Social Media Analytics & ROI

Social Media Analytics & ROI

Social Media ROI can be such a debatable topic; it’s nearly impossible to measure what exactly is coming back to you, based on an Instagram post or a Facebook tag, with 100% accuracy. It’s hard to tell if “that one IG post” increased your revenue or bottom line. Measuring the effectiveness of your social media marketing efforts is, in fact, really challenging! A recent study showed that:

41% of companies admitted to having “no idea” of whether or not their social media marketing efforts were successful (ConvinceAndConvert.com).

What is social media ROI?

Basically, it is the sum of what you are getting back, based on the money, time, and resources you are putting in to your social media. Generally, you measure your return in dollars.

You need to track what you are doing, what you are spending, and what results you are getting.

Why measure it

Measuring your ROI is crucial so that you can find which media channels are bringing in the most revenue, you can avoid wasting time and money, you can improve your marketing efforts, and you can see how changes in your strategy affect the overall return.

How to measure it

  • Step 1: Start by defining your social media goals.

    • They should be quantifiable and measurable… something you can assign a number to. (Examples: email list sign-ups, completed contact forms, downloads of your e-book, time spent on an important webpage, trials, purchases, etc.)
    • You can track metrics like followers or shares, but these shouldn’t be your main goals. It’s more meaningful to track the number of people who go from a casual browser, to a lead, to a paying customer, than to worry about “popularity.”
  • Step 2: Track and measure your goals.

    • Google Analytics seems to be the easiest way to track your goals. Within the dashboard, you can set specific goals to be tracked on your social media platforms. This is where you set the goal you chose earlier, such as email sign-ups or downloads of your e-book (For these, set up one landing page for sign-ups and/or one landing page for downloads, and within Google Analytics, choose the goal type of “destination page.”) For accurate measurements, be sure that the landing page you are tracking is created specifically for this campaign. It should have a special, unique URL and should not be discoverable on Google; this way, you can be sure that you are only tracking the conversions brought in from “that” specific effort. You will know that the only way the person landed on this landing page was by signing up for your email or downloading your e-book.
    • Here is an article that lists some other super helpful tools: Social Media Analytic Tools

 

 

 

  • Step 3: Track your expenses.

    • Include things like:
      • Ad costs – Ads cost money… Include the expense you put towards your boosted Facebook post, your promoted tweet, etc.
      • Labor (man-hours) – Time is money. Measure the amount of hours spent altogether on each specific campaign, per campaign, and multiply the hours by the hourly rate paid.
      • Content – Did you have a professional copywriter help you create a landing page? Did you outsource postings and status updates?
      • Tools – Do you use any tools, like Buffer, Grum, or Hootsuite? Social media management software can be extremely helpful (and reduce man-hours), but there is sometimes an added cost to having/using these. (Again, don’t forget to measure this on a per campaign basis. If you paid for a year’s subscription, and the campaign only lasted 2 months, include the cost of 2 months of that year-long subscription.)
  • Step 4: Calculate your ROI. Income minus costs, times 100, divided by costs.

(Income from Campaign – Costs from Camp.) x 100 / Costs from Camp.

= SOCIAL MEDIA ROI

Going deeper

If you were using multiple efforts to direct consumers to your landing page, and you want to break your numbers down further, look at each social media platform individually. Find your income and your costs for that one campaign on that one platform to calculate your total ROI for that one platform. (Use the same equation above.)

Analyze & adjust

Find the platform that is giving your company the highest ROI, and adjust your marketing efforts to focus more on the most effective platforms.

A negative ROI on a campaign or social network means that your strategy needs to be adjusted. Work to reduce your costs, or make your campaigns more effective.

If you’re more of a visual person, check out THIS INFOGRAPHIC created by ‘Quicksprout’. It will walk you through an excellent example of a fictional company setting, measuring, and analyzing their own social media efforts and ROI.

It’s not all in the numbers

Keep in mind that not everything can be tracked and measured. It’s important to also remember the indirect benefits you can receive through social media. For example, if a top influencer on Instagram shares one of your photos, your brand is instantly exposed to a whole new (huge) audience! You will likely gain some followers, and this may or may not result in sales. So when you look at your social media ROI, remember that it’s not all in the numbers and dollar signs. Everything you do on social media can affect your ROI.

It’s possible, and it’s worth it

While tracking and analyzing your social media ROI can be incredibly challenging, it’s worth taking the time and energy to do! It will pay off by showing you where you are struggling and where you can shift your marketing efforts and dollars to better benefit your business.

Go in with a planned strategic approach. Organization will make this task immensely more enjoyable (and accurate)! Over time, fine-tune your numbers; your expense estimates will become more accurate with experience and, as with anything, the process will get easier with practice. 🙂

 

– Mandy

Social Media Policies for Employees

Social Media Policies for Employees

What’s your company’s policy?

Do you know? Do your employees know?

As with any policy, in order to be effective, this needs to be a firm set of rules.

It needs to be an organized, well thought out list that is written down, shared with employees, updated over time, and posted around the workplace as a constant reminder.

Enforcing a social media policy is important in keeping your company (and brand) safe!

A firm policy will protect your brand, while empowering employees. A social media policy tells the employee what is accepted in the workplace, as well as what is expected from them. Laying out these guidelines will give the employee a sense of creative freedom; by having everything laid out, they feel confident in their work and know they are doing exactly what they are supposed to be.

Your company has likely developed a certain voice, a certain character. It has become a brand…

Keep your brand and message consistent.

This will ensure your brand’s voice, vision, and character come through loud and clear. A social media policy will make this easy! Use the policy to outline expectations of what your brand’s voice and tone should be. Images, as well as copy, should follow one unified voice. Keeping your brand consistent will help you draw in your ideal market and allow customers to really connect with you.

Do you have public-facing employees? Make sure they are well aware of the company’s policy and “voice” and that their public image fits with yours. Consider encouraging them to create a Twitter handle that includes a reference to your brand. For example, if you have employees interacting with the public on behalf of the company, they could create a Twitter handle such as: @”Co.Name,EmployeeName” (Ex: @AmazonTiffany). This makes it clear that Tiffany is an Amazon representative.

What to include in your Social Media Policy

Your policy should cover how your company uses social media, as well as how employees are expected to use their own accounts. Here are some ideas on what to include:

  • General guidelines for overall conduct. Use phrases such as “Act respectfully, amongst both customers and peers” or “Be the solution, not the problem.”
  • Stress the importance of confidentiality. What is your company’s policy on new product releases? What’s your policy for company news?
  • Employees should never reveal or discuss sensitive, private information – not about the company, other employees, or your customers.
  • Be very clear in describing the brand, the character, and the voice. Give examples of what kinds of messages, wording, and images to use, and explain how to talk about specific products within your portfolio.
  • Humor posts can be good, but stress to your employees that it has to be appropriate and relatable to your brand. (Ex: Is politics somewhere you want to go…?!)
  • It’s important that your employees know how to act, but they also have to know how to re-act. How should they handle negative content that they see on your company’s page? How should they handle any negative comments about your brand that they come across? What procedures should they follow?
  • Include etiquette guidelines that explain how employees should respond to complaints respectfully.
  • You might want to clarify which sites employees may/may not visit at work.
  • Do you want your employees to claim accountability on their own social media profiles? For example, should they write something like an “opinions are my own” disclaimer?
  • A lot of people’s personal profiles link to their employer, stating where they work. Do you think employees should “behave” a certain way on their own personal accounts? They are, after all, public representatives of your brand…

Assign roles.

To ensure a successful social media policy, assign employees to specific tasks that they will be held responsible for. Here are some basic roles that should be filled:

  • Training, education, and implementation of the policy to new and current employees
  • Branding guidelines (voice, character, images)
  • Social media post approval process
  • Online customer service guidelines and protocols (how to act and re-act to both good and bad comments)
  • Safety and security of the company/brand
  • Legal issues (always credit original sources if sharing or borrowing content)
  • Maintaining a logical, effective, up-to-date social media policy

Here are some examples of social media policies!

This is Adidas Group’s social media policy: Adidas Group

Here is one by AP (much more in depth than Adidas’): Associated Press

More: Reuters’Shift Communications

The following is more formal, as a governmental policy: NYC Department of Education

A healthcare industry example: Mayo Clinic

And last but not least, the following article is super helpful because it gives a list of big brands’ social media policies, then goes on to discuss where each one succeeds and/or fails.: Need Sample Social Media Policies? Here Are 7 to Inspire Yours

Social media policy templates, for you 🙂

Templates provide an AWESOME starting ground for your own company’s policy.

This one is short and sweet, and super clear: Template Sample

Here’s another: Workable.com Template

So, how would you define your company’s social media policy? Good, bad, old, non-existent? It’s time to get a solid, updated policy in place so that you and your team can start curating great content (AND SHARING IT SAFELY!), today. 😉

 

– Mandy