Friday July 20, 2018
Tracking ROI for your social campaigns can be tricky. What do you count as success and growth? Is likes, follows, and traffic enough, or should you expect immediate increased revenue from your campaigns? How do you track engagement and traffic? How do you track conversions?
First of all, the type of campaign you're running will help you with tracking ROI and measuring success. A Facebook ad for brand awareness or page likes probably won't bring in immediate revenue and shouldn't be expected to. On the other hand, a Google ad about a promotional should be measured according to clicks and sales - actual dollars. And in general, Instagram is an awareness and traffic source to send audience members to your website. Liked we discussed in our blog on audiences, the type of campaign you run depends on the audience you're reaching, so you have to know your audience first.
It's also good to keep in mind that you're playing the long game with social media. On the whole, you're putting in valuable content and genuine engagement - both of which take time - in exchange for brand awareness, brand loyalty, and long term sales increases. Like Social Media Today points out, customers ultimately aren't on social to buy things. They want to connect and be entertained. As a brand, your first goal should be to connect with them, entertain them, and solve a problem for them, not sell them something.
So what should you look at more when tracking ROI - sales and dollars earned, or engagement and connection?
The answer is both. Sales will come if you're engaging and marketing the right way. Sales funnels is the starting point for effective marketing. But if you're not engaging with your audience organically or giving them content they're interested in, they won't be likely to buy from your company. The best approach is to give value and engage organically while marketing to audiences through appropriate sales funnels. Then, you can track ROI by traffic, clicks, engagement, and sales.
So tracking ROI for multiple metrics is important, but what tools should you use to do it?
Most content management tools allow you to create and send reports with engagement metrics, like comments, follows, likes, and shares. Our content management app allows you to choose which metrics you want in the report and set it to automatically send via email every month.
For tracking website or landing page traffic, you can use Facebook Pixel, Bitly, and LeadPages to see your click rates and manage your links. Instagram Insights will also show you how many website clicks you've gotten from your profile. And when you use Funnelytics to create your campaigns, you can input links for every ad or landing page to track their conversion rates.
To track sales, record the sale made as well as the origin of those sales. Did the customer convert through your website, your chatbot, your Google ad, your Facebook ad? What did they buy and how much did the spend? How did they find out about your business? You may need to offer them a post-sale survey to find out all the answers to those questions. keeping detailed records is important for tracking ROI.
When you keep track of all of these metrics, you'll have a better sense of how well you're doing on social, and how you can improve.
Do you need help tracking ROI for your social presence? Want to get started with creating and executing a high-profit online strategy? We can help! Visit our website for more info or set up a meeting to talk with us directly! Plus, subscribe to our chatbot to receive all of our blogs,