Though social media may be the new route for businesses to attract customers, generating desired results on these platforms is not a cakewalk. Since networking sites are filled with numerous ways for visitor conversion, here are some ways to effectively gauge if your strategies are generating coveted outcomes.
It might appear like your social media presence is helping you build customers, but it may just be an illusion. If not utilised effectively and appropriately, social media can do no good for businesses.
With the many conversion activities possible via social channels, here are some ways to gauge if your social media strategy is really helping you get some returns on investments (ROI).
Indicators of performance measurement
ROI can have different facets – if you are looking to build brand goodwill then improved customer relationships might be your ROI, or for businesses aiming to expand their reach, increased followers may be their ROI.
To measure those returns, it is important to first determine ROI metrics and accordingly decide on performance indicators to help focus on how to align social media efforts and strategy.
Align strategy with business objectives
It is essential that strategies run parallel with goals to be achieved. Different social media platforms have specific options for different purposes, and it is important that you choose the appropriate ones.
For instance, if your objective is increased profile/website visits, you probably won’t want to go for sponsored posts on Instagram because when Instagram will show your content to people, it is not guaranteed that they will visit your profile.
There are metric trackers in social media accounts, which only a few people use. On Facebook, you can use the Facebook Pixel, which is a code that helps track conversions from Facebook ads, optimise ads based on collected data, build targeted audiences for future ads, and remarket to people who have already taken some kind of action on your website. The data can further be utilised to target people.
Another way is to set up Google Analytics on your website and leveraging UTM codes. UTM codes enable Google Analytics to tell where searchers came from as well as what directed them to you.
Measure the data generated as a result of social media efforts, using tools like Google Analytics, Sprout Social and HubSpot, amongst many others. These platforms blend reports together to help you compare indicators of performance.