Tag Archive for: tracking ROI

Evaluating ROI from Social Media Efforts

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Social media stands tall as a prominent marketing tool. When executed correctly, it can significantly influence your business trajectory. Here’s your guide to engaging your audience, fostering partnerships, staying informed, and sharing industry knowledge.

Recognizing the value of your social media efforts is paramount. By understanding your social media ROI (Return on Investment), you can capitalize on effective strategies and sidestep the ineffective ones. For anyone seeking to enhance brand recognition, social media is non-negotiable. Let’s dive deeper into measuring and optimizing your social media ROI.

Deciphering Social Media ROI

To optimize your social media ROI, it’s vital to comprehend its true essence. The formula is straightforward: (return – investment) / investment x 100 = Social Media ROI. A positive ROI indicates profitable campaigns, while a negative one suggests a deficit.

Bear in mind, that the purpose of calculating ROI varies across organizations. It’s aligned with your company’s specific goals, whether they involve acquiring new followers, enhancing click-through rates, boosting conversions, or gathering complete lead-generation data.

Crucial Metrics to Determine Social Media ROI

Your social media strategy is the backbone of your business. Without it, you’re just flailing around in the dark, hoping that things work out. Here are the metrics you should be monitoring:

Engagement: This involves monitoring interactions with your content. Indicators include clicks, likes, shares, and brand mentions. A significant portion of content creators use engagement to evaluate their content’s performance.

Reach: Quantifies the audience’s exposure to your content on social media. Though vital, it can be trickier to measure than engagement.

Leads: Determining the origins of your leads and the content that magnetizes them is essential. Link your campaigns to your undertakings for optimum ROI.

Conversions: Employ UTM parameters in your post links, allowing you to monitor clicks for every campaign and platform.

Effective implementation of these metrics steers your business towards a promising ROI.

Efficient ROI Tracking

After defining your objectives, it’s essential to establish an ROI tracking system. Numerous platforms can assist you, but Google Analytics stands out. By setting up goals and event tracking, you can effortlessly monitor your ROI. Being user-friendly, Google Analytics offers comprehensive guides on leveraging its capabilities. And here’s the cherry on top: Onimod Global is a proud Google partner. This partnership ensures top-tier online marketing strategies, underpinned by Google’s esteemed products.

As the role of social media in consumer behavior magnifies, marketers must adapt to its evolution. No matter what your ROI percentage is, there is always room for improvement. Some last key things to remember are:

  • Know Your Audience: Ensure your content resonates with them.
  • Innovate: Prioritize quality over quantity and craft captivating content.
  • Refine and Elevate: Upgrade your posts with fresh imagery, keywords, and headlines.

Final Thoughts

Our mission at Onimod Global is to synchronize your content marketing endeavors with tangible business outcomes. With our data-centric strategies, we offer insights into your audience’s preferences, your competition’s strengths, and potential industry leadership opportunities.

Stationed in Chicago, our in-house team is well-versed across multiple marketing verticals, ensuring we cater to all your needs. Our commitment to excellence, updated knowledge, and unmatched customer service sets us apart.

Contemplating your digital footprint? Need strategic guidance? Reach out to us today.

How to Measure Social Media ROI

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As one of the top digital marketing channels for businesses, social media is a critical component in your company’s success. Here’s how to engage your network, drive collaboration, stay up-to-date, and share best practices.

Every business should be able to calculate their social media return on investment. By tracking ROI, it shows the monetary value of your social media campaigns. You can double down by using marketing methods that work and avoid ones that dont. Social media is a crucial part to anyone’s marketing strategy if your goal is to drive brand awareness.

Here’s how you can measure your social media ROI and improve your content.

What is Social Media ROI?

When you’re looking to increase your social media ROI, it’s important to know how to calculate the value of your activities.

The calculation is simple: (return – investment made) / investment made X 100 = social media ROI.

If your ROI value is more than 0 percent, it means you’re making money from your campaigns. If it is anything below that, then you are losing money.

ROI calculation depends on your goals and objectives as an organization. Different organizations will have different objectives. There are many social media goals you can choose from. It all depends on your core objective, which could be:

  • New followers
  • Click-through rates
  • Conversions
  • Completed lead generation forms

Metrics Used to Measure Social Media ROI

Your social media strategy is the backbone of your business. Without it, you’re just flailing around in the dark, hoping that things work out.

And they won’t. It’s time to get a plan in place.

  • Engagement – This metric is measured by the level of people interacting with your content and brand. A recent study shows that over one third of executives that create content are using engagement as a way to measure their contents performance. Clicks, likes, shares and brand mentions are all part of tracking engagement for you social media channels.
  • Reach- This metric is measured on views and interactions with your company on social media. Reach can be harder to measure than engagement because it only factors how many people saw your post.
  • Leads – This metric is generated by social media, and it’s important to know which channels provide the most leads and what content drives those leads. The best way to achieve ROI with leads is by linking your campaigns to your activity.
  • Conversions – This metric uses UTM parameters on the links within your posts so you can track clicks by each campaign and platform.

When you have all four of these metrics implemented correctly, it will drive ROI to your business.

Best Way to Track ROI

Once you have your plan laid out and you know which targets you are hitting it is time to set up a system for tracking your ROI. There are so many different types of platforms on the market that do a variety of things for you. The simplest way to do this is by using Google Analytics and setting up goals and event tracking.

Google Analytics is a simple tool to use and their help page provides their users with a step-by-step guide on how to use their program. Most importantly, Onimod Global is a Google partner. Google Partners are online marketing companies, trusted and recognized for exceling with Google’s products.

As more customers use social media to browse, connect and purchase, marketers need to know how social media continuously evolves. No matter what your ROI percentage is, there is always room for improvement. Some last key things to remember are:

  • Understand your audience – make sure you know who is interacting with you and how you can provide them with content that will engage them.
  • Think outside the box – quality not quantity, take time to create interesting and engaging content for your audience.
  • Test and Optimize – fine tune your organic social posts by using new imagery, keywords and headlines.

Last Thoughts

At Onimod Global, our goal is to help you align your content marketing efforts to real business results. Our data-driven content strategies make it easy to understand your audience’s needs, where your competition is winning, and areas where you have an opportunity to lead your industry.

As a Chicago-based, in-house marketing team, we are your partner experts for specific marketing verticals or some nice balance in between. We excel in customer service and will teach you the most relevant and up-to-date digital marketing skills.

Have questions about creating your online presence and need help strategizing? Contact us here today.