It seems like marketers are consistently faced with the challenge of demonstrating that social is worth its piece of the marketing pie. However, many marketers fall short when it comes to proving that their social investment was worth the effort or spend.
Like any strategic initiative, the first step for measuring and achieving ROI is defining your business objectives. Ask yourself what specific goals social can help you solve. Below is a list of common results that can be realized with a social strategy in place:
- Lift in new customer acquisition
- Lift in referral traffic
- Lift in user-generated content
- Lift in engagement (time spent on site or page views)
- Lift in repeat conversions
- Improvement in marketing campaign performance
- Improvement in organic search rankings
- Improvement in brand exposure and awareness
- Uncovering valuable audience insights
- Pinpointing behaviors that lead to more revenue
After your business objectives have been clearly defined, it’s important for you to develop a clear understanding of what goes into a proper ROI measurement and acquisition strategy.
To help you optimize for greater returns, we’ve laid out some formulas and examples in our new guide for social ROI. To download the full content for free, click here.
By Emma Tzeng