Trying to measure your return on investment (ROI) in any form of marketing is a challenge for many business owners. Often, it proves to be too much of an undertaking for them and ultimately falls by the wayside, resulting in potentially wasted advertising dollars.
One of the most common digital marketing avenues is social media platforms, such as Facebook, Instagram, TikTok, and more. Small and large businesses all place various ads on these populated platforms but rarely take note of the value they give back and what form.
Measuring your social media marketing ROI should be an integral part of your marketing efforts. It allows you to track what is working and what needs improvement about your brand strategy. If you as a business owner are doing this task yourself, review these steps successfully.
Steps To Measure Your ROI From Social Media Marketing Efforts
Document and Calculate Your Spending – Keeping track of what you are spending your social media marketing dollars on should be at the forefront of measuring your ROI. This mainly includes how much you pay for content creation utilized as ads.
Outline Your Business Goals – These should not solely be marketing goals but goals in your business itself. For example, are you looking to get more customers? Are you hoping to transform more of your leads into sales? This should all be noted before implementing a digital marketing strategy.
Match Your Metrics and Objectives – Social media marketing brings with it a whole slew of metrics to monitor and study as a business owner. The ones that make the most sense for you to track are those that align directly with your business goals, as mentioned above.
Trial and Error Social Ads – Despite the science of statistics behind social media ROI, content and its creation are art forms that need to be honed. If you do not see the results you wish from an ad campaign, transform it and try new audiences or platforms.
Implement Social Listening – Back-end analytics and data aside, sometimes it pays to listen to your customers online. Clicks and views do not always mean positive engagement, so observing how a customer responds specifically to ad content is just as valuable.
Stay Dedicated To Your Brand – Good ROI from one ad campaign can quite easily place rose-colored glasses on your eyes as a business leader. Don’t let a short-term success cloud the long-term goals of your business and social media strategy.
Let Merrimack Track Your Social Media Marketing ROI
There may be simple ways to measure your ROI from social media marketing; however, many business owners prefer a professional to take care of it for them to more adequately leverage the results. The experienced social media marketing team at Merrimack Digital can monitor this for you!
Don’t miss out on the variety of digital marketing opportunities for your brand! Contact Merrimack Digital today to help do your marketing the right way.
