In many cases social media campaign is free way to increase sales and traffic to particular website, product or service, however there are paid ads for Facebook and featured videos on YouTube. For quite a long time there is a debate about social media and ROI and how to measure ROI of social media campaign. Of course this isn’t impossible, but it is a bit tricky.
- Business Metrics
It is not a secret that ROI is business term, not SEO, social or digital and I don’t think that we should talk about ROI on social media campaign when there is no investment, for example Facebook business pages, Tweets or Groups on LinkedIn and other local or niche social networks. Those methods are free, only requirement few minutes of time. However even with this campaign we can identify consumer reaction, brand awareness, financial change, etc. Of course for paid campaigns for instance production of video can be very high, as well promoting it; picture is a bit different so please continue reading.
- Indentify the impact
A colleague of mine recently said that impact can’t be identified – well that’s not true. Of course it can be – dedicated promo codes for different campaigns, lift in sales for particular period, special tracking links dedicated to social media campaign. It is as simple as that!
- Level of engagement and sales
It is pretty much possible to create an equation with few variables, combine statistics from Google Analytics, tracking URLs and promo codes. In addition, if you are using your own URL shortening script, you will be able to measure number of visits to your website very accurately. At WebmaisterPro, we have our own URL shorterner , which work in both directions – brand building and metric tool.
For conclusion I will say that everything is possible if you open your mind further, long ago the same was said about measuring ROI of newsletters, measuring ROI of social media campaign is not much different, just need to know the right tools to do it - tracking codes, promo codes, own URL short URLS. After you have all of this get back to basics of ROI and you will be able to see the full picture.