We came across this MediaPost article, “You’ll Never Guess Social Media Marketers’ Top Complaint”, and thought maybe we can help. Overall it’s a great read and think you should dig into it before reading our thoughts below.
So it’s true, right now as we come into a decade of using Social Media and Digital as a pertinent part of the marketing mix most brands and companies are still struggling to define and figure out their Social ROI. It’s interesting that it’s taken us this long to really nail this but this should be an easy one folks. With the change from traditional, direct and print marketing many of our key values and metrics are the same and figuring them out is almost the same. Just as before when you measured the amount of views or impressions on a magazine ad, now you can look at those some metrics on your Facebook post. The nice part is your images are being put in front of your audience much more frequently and offer a chance for them to engage. Not only can you look at impressions but now you can see if anyone took an action such as a like, click or comment. These values should be much more valuable and can be rated higher.
With similar business objectives as to before along with similar values it should be easy to plug in some numbers so you can decide what actions by users might be worth. From there taking into account any expenses (ads, SEO, team costs, etc) you can calculate your ROI. We even outlined these steps in one of our blog posts awhile ago. However with the amount of items and varying levels of relationships with users through Social Media this can be incredibly cumbersome. What’s more once you have it all figured out, how do you know which of those posts or numbers may have been better so you can keep doing it? Or how do you know that Tuesdays, for example, was the best day to post? Tricky.
So, If at least 60% of marketing professionals are struggling to figure out their ROI then I guess we are doing something right. We built LiftMetrix to empower marketers to act on their social media analytics without having to spend hours in spreadsheets or hire data teams. Get a free trial today, chat with one of our team members or share your thoughts below!