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Gauging Social Media ROI for your Business

by Administrator on Dec 1, 2014

Social media is being used heavily by businesses as a marketing channel. The popularity of social medial now puts it on the same level with other advertising channels. For the sake of your business growth, your social media ROI should contribute to the profits of your firm. To find out if your marketing campaigns on social media are adding value you need to measure their effect. The following steps can be used to measure the ROI for your business.
Link it with your business objectives
When setting objectives for social media you need maintain focus on the overall goals of your business. If you have set a given number of leads for a specific period, a portion of it should come from social media. If you had a target for website visitors to be converted, you should follow up and ensure that has been achieved. Audit your current performance on social media and make adjustments as necessary.
Most businesses feel that their presence on social media is not connected to their core objectives. In order to establish the value of your presence on social media, it is important to gauge it on a regular basis. The data gathered regarding your presence on social media should have more relevance to you than to any other person.
Pick the right tools
After you have set the objectives on social media, you need to follow it up with tools to measure your social media ROI. There are different types of tools that can be used to give you the information you want. You need to analyze each of the tools with regard to its suitability in your case.
Calculate the return you get from social media
With the selected tools, you need to keep proper track of your social media ROI. Every action you take on social media should allow you to weigh your ROI. You should be certain on what you are achieving. If your methods are not effective, you will not have a way of assessing any gains your social media campaigns may be making.
Create analytic templates to let you keep track of the metrics you desire, without the need to customize reports for every campaign you start. The reports are designed in a way that will allow you get the information you need to make various decisions in your business. The reports should not be taken through further enhancements to make them useful for making decisions.
You need to keep checking on your social media metrics. This should be done on a daily basis if possible. Marketing campaigns on social media have a very short lifespan. Therefore, you need to keep checking what is happening. If you lapse, you will miss on the details you need to measure your social media ROI.
Make adjustments
Once you are clear on what works and what does not, you should make adjustments to your strategy. The main aim of the marketing campaigns is to increase their social media ROI and not just to prove their worth. If your campaign is not effective, you should make the necessary adjustments immediately. Social media marketing is very dynamic, so you need to be close to what is happening.

Article source:
Mugio Social is a social media analytics tool, used for measure your roi from facebook and other social media networks.
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