Posted on: 22 May 2020
Is your social media worth the investment?
Social media can be a great way to advertise your business and the services you offer, but how do you know whether or not the time and money you invest into social platforms is worthwhile?
Take a look below at some of the ways that you can find out if you are getting a good return on investment from your social media.
Measuring your social media performance
Whilst you may want to see a return on any financial investment that you make into social media, it is rarely the case that you will see strong financial returns, unless you have a social media based online store.
Because of this, you could use these non-financial based metrics to judge the performance of your social media channels.
Increase in website visitors from social
If you measure success on website visits, set up a way of finding how many visitors come to your website through your social media channels.
Increase in mentions
When using your social media channels, you will be able to track how many times you are mentioned by other social media users.
You want to make sure that you track your positive mentions to ensure that your business is seen positively, but it is also important to track negative comments and mentions to see how your business can improve.
Increase in followers
One of the easiest ways to check the success of your social media channels is to see if you have an increase of followers.
The more followers you have, the more interested people are in your content and your business.
New requests for information
On your social media sites, you can interact directly with your customers, so if you find that you are engaging more with people online, you may be getting a good return on investment for the time that you are spending on your social media.
Increased time spent on a website
Using Google Analytics, you can not only track where your website visitors have come from, you can also see how long they spend on your website.
Track to see how long your social media viewers are spending on your website so that you can see if social media is bringing customers to your website.
Increased YouTube video views
If you use YouTube to share videos for your business, the main way of seeing if you are getting a return, is to see if you are getting increasing amounts of views on your videos.
Subscribers are harder to come by, so having an increased amount of subscribers is a great indicator that you are getting a return on your investment.
Content likes and shares
Another clear indicator that your social channels are performing well is the amount of likes and shares that you are getting on posts.
Having more and more likes and shares proves that your audience are enjoying and engaging with the type of content that you are posting, hopefully converting them to customers.
Tools to measure your engagement
These are some of the tools that you can use to measure how people are interacting with your posts:
As we previously mentioned, Google Analytics can track various aspects of your website.
Using Google Analytics, you can track where your visitors have come from, how long they spend on your website, where they are accessing your website from and even what kind of device they are using.
Google Analytics is a very powerful tool, but can also be tricky without experience. Find some training to help you get better at using it or see if you can work with other businesses to help you understand Analytics better.
Take a look at our guidance on setting up Google Analytics for your website here.
Insights is a way that you can track how your audience engage with your Facebook, Instagram or LinkedIn pages; the biggest social media site globally, the biggest social media site for 18-29s and the most popular business networking site, respectively.
Using Insights, you can track your increase or decreases in likes, followers and shares, as well as the reach of your posts, which shows how many people have seen your posts.
As Instagram and LinkedIn are now both owned by Facebook, Insights is similar to use across all three platforms, so once you know how to use one, you will have a good idea of how to use the other two. Insights is a free tool to use, so getting to know your way around it could be greatly beneficial for tracking how successful your social media posts are.
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Source: Zywave inc - Success With Social Media - Social Media: Measuring ROI
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The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.