Since the rise of social media marketing, marketing gurus have always worked hard to develop measures to check Return on Investment via social media. There are however still many questions raised on the return on investment checks as well as its relative measures. How the business owners do or marketers know which technique is getting you what result as it is a normal norm that many social media campaigns are working at the same time with many techniques is also a major area of concern and generates several queries.
Measuring ROI in social media is not an easy task and especially not for laymen. It requires research and in depth understanding to apply techniques to calculate ROI in social media which if you don’t apply will get you vague guesses.
Most business owners who are engaging social media as a tool for marketing are normally concerned with the number of fans they have, the followers they have, number of likes and retweets and comments they are getting. These things are easy to calculate but this does not tell you the whole story so you cannot really calculate your return on investment using such measures. If you know how many people have retweeted your posts in the past that does not come close to telling you about your ROI?
If you are only looking at social media performance for your business, you still need to include the influence of other media on your social media campaign which can include paid ads, SEO, banners etc… Now, there are products which can calculate your ROI for paid marketing category. Please remember that SEO, Banners, Email marketing, Display ads all are paid form of marketing while social media is largely free with almost no investment.
In short, it will become a mix of paid efforts and social media efforts once you try to calculate your ROI and your job would become tough to separate. You have to remember that traditional web analytics tools do not work on social media. They use last touch attribution which means that whatever market source last touched the customer before the purchase is finalized gets the credit of that. It does not necessarily mean that the last marketing technique worked only, it may have pushed the customer over the hump. This technique does not work in social media and if you are using your traditional web analytic tools to calculate the ROI of your social media campaign you are under reporting the impact social media has on your business as social media generates interest by filling the top not pushing prospect clients over the buying curve.
A better idea would be to get yourself a good marketing agency, one like LBM to know how your investment is getting you results. Instead of confusing yourself and getting mixed and under reported ROI, use LBM Direct Marketing where their trained employees will do the work for you and will not only handle your campaign but will also provide you detailed reports on how the performance has been.
LBM is a modern marketing agency which works as a one window solution for all your business needs. From direct marketing to social media management, LBM has it all which makes it a desired marketing agency to work with.