Tips For Calculating Social Marketing ROI – In today’s world, return on investment (ROI) has become an important part of the social media platforms and brands. Your strategies can prove successful if you have a high social media revenue.
- 1. Why Should You Measure Social Marketing ROI?
- 2. Tips to remember when calculating Social Marketing ROI for Event Management
- 3. Summing Up
Social marketing ROI is a metric system to show the amount of value your strategies have generated. Usually, it is a sum of money, but some brands may view it as a non-monetary value. Non-monetary values are those returned by customers without paying any amount of money, such as comments or email subscriptions.
Why Should You Measure Social Marketing ROI?
According to your brand and your objectives, your social marketing ROI strategy will have its unique meaning. Measuring social marketing ROI should be a priority for your business because it will bring you maximum benefits.
- Proves that your social media strategies are successful
- Figure out aspects of strategy when they go wrong
- Return on social media budget
- Identify aspects of the strategy that are successful in pushing forward
- Brand values social media marketing
Tips to remember when calculating Social Marketing ROI for Event Management
In the beginning, measuring social marketing ROI for event management and proving success will be difficult. But that does not mean you give up. You can use the following tips to maximize your social media ROI strategies.
Determine your social media goals
Like every campaign, your social marketing ROI for event management will also have a strategy. Make sure you have listed down goals that you wish to achieve with your plan. In case you are stuck, you can use the SMART approach.
- Specific: Keep one to two goals to stay focused.
- Measurable: Measure your aspired ROI beforehand, so it can be close to your estimation.
- Attainable: Sky is not the limit in this case, so take it one at a time.
- Relevant: Keep it related to your brand values, images, and services.
- Time-sensitive: Keep short-term goals to stay motivated throughout.
Select suitable metrics
After you have decided on your goals, think about what metrics you will choose. This includes the number of news leads, email subscriptions, sales, event sponsorships, interactive challenges, live polling, attendee feedback, etc. Make sure you pick metrics relevant to your topic.
Measure total benefits by channel
Ensure that you track benefits flowing in from every channel. This will allow you to know which platforms are doing well and which are not. You will also be able to determine how to improve in which aspects.
For instance, consider the brand Apple Inc., wherein most of their benefits flow in from Twitter, then Facebook and Instagram. They are active everywhere, but quite interactive on Twitter where they get their maximum ROI from.
Analyze results to do better
When you report your results, ensure that you have analyzed them. Pinpoint on aspects that you can improve. Discard ideas that did not do as well as you thought they would. Come up with unique ideas to fill the gaps. Calculate your percentage on the investment costs. This means how much your return percentage of the total amount you invested earlier is.
Evaluating can also lead you to generate better ideas. For example, Cisco achieved a 281 percent ROI through social marketing with their idea called ‘Social Listening.’ Social listening responds to urgent conversations and directs them to appropriate employees. They proved the effective use of creative services, increased productivity, reduced investments in market research, and increased profits.
Centralize your analytics
Once you have passed the beginning levels of social media analytics, it is time to invest in tools. This will save you time, and you can provide real-time feedback from all accounts. Investing in social media analytics tools like Sprout Social, BuzzSumo, Curalate, Google Analytics, Keyhole, Snaplytics, and more be cost-effective for your brand in the later stages.
In the beginning stages of calculating social marketing ROI for event management, you will find it impossible to understand and evaluate the strategies. But as a brand owner, do not give up. Pay attention to minor details and do not over-work the social marketing ROI process. With fewer and specific goals, your calculation will be accurate.