Social media is one of the most important tools in a marketer’s toolkit. It can help grow your audience, drive traffic and sales, and increase brand awareness. But just how do you know if social media marketing has a positive impact on your business? In other words, how do you measure social media ROI? In this blog we’ll walk through some easy steps for measuring ROI from your social ads:
Make a Budget
Before you get started, it’s important to set a budget for your social media ads. This can be difficult to determine, but it is essential that you are realistic about what kind of return on investment (ROI) you want and how long it will take to achieve.
For example, if you’re looking for an immediate boost in sales or brand awareness, prepare yourself for disappointment because these kinds of results take time. Create a budget that is realistic for your business while having a thought out long-term view on audience engagement.
If this is all sounding like a lot of work with little payoff—don’t worry! While getting a budget determined may seem daunting at first glance (and maybe even second), once everything’s up and running smoothly there will be no more time-consuming tasks left on your plate.*
Monitor Ad Performance
When monitoring ad performance, you want to make sure you are getting the most out of your ad spend and not wasting money. You should monitor clicks, impressions and conversions so that you know what percentage of people clicked or converted after seeing an ad. You can use a tool like Google Analytics if you don’t have access to a paid platform that provides this information for free.
Quality Ads
Finally, make sure that all of these great strategies are being used with quality ads! If people aren’t clicking because they’re not interested in what’s being advertised or if they’re seeing poor-quality content on their feeds every day then it won’t matter how many followers or likes you get. We’ve seen this happen when we’ve done a deep dive into our client’s social media accounts to see why they’re not getting results. They’ve spent all of their time and energy on growing their followers, but they haven’t put any thought into how those followers will react to the content they’re sharing. No worries, though, that’s why we’re here! We want you to know that our content is always the highest quality, which means we do a lot of research to make sure the voice and visualizations fit your brand perfectly.
Use a ROI calculator
This is a simple and practical suggestion! We recommend you check out hubspot’s free ROI Calculator prior to running an ad:
https://www.hubspot.com/roi-calculator/marketing
Conclusion
This is a simple and straightforward guide to how you can measure social media ROI. If you follow these steps, then you’ll be on your way to a better understanding of how much your company is benefiting from its social media efforts.