HOW TO Measure Your Social Media ROI (1 of 5)
Let’s face it, most business owners starting to utilize and leverage social media want to know what the return on investment is with social media. Honestly, social media lacks easily and clearly measurable characteristics of other investments, but it IS very much possible to see and track the monetized return from engaging in social media. Every person using and utilizing social media should always remember, however, that social media is most importantly about building relationships; companies that don’t understand this simple fact will likely not feel the full and complete benefits of Social Media. So how does one actually visualize the effectiveness and ROI of social media campaigns?
Tip #1: Use Your Analytics
Today, just barely over half of American businesses even have a website. Your website is your home base where all of your products, services, and information need to be readily available for your potential customer and clients to find. Websites are the business cards of the 21st century. Most hosting companies offer their own analytics tools, but Google Analytics works with just about that you have access to editing. After inserting a specific HTML code in to the pages of your site, Google Analytics will start providing useful information that can help identify the effectiveness of any campaign. Most importantly, using any analytics should identify what is driving traffic to your website. Social media campaigns should include self-promotional information that entices fans, followers, friends, and connections to investigate the company’s website. As long as a company and the website have remarkable content, products, and services then the money will come. If social media services become the top referring websites, then the ROI will be clear and evident.
The fastest way to see if your social media accounts are driving traffic to your website is by logging into your Google Analytics account and clicking on Traffic Sources in the left sidebar. From there, click Referring Sites and scroll below the graph to see which sites are driving traffic to your website.
Stay tuned for more. Tomorrow’s tip: Keep track of your interactions!
I’m looking forward to this series. I think Google Analytics is a great start for checking your social media ROI, but I also recommend not to rely on this one alone. If you have a WordPress blog, there are some great widgets that can track stats as well, and I’m currently a fan of Statcounter too.
Either way, watching your stats is definitely the first step for measuring your social media ROI. Thanks Curtis
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