For everything that we do, we must keep in mind that there should always be a way to find out if something is worth the keep. Too much baggage in our hearts will result in sadness, losses and missed opportunities. Though we might think that everything is alright, we have to know the truth of every action and endeavor that we make in life because it will define what our future will become and how we will take challenges in the long run. We are entitled to the truth no matter how harsh and disappointing it may be.
Today, businesses rely heavily on the social media platform. It is a very important aspect of marketing and has definite and significant effect on increasing the chances of a business to become successful. Although there are multiple ways to market in social media for free, it is recommended that you use the ones that offer real market penetration and marketing. But the challenge is, how can you monitor the return on investment that it brings? Is it worth the money, time and effort? To help you out, here are 5 Steps on how you can measure your social media ROI.
1. Know your KPIs
Knowing your Key Performance indicators is the first step in measuring your social media ROI. Brand awareness and how much revenue is driven are some these important indicators. If you want to measure your revenue, make sure that you track it by the dollar. If your goal is to make customers become aware of your product or service, it is much better to use a specific brand awareness goal in order to track its success carefully.
2. Use Google Analytics
Using Google Analytics is a free and effective tool in measuring goals especially monitoring the specific actions that you have defined for your users. It is very important that you control and have the ability to retain and gain your audience.
3. Harmonize your business goals with your Social Media Goals
Aligning your business goals with social media goals will help you map out the things needed for monitoring your ROI revenue by making it much simpler to track and be understood. If you link it with your objectives, then you can trace every single penny with more efficiency and accuracy.
4. Create Values for your Indicators
Providing values for your indicators will reveal the factors that you need for monitoring every single penny that you have invested in social media marketing. It makes your monitoring work more specific, filled with data and easier to read. seeing all the values needed to be adjusted is really helpful and makes you see better in the dark more than anyone else.
5. Provide a Benchmark for your rivals
Lastly, if you set a specific standard for your competition, you can easily see which steps to take in order to make your social media marketing ROI more efficient. By doing so, you can adjust more in an area where you think you can make the most difference out of your money. Identifying your rivals’ weaknesses is essential for you overtaking the race.
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