon after a few seconds. Do your users come from social networks but leave your blog quickly? You may have to ask yourself what you should improve on your website.
  • Conversion rate. It helps us measure the number of visits received to a website, landing page or Facebook page, with the number of leads obtained.
  • CPC or PPC. Cost or Price Per Click. Mark the amount we pay for each click that a user makes on a certain ad.
  • CTR. (# Of clicks / # of impressions x 100) measures the percentage between clicks and the number of ad impressions achieved.
  • Virality . Are your users sharing tweets and Facebook updates? Have you identified them? What percentage of interaction is there?

Ultimately, the ultimate goal of all these KPIs is to analyze the return on investment or ROI that I was talking about at the beginning, bearing in mind that the higher the ROI, the more profitable our campaigns will be.

The important thing as long as your Social Media campaign lasts, is to monitor and analyze , that if, everything will depend on your objectives. Do not despair, not all metrics are easy to follow, so in some cases, you will need specific monitoring tools that will prepare more detailed reports that you have to interpret later.

Lisa_Baker