Are you looking to make profits through your social media accounts? Well, look no further as we have several steps to take so you can see ROI (return on investments) with your social media. While it’s easy to step up, going through the process to find the winning combination will take some research, and trial and error. About 55% of marketers say the biggest challenge they have is ROI in regards to social media. So, don’t feel bad if this is something you find difficult to calculate or achieve.
To find out if your social media is making you a profit, check out some of these things to keep in mind.
Knowing the goal you want to achieve with social media is important for paving the path to success. This can greatly depend on your type of business. It could be a large variety of things, such as how much each customer spends, attendance for online lessons or lectures, or the amount of comments or likes a post receives. Once you determine this, you can see if your social media is making profits for your business.
How to Measure and Track the Success
This step is also going to greatly depend on the type of business you have. It could be how many people share your content, or the number of likes you receive. You can also use comments on your posts. Using page views are also a great way to measure by way of the total number of general views and unique views.
As you can see, there are a large variety of ways to measure your success on social media platforms. Once you research your accounts, you will know the best way you will measure profitable success with social media.
Once you have decided on how to measure success, you should keep track of it with analytics tools. There are many great, free tools available to easily track data. We highly recommend Google Analytics, or any analytics through CRM software.
Check Your Expenses
Once you have an idea of the profits you make through social media, you can factor in your expenses. This can depend on what and who you pay to get the job done. This can be a virtual assistant, budget for ads on social media, or software that helps analyze data.
Create an Overall Report
Having a visual of how this all ties together and works is important to see what may need to be changed. It’s also a great way to show your employees (if you have them) that the company is successful with social media. You can also see where you need to focus more of your content and marketing, thus getting more bang for your buck. Don’t forget to analyze, check, and report on your profits often. Audiences and their values change, even slightly, so be sure you are keeping up with them. Even if something worked for a while, it could suddenly not be the best option anymore.
Having a well-thought out plan to see what your ROI is in regards to social media will guarantee to get you the results you want. Social Media is quickly becoming the go-to communication and shopping arena for all generations. By making sure you are set in social media is a must for all successful companies.
Are you still running into obstacles with determining your ROI or working through social media. Contact us today! We would love to help you out.