You’ll need to consider several factors when formulating, setting up and tracking your business’s social media ROI.
- Determine your immediate goals. Many organizations that have difficulty measuring social media ROI haven’t defined specific, tangible goals. The key to successfully measuring ROI is setting achievable business goals and building your strategy to accomplish them.
- Understand your long-term goals. Ensure you understand your ultimate goal – what all your smaller, more immediate goals will build to. This end-goal vision will unify your social media efforts. Your ultimate goal should align with your business’s branding and communications guidelines.
- Pinpoint metrics to track. Once you know your goals and how to achieve them, pinpoint the metrics you want to track, including engagement, audience, reach and sentiment. Understand how you’ll apply that information to your strategy.
- Ignore “vanity metrics.” You’ll track several metrics once your social media marketing campaign gets underway. Some of these metrics are called “vanity metrics” because they’re visible to the naked eye but don’t necessarily tell the whole story about a campaign’s success. Consider tracking more in-depth metrics, such as conversions from the traffic generated by a campaign, to tell the whole story and properly measure ROI.
- Build relationships with your followers. When your followers feel that they have a relationship with you, they’re more likely to engage with your content and follow through with a purchase or commitment to your business.
- Focus on quality, not quantity. Be thoughtful with your social media posts, providing carefully considered content. Your social media is there to serve your business and achieve a goal, not just to exist. Spend time considering your photos, captions and hashtags appropriately for each platform. Publishing tools like Hootsuite or Later can help you set up and preview posts before they go live.
- Analyze spending against your success rates. Spending is one of the most straightforward metrics to measure. As you analyze the success of your campaign, be sure to consider all the money spent and how it was utilized.
Social media platforms for businesses
Here’s an overview of the most popular social media platforms and their business tools.
Facebook is an extremely popular social media network with a varied audience of more than 2.9 billion active monthly users as of 2022. It’s worthwhile for any business of any size to use Facebook’s business tools and have a Facebook business page.
Instagram is also incredibly popular, with more than 1.1 billion active users in 2022. From Instagram Live to Instagram Stories, there is no shortage of Instagram business tools that help brands promote and sell their services and products. Instagram is a visual platform focused on photo and video posts, so it’s an excellent tool for businesses with strong visual content to share. It’s also almost entirely mobile, with tools and services optimized for mobile.
While Twitter is great for short updates, engaging with followers and sharing links to blog posts, the platform isn’t ideal for all businesses.
On Twitter, you can share short tweets (240 characters or fewer), videos, images, links, polls and more. It’s also easy to interact with your audience on this platform by mentioning users in your posts along with liking and retweeting tweets.
This visually oriented platform allows users to save and display content by “pinning” digital bulletin boards, which can be organized by category. For example, a personal user might have a food board dedicated to pinning recipes, another board dedicated to photography and so on.
YouTube
Google-owned YouTube is a video-sharing platform where people can view, upload, rate, share and comment on content. The site is a massive hub for news and entertainment.
Many businesses on YouTube have a creative, visual or educational component. The platform is heavily creative, so it’s essential to have a dedicated video editor producing content. However, your business doesn’t need a channel to market on the platform; there’s a subculture of YouTube influencers who publish frequent videos and often maintain large audiences.
LinkedIn has 260 million monthly users and is the best platform for professional networking. As far as LinkedIn business uses, it’s an excellent place to find top talent, position yourself as an industry leader and promote your business.
LinkedIn is designed to be more professional than other social media platforms and is geared toward businesses and professionals. Users create profiles similar to resumes, and companies can create pages that showcase their business. Because LinkedIn is a professional platform, it’s the best place to post job openings and information about your company culture.
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