Just like any digital marketing effort, proving social media return on investment is essential. Social marketers are held to an even higher standard since so much of their work is visible across social networks. So social media agencies often feel even more pressure to be able to show ROI to clients. This week at #SproutChat, social media agency Fifty & Five joined us to discuss how to equate engagement to ROI and the best metrics to monitor and measure social’s impact on your bottom line.
Don’t miss another opportunity to learn about social media ROI and more at Digital Agency Day. Team Sprout will be presenting along with Fifty & Five on, “Three Strategies to Prove the ROI of Social to your Clients & Win More Business” on Thursday, March 16, 2017 at 4 p.m. CST. Sign up to attend the webinar here.
As an Agency, you Must be able to Track ROI from the Start
In order to ensure that social media efforts will generate ROI, the initial strategy must consider how to do this from day one. Social communities need to be viewed holistically and agencies should set and clearly communicate realistic benchmarks that client can expect from each efforts with a social strategy. Consider how efforts might impact each other and more indirectly attribute to ROI.
A1: Very! Being part of the digital marketing mix, there’s a bigger microscope on social and the track-ability of social. #SproutChat
— Fifty & Five (@FiftyandFive) March 8, 2017
@SproutSocial A1: It's important to keep clients informed, but it's just as good to explain that results don't happen overnight. #SproutChat
— Sortis Marketing (@SortisMarketing) March 8, 2017
@SproutSocial A1: The ROI is what makes #socialmedia tangible. It is vital to any successful reporting! #SproutChat
— Jenna Catherine Reed (@jcatherinereed) March 8, 2017
A1: If the social program does not support revenue-based goals (it happens), showing ROI will be impossible. #SproutChat
— Dr. Liz Gross (@lizgross144) March 8, 2017
A1: Results are everything! We can't prove our worth without backing it up #SproutChat http://pic.twitter.com/tnWg8xGJ1H
— Adriane Davis (@Being_Adriane) March 8, 2017
A1 Uber-important, client & I agree to goals, then I show how my SM efforts have met or exceeded goals. #SproutChat
— Shannon Mouton Gray (@ShannonRenee) March 8, 2017
Look for a Number of Ways to Measure Social Success
While showing exact sales from social efforts is ideal, there are many other markers that signify success. Take note of likely correlations, as well as causations. As an agency, it’s helpful to tell a story about the data and how it ties back to goals. Most clients will prefer quantitative data, but don’t overlook what qualitative or anecdotal data points might be driving ROI.
@SproutSocial A2: Engagement, social shares (going viral), did the interaction accelerate the sales buying cycle? #SproutChat
— Wendy Kam Marcy (@wendykammarcy) March 8, 2017
A2: In addition to conversions, make sure you're tracking the supporting KPI (whatever those are).#SproutChat
— ThinkSEM (@ThinkSEM) March 8, 2017
Q2) You could look for volume increases in your brands overall sentiment across social channels #sproutchat
— Adam Lazzara (@AtlantaSnoop) March 8, 2017
A2) Tracking KPI, impressions, and engagement is a great way to track social success! #sproutchat
— Alejandra Guillen (@AlejandraGui123) March 8, 2017
Q2 Engagement and client satisfaction on social is a much better measure than any like or retweet. #sproutchat http://pic.twitter.com/dFxBL2U1hd
— HeyOrca! (@HeyOrca) March 8, 2017
Monitor ways that Engagement Correlates to ROI
One of the main markers that can potentially point to ROI is engagement. An engaged community shows your audience is enjoying your content and feels friendly towards your brand. They’ll be more likely to purchase once you serve up the offer. Be sure to explain to your clients achievable goals for engagement for their respective industry and company size. Don’t be afraid to take bold risks to foster more engagement. Also, experiment with boosting posts to guarantee views from a wider audience.
A4: We use Sprout to handle lots of tracking and measurement along w/ other tools to help with deeper sentiment & engagement. #sproutchat https://t.co/4rlq8kNBBU
— Fifty & Five (@FiftyandFive) March 8, 2017
A4: my companies' main client focus is nonprofits, so they gauge media success by conversions or donations! #SproutChat
— Paige Sander (@PaigeS_Jour) March 8, 2017
@SproutSocial A4: beyond reporting within social tools, we use tracked links to follow engagement and provide the full picture. #sproutchat
— Jenna Catherine Reed (@jcatherinereed) March 8, 2017
A4b: Social shares are nice, but there's also no way to know if those who shared actually READ your content. #SproutChat
— Express Writers (@ExpWriters) March 8, 2017
A4. I think comments and retweets are types of engagement correlates the most with ROI. #SproutChat
— Bianca DeLeon (@deleonbiancam) March 8, 2017
A5 Environmental scanning, always. Also by learning from their successes/failures #SproutChat
— Evi (@sinopidou) March 8, 2017
Take Note of these Tools for Measuring ROI
Measurement isn’t possible without the right tools and software. Do the research to find what will provide the most valuable metrics not only for your viewing, but also for presenting to your clients. Keep in mind clients may request reports or specific data on short notice, so having quick access is key.
A6: In the end, it's all about what tools are the best fit for each client's goals and KPIs so that we're tracking what matters. #SproutChat https://t.co/VycZgBO7lU
— Fifty & Five (@FiftyandFive) March 8, 2017
Google analytics, @SproutSocial reports and the analytics within the social platforms themselves #SproutChat
— Breonna Bergstrom (@bmbergstrom161) March 8, 2017
A6: A lot of social media platforms have excellent reporting tools. I usually do ROI calculations on a spreadsheet w/that info. #SproutChat
— Mallie Rust (@malliefe2o3) March 8, 2017
@SproutSocial A6. I use @twitter analytics to measure my social return on investment and also use @buffer for data #sproutchat
— Cheval John (@chevd80) March 8, 2017
A6) We use Google Analytics, but to understand our GA reports better, we use @taluapp! #SproutChat
— Alejandra Guillen (@AlejandraGui123) March 8, 2017
@SproutSocial A6: Sprout Social and Twitter Analytics are our go-to's! #SproutChat
— DoubleShot Creative (@DoubleShotTeam) March 8, 2017
A6: Google Analytics, social media reports, Attentive.ly #SproutChat http://pic.twitter.com/SUIDpe82ln
— Paige Sander (@PaigeS_Jour) March 8, 2017
Join us next week along with Sprout All Star Amelia Tran to discuss Social Media Networking. Until then, chat with peers in our Facebook community.
This post #SproutChat Recap: Proving Return on Investment for Social originally appeared on Sprout Social.
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