Tracking your ROI on Social Media
One of the biggest complaints businesses have with social media is proving that it actually works. My clients, for example, have no problem investing in social media, they just want to know that itâ€™s actually bringing in SOME income at the end of the day. Fair enough! Many have buy followers for twitter given up social media (or at least Facebook) altogether because they think it canâ€™t make them money. Well, I hate to break it to youâ€¦but thatâ€™s a big misconception. Social media CAN make you money. You just need to understand how to track your ROI, and while itâ€™s not always easy there are some steps you can take to do just that!
Set your conversion goals.
Different organizations have different goals for what they consider a â€œconversionâ€ on social media. However, whatever you choose, it needs to be a measurable action that ultimately has monetary action. Your measurable goal could be something as cut and dry as a monetary purchase, it could be subscribing to your email newsletter, using an online quote feature, hitting your landing page, buy 200 twitter followers or even just engaging with you on social media (since that engagement could lead a potential customer to purchase from you or a current customer to patron your business again).
This can be a little tricky, although if you use a combination of Google Analytics and the social media platformsâ€™ analytics, you can typically get a pretty good idea of whatâ€™s happening with your campaigns. Some things you should be tracking are: Reach: you can measure buy twitter followers for $5 this by looking at the number of followers you have on your social media account and monitoring growth there over time. Traffic: Traffic is extremely important for most businesses, since it means you can further target those people with remarketing campaigns and get them to convert to customers.
Assign monetary value to each conversion.
This can be the hardest stepâ€¦especially if you donâ€™t have historical data. If you do and you know the lifetime value of your customers, and you know, for example, that a certain percentage of people who reach your landing page and watch your sales video will convert, how to buy followers on twitter then you can calculate the value of getting people to that page to watch the video. If you DONâ€™T have any historical data, then the best thing you can do is guess. What is the value of a new email subscriber? What is the value of getting someone to engage with you?