When it comes to measuring social media, many businesses are still unaware of how to measure social media ROI (return on investment). Overall you know that Digital Marketing Company Nottingham helps to increase awareness of your brand and business. It is also possible to get the potential and existing customers to engage with you through your social media channels, but if you want to get ahead no pulse facts and figures.
It is true that the measure of your social media efforts it is not as simple as Google Adwords for example, but without knowing the effectiveness of the posts, tweets and hours spent on social media you can learn from what you do and fixes her makeup.
Measuring the ROI of social media like any business, when you begin to review what you’ve done you can see how to enhance or improve on what has worked well or drop anything that has not performed as expected.
social media networks
What is your purpose?
First you need to choose what your goals and put a monetary value on it to allow you to start working your social media ROI. Here are some examples of social media marketing you can measure your goal:
new followers on social media channels
Click on the links in posts and tweets
online purchase / sale
contact form filled
The time spent on a particular web page
Increasing traffic to your website
Many of the above objective can be measured and tracked in Google Analytics such as sales, downloads, email contact form and newsletter registration by setting goals and event tracking feature in Analytics.
Once you have chosen what you want to measure and then to assign a monetary value to each of you can see your social media return on investment. One good example to work out the value of new followers is to look at how much you will spend if ads for new followers and then applying that figure to the following organic.
What’s Your Investment?
You can then apply a monetary value on how much time is spent on social media and what is feasible, namely social media multiply labor cost per hour by the number of hours you Digital Marketing Companies Nottingham have worked. Do not forget to include the cost of social media tools and advertising costs. It is a social media investment costs. When you have all the information, apply the ROI formula below lets you calculate the return on investment figures.