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When it comes to meeting your customers where they are, getting on social media is likely a good place to start. But while more and more customers are shifting their browsing and shopping habits to social media, tracking the effectiveness and ROI of a social media campaign can be tricky. Attempting to determine how much money was made from “likes” or “comments” isn’t as straightforward as other forms of marketing, and this can be a major struggle for social media teams trying to prove their success.
However, money made isn’t the only way to define “success,” and there are other goals or milestones that may indicate customers are getting value from what you’re offering. If you’re struggling to find a return on one of your social media campaigns, consider tracking one of the following metrics, as suggested by the business leaders of Rolling Stone Culture Council. These key performance indicators may help you see your campaign in a whole new light.
Social Media Shares
On any social media campaign, a share (or reblog) is both a success story and a treasure trove of potential insight. Something about the campaign resonates with this specific person enough that they identify with it and want others to know that they identify with it. So, who are they, and what are they adding to the narrative of your campaign? This person is declaring: I am your customer. – Jed Brewer, Good Loud Media
Conversion Rate
While many metrics are valuable, tracking the conversion rate is crucial for gauging social media campaign success and ROI. It reveals how effectively your social media efforts translate into business goals, whether they’re website sales, lead generation or app downloads. You can improve campaigns for maximum ROI by evaluating which social media platforms and content types drive the highest conversion rates. – Kristin Marquet, Marquet Media, LLC
The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?
Increase in Search
Aside from click-throughs, one good indicator that you are succeeding is if your campaign is rising in terms of Google search. It means there is actual natural curiosity that possibly arose from your social media campaign, especially if it happens during that period. If you are being searched more during that period, likely there is a strong correlation to your campaign. – Zain Jaffer, Zain Jaffer Foundation
Engagement Rate
Many aim to start a conversation and spark interest, so engagement is key. Measuring engagement typically involves adding up likes, comments, shares and saves, dividing by followers, and then multiplying by 100, yielding an engagement rate. It’s the next best thing to talking to your audience individually to ask them what they want to see more of. – Magen Baker, Bell + Ivy
Social Team Meetings
Our team tracks the ROI of social campaigns by meetings. We get the traffic views and engagement such as the comments, likes and reposts, but we need the meeting touchpoint to convert our leads into customers. – Adam Rumanek, Aux Mode Inc.
Whether or Not You Got Your Message Out There
Social metrics are important, and like most brands we look at engagement and reach. That said, our biggest goal on social media is just to make sure that our voice is out there. We want to ensure that our customers have somewhere they can go to find us. – Dustin Eide, CanPay
