Do you often hear the word ROI? What’s a social media ROI? If you’re not in the marketing industry or in the marketing industry and want to know more about social media ROI, this guide is for you.
Social media ROI is the return on investment a company can expect to make from the money, time, and effort the company spends on social media marketing.
So, how do you analyze it? The answer is in this guide, keep on reading…
ROI isn’t just one thing that all brands measure equally, it’s extremely subjective and completely dependent on what you want to accomplish.
So, what to do? Before you can measure the social analytics ROI, you must determine what you want to measure, and most importantly, why.
There are many questions you can ask, Do you care about customer experience and want to level it up online and offline? Do you want to increase social engagement to drive sales? Are you trying to find new ideas, new products, or more influencers to increase brand awareness?
There are so many questions and so many answers! Within these questions, you will identify your goals.
The goal of social analytics is to help your business system, not just your social profiles. As a result, the question “Why?” plays an important role in determining ROI, as in “Why did this change occur?”
If your objective is to discover more influencers, for example, that metric is a simple numbers game. However, how and why did those influencers affect your company? That’s what you really want to know, so you can maintain your kinetic energy or change what isn’t working. This tends to happen in both the short and long term.
We have real-time data when it comes to short term, for example, brands like UMG Nashville have used real-time analytics to change tactics mid-campaign to completely alter the outcome for the better.
Furthermore, Hotwire Global employs real-time insight to analyze recent trends and capture hints toward the future to assist clients in their planning. And social monitoring is notably useful when it comes to high-stakes events where a precise and reliable understanding of the situation is required.
When a disaster hits, brands usually only have one opportunity to respond correctly. And the consequences of getting it wrong are costly in more ways than one.
There’s so much more to know about measuring social analytics ROI. Do you want to know more? Download the full guide!