Use These 5 Steps to See if Your Social Media is Profitable

PDF Use These 5 Steps to See if Your Social Media Is Profitable PDF ROI %$4 %3D Return on Investment (ROI) (Gain from Investment - Cost of Investment) / Cost of Investment To calculate the ROI of a social media campaign: flalî Determine your investment gain Determine your cost of investment Total revenue generated by your campaign Monetary value of an employee's time Actual dollars spent Gross profit: $$ Revenue minus cost of goods v Creative costs v Technical costs v Advertising costs Net profit: Gross profit minus expenses To calculate social media ROI, you have to determine the value of your social media goals. First, Choose Your Goals Your goals depend on your company. They may include: Total spend per customer Total number of online purchases Completed contact forms Email subscriber list growth Clicks on links in posts PDF Newsletter sign-ups PDF downloads Webinar attendance Live demo sign-ups Video views Number of comments per post 15% OFF TBBT123 Number of email forwards Coupons downloaded Special offer codes used 043 How often a hashtag is used Number of entries in Attendees at events a contest Next, Determine Which Metrics Will Help You Measure Your Success Leads Conversions ?? A person or entity that is potentially interested in purchasing your product or service The number of social media generated leads who complete your goal ЛЛЛ Conversion Rate: (Number of conversions / Total number of leads) x 100 SHARES Retweets Repins Likes Shows that your campaign resonates with your audience Any channel-specific Demonstrates the social share metric reach of your content Lead value Follower growth $$ Value of action taken The number of (for example, a sale) / new followers on Number of leads each platform COMMENTS 7@ On a blog post, Facebook post, Pinterest pin, Instagram post On Twitter, this could include both mentions and tweets linking to you Page views Unique page views The total number of times a particular page on your website is viewed Combines page views that are generated by the same user during the same session Now, Track Your Metrics Google Analytics Track specific metrics Get a more precise look at the performance of your campaign Use social CRM software that ties into web analytics Co Tag leads by link and source Ass Ascertain total booked Use multichannel attribution revenue that comes that shows when customers from social campaigns use multiple means Then, Tie Your Metrics to a Monetary Value $4 Calculate your total expenses People Content Social media Cost to create manager salary Promotion costs, including PPC, Facebook and LinkedIn in Marketing time ads, and more Frontline staff, like sales Technology and analytics and customer service Tools Senior executives' time Apps Legal advising EO Reporting Check your savings How much does social media customer service cost? Measure the opportunity cost of a campaign $4 Find the total cost of the social media campaign Compare it to the costs to achieve a given result with other forms of marketing Isolate social media's impact Purchase frequency Lifetime customer value 2$ • Total size of purchase Customer advocacy Finally, Update Your Reporting-make Projections and Improvements Determine your Customer Lifetime Value (CLV) The amount of revenue a typical customer will generate for your company during their engagement with your brand (Monthly value) x (Number of months a customer is active) Prioritize your metrics Your customer acquisition cost (CAC) should be v The most important metric is your KPI v Set target values for your KPIS v Let your first campaigns set your benchmarks roughly 10% of your CLV Determine a way to report your results Work on a time frame that makes sense - weekly, monthly, quarterly, yearly, or all of the above Review your results What worked What didn't work To measure your social media ROI, you need goals and strategies, and you need to know which metrics will help you achieve those goals. With that information and a social marketing platform, you can reliably calculate the profit of your social media efforts. digitalmarketinginstitute.com convinceandconvert.com venturiwebdesign.com heidicohen.com marketingmo.com exacttarget.com investopedia.com socialmediaexaminer.com 60secondmarketer.com salesforce marketing cloud %24