Is Your Social Media ROI Correctly Calculated?
Measuring your social media ROI or Return on Investment is an important task for marketing industries. This is for them to know if their marketing efforts through social media are successful. But is your social media ROI correctly measured and calculated?
Measuring and calculating your social media ROI can be frustrating. According to a recent survey, about 75% out of 750 marketing professionals interviewed and participated in the said survey did not feel that they have accurately measured and calculated their social media ROI. So what can these marketers do when it comes to correctly calculating their social media campaign effectiveness and return on investment?
Measuring and calculating ROI can be difficult but it is not impossible. To help you get started, here are some methods that will help you correctly calculate your ROI.
Make use of metric tools – One of the most popular social media networking sites is Facebook. It is also one of the many social media sites that marketers use to advertise. Facebook uses a Conversion Measurement tool, which allows Facebook users that do their advertising in this networking site to record the behavior of those who click on the ads posted.
Observe interactions – It is through interaction that you will know that your target audience was reached by your ads campaign. When you observe your consumers interaction with your brand and your ads, you will determine how effective your social media campaign efforts are.
Though those aforementioned methods are a great way to help you measure your social media ROI, there are times that you will be unsure if you have correctly calculated that ROI. According to experts, there have been mistakes before made by marketers when it comes to calculating ROI.
Before, social media campaign effectiveness is measured by the number of likes and followers a certain brand has. Marketers focus on these figures while ignoring the fact that out of those many fans, only a few of them are really interacting with the brand. This is where ROI is miscalculated.
Most often, marketing professionals become at ease when they see their brand page on Facebook, for example, has already 1 million likes and 100 thousand followers. What they neglect to look at if those 1 million likers are really interested and are engaged with the brand. Because those marketers just looked at the likes and the number of followers wherein they see that there are many, they will think that their social media ads are already effective, which is quite false.
Experts advise that marketing professionals should not only observe the number of fan but also the number of those who are interacting with the brand because it is where they can truly see the effectiveness of their social media campaigns.
If they see thousands of likes but there are just only 1 % of them who are interested with the brand then their social media efforts are not that effective at all. So, to correctly calculate your social media ROI, take a look of those who liked, followed and interacted with your brand.