Return On Investment
Digital information can provide a return on investment at a fraction of the costs of traditional sources. Through the use of new data sources you can mine the results of your Social Media investment approach.
No matter what your organization, more and more marketers are increasingly being asked to prove and increase the ROI of Social Media efforts.
How do you measure what social media is doing?
1. Use metrics that directly demonstrate how its helping achieve your objectives.
These could include:
Sign-ups and conversions
2. Align your social strategy with the goals of your business.
Where are your current or target customers spending their time, and then go there.
3. Use strategic data to pick the right audience.
If you already have a customer email list, you can set up lookalike targeting, which finds consumers who are similar to your existing customers and puts your content or ads in front of them. No matter what option you choose, be sure to base your decision on what you already know about your customers or the strategic data you’ve already collected.
4. Acquire and build loyalty
Content that your audience would find valuable is an ROI value. Your content should help you drive deeper engagement with your customers. The more times your customers engage with your content, the more loyalty you build.
5. Bring new consumers into the mix.
It’s equally important to bring a constant source of new customers into the mix. That’s where a social advertising can help expand your presence on your social properties. This can be small or large depending on your budget.
6. Build an integrated marketing campaign.
To accurately measure results and gain actionable insights, aim to have a truly synchronized digital strategy. One where your website, social pages, reviews and digital listings and press are all interconnected, working in unison to deliver results.
Understanding the drivers of your digital marketing ecosystem is the methodology to validate Social Media ROI and the implementation of attribution metrics tools.