Understanding the ROI of Social Media Using Data
Social media is a one of the preferred methods of communication these days. Whether it's a Facebook post, a tweet or a comment on your blog article, you need to be analyzing all of your social media data. It's important to understand how to analyze your social media data and what to do with the data.
When reviewing your data in Sources you should be looking at the number of visits from social media, the number of leads generated and the number of customers. Start tracking these numbers using our Monthly Marketing Report Worksheet. If the numbers are trending in the wrong direction then you should be more active in social media during the next month.
HubSpot's Social Media App
HubSpot's Social Media app makes it easy to engage with the conversations happening on Twitter and Facebook. You should be continually adding and tweaking the terms you're tracking in your social media feed so you can monitor the conversations that are relevant to your company and industry. Use the Social Media app a few times a day for about 5 to 10 minutes each time.
By being engaged it will allow you to increase your reach (number of social media followers) and provide customer service to your audience on a daily basis.
Social Media ROI
You need to keep in mind the ROI of your social media activity. A cost you should measure is the time spent by people at your company. If you have an employee spending 20% of their week responding to messages on Twitter, and updating your Facebook Page with new content, their salary and related expenses is part of your investment. Is there time generating leads, customers, or is it providing better customer service?
When building a social media campaign the cost is primarily content creation and your time. You should be measuring the direct returns from social media in terms of traffic, leads and customers, and less direct returns like brand equity, visibility, and engagement with customers.
You must have well-defined social media goals or you won't be able to measure the ROI of social media for your business. If you're not seeing the results that you want, then you should re-examine your current strategy and start testing new techniques. We will be sharing some of these techniques with you during tomorrow's Analyze Content Camp. You reap the benefits of Social Media based upon how much you interact and how much time you put into it!
How much time do you spend managing your social media presence per week? Has social media been effective for your business?