Video: Three Steps to Prove Social Media ROI

Participating in social media is increasingly important for businesses in the supply chain. Here are the 3 steps to proving social media ROI.

Highlights:

It may seem obvious, but too many businesses approach social media marketing with vague goals or none at all.
Once you’ve set your goals and identified your key metrics, it’s time to implement a system that will track and measure your metrics.
Once you’ve calculated ROI for your social media platforms, it’s time to think strategically about optimizing your content marketing resources in terms of allocation and timing.

Video transcript:

I’m Elizabeth Hines, Creative Director at Fronetics, and today we’re talking about three steps to prove social media ROI.

Participating in social media is increasingly important for businesses in the supply chain. But many clients tell us they have a hard time getting approval for the expense because it’s notoriously difficult to measure the return on investment.

Well it’s true that many of the benefits of social media — like greater brand awareness and improved communication with customers — are difficult to quantify, there are some ways to prove the ROI of your participation in social media.

Here are the 3 steps to proving social media ROI:

1. Set goals

I’m not talking “grow your business” or other vague benchmarks like that. I mean “increase web traffic from social by 10% over the next 90 days.” Really specific benchmarks and goals are important in measuring success.

2. Track and measure

Make sure you have means to accurately measure how you’re doing against your goals. All the social platforms have excellent analytics tools to help with this. We also use tools like Google Analytics and HubSpot.

3. React

Look at your metrics in the context of your goals. Once you figure out what’s helping you meet those objectives and where you’re falling short, you can tweak your efforts to be more successful and to make sure that you’re actually achieving your ROI.

For more information on social media and all things digital marketing, visit our website at Fronetics.com