Wednesday, July 10, 2013

Measuring the ROI of Your Social Media Campaign

Social media marketing is rapidly becoming one of the most popular ways to get your name out to the general public. Without the ability to market to people via the social media websites, it can be rather difficult to get the attention of anyone at all. At the same time, it is important that you have a way to measure the success of your social media marketing operation. You need something that you can point to as proof that it is working for you.

Learn How to Measure It

A lot of people try to make social media into some kind of special case. They start to believe that just because it is social media that it deserves some sort of special treatment in terms of how the success of it is measured. In reality, most people just need to take the tried and true approaches that have been done before. By doing this, one can easily see if there social media marketing is working or not. Just measure things like favorites, retweets, and likes. Those are the basis of how well the public is responding to the things you are putting online.

How Does It Show Up On the Balance Sheet

If you hire people to work on your social media marketing for you, that is clearly going to show up on the balance sheet as costs that you have to pay them for the work they are doing. However, there are other ways in which the social media marketing can show up on your balance sheet, and not all of them are a negative. There are some that are actually quite positive. For example, if you drive more customers in the doors after your social media marketing, then that is clearly something that has been a net positive for you.

How to Show the Data to Management

Management is concerned with the bottom line at all times, as they should be. When displaying the data to those in charge, it is a good idea to try to show them the marketing success in a way that they can understand. If you do this, expect that management will look at the numbers and see where things have worked out. They are then likely to allocate more money to the project. They just have to have it shown to them in a simplified manner.

Simply drawing up the cost per impression and other statistics can help management to get a better grasp on what is happening with the project. Use the data to convince management that you deserve more money to continue to fund this project. That should be the goal that you are striving for.

Social media marketing is perhaps the most important type of marketing that we have these days. It is great when a business realizes this and does all that it can to put funding towards it. They have more active engagement with customers, and everyone wins as a result.

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