In the groundswell, they reiterate the power of social media and how this can create more value for your company then traditional marketing tools. Once companies start to implement social media tools, how can they evaluate how well these tools are working? Return on Investment is something that every business is interested in finding out. Businesses want to create a brand and know the value of what marketing strategies are paying off. They say its difficult calculating ROI, but from my research there are ways of determining your ROI (1) Get to know Facebook Insights, (2) Use your Google Analytics and (3) Twitter Analytics.
1) “Get to know Facebook Insights
Facebook Insights is a free metrics dashboard and analytics tool, and it contains a LOT of data. It does have its limitations, as Facebook basically decides what metrics should be important to its users and gives data to support those. All of this can be changed on a whim by Facebook.
You can use Insights to do things like track and analyze new and lifetime Likes for your Page, monitor your Page’s active users, measure your Page’s engagement and viral reach, view the user demographics for your Page, including gender, age and location, and even see which Posts receive the most engagement” (Ross, 2013).
I’m currently an admin on Facebook for the company I work for. I was very impressed on how much information you are able to receive, in terms of whom you are reaching, how many likes your received and how many people you reached total by one simple post. This has to be one of my faviorte ways of measuring ROI. It’s simple, easy to read and you are able to receive data at any point of time.
2) “Use your Google Analytics
It’s surprising how many business owners completely ignore their Google Analytics. You can see where people are coming from and how they are finding your website. You can also see how long they stay on various pages on your site and what pages are most popular.
Once you run an ad, pay attention to your analytics, and look for traffic patterns. See a spike? The ad is probably working. Do you notice that a large portion of your site traffic comes from Facebook? Consider a Facebook Offer” (Ross, 2013).
During this course, we all learned the power of ‘Google Analytics’ and the inside information’s such as how many people visited your website in the last week, month and/or year. I think its very important to know how much traffic you are getting on your website. This will let you know if you are promoting your website and targeting the right target market.
3) “Twitter Analytics
Twitter now has its own analytics dashboard. With Twitter Analytics you can track timeline activity, including tweets that were favorited, retweeted, and replied to. The tool also tracks number of mentions, new followers and newly followed. For more information, see “Twitter Analytics: A Beginner’s Guide“.” (Price, 2013).
These three methods of calculating ROI is very cost efficent and if you are wanted to save money, I would strongly suggest your company looking into these three valuable tools.
Price, C. (2013, November 24). Social Media ROI: 11 FREE Media Success. Retrieved December 8, 2013, from Search Engine Watch: http://searchenginewatch.com/article/2308870/Social-Media-ROI-11-FREE-Tools-for-Measuring-Social-Media-Success
Ross, K. M. (2013, August 9). 5 tools to measure social media. Retrieved December 8, 2013, from Business Journal: http://www.bizjournals.com/kansascity/news/2013/08/09/social-media-matters-5-ways-roi.html?page=all