5 Ways to Meausure ROI from Social Media
One of the biggest mysteries in digital marketing is how to measure the ROI generated from social media engagement.
DIRECTLY increase sales and revenue:
1) Increase leads to your website from content interaction on social.
- Use an analytics tool like Adobe SiteCatalyst to create campaigns for Facebook/Twitter and then tag the campaign links to determine if the leads’ point of entry into the sales cycle was from that specific Facebook campaign or Tweet.
- Employ A/B testing on the landing page to determine the version that led to most traffic to continue on.
- Employ Multi-variate testing on the “contact” or “sign up” module to determine the placement and option that led to the most conversions.
INDIRECTLY increase sales and revenue through direct action:
2) Increase brand awareness from positive sentiment on social.
- Use a social media listening tool like Radian6 or Adobe Social to determine how many conversations in Facebook have a positive and/or negative sentiment over a period of time, and then compare those peaks and valleys of positive and negative sentiment to sales performances during that same time.
3) Increase brand advocates from desire to influence others about your brand on social.
- Use a social media listening tool like Radian6 or Adobe Social to determine the number of people being influenced by social content, what content they are being influenced by, and gauge how much they’re influencing others online.
4) Increase higher quality leads from more targeted content interaction on social.
- Use a social listening tool to gain high quality insight into enhanced Facebook and Twitter user demographics, i.e. age, gender, location, education, career, social audiences, lifestyle interests, etc., to gain insight on the kinds of people that take action on the Facebook or Twitter campaign.
5) Increase Facebook Edge-Rank from higher quality content interaction on social.
- Because Facebook users are 50-150 more times likely to consume content in their news feed than on a business page, use a social media listening tool to determine the types of content getting the most engagements and create more content related to those topics to increase the chances of shared or engaged content being placed higher in a user’s news feed.
