Marketers know that what metrics matter for one brand, aren’t always the same for another. Working in social, it can be tough to effectively measure the ROI of a social campaign since it’s not as cut and dry as a traditional marketing campaign. Of course, you can’t get around having to present the value of your efforts to leadership, especially if you have revenue goals tied to social.
In this week’s #SproutChat, we were joined by Sprout All Star, Jasmin Bollman of Rebel.com, to discuss challenges with social metrics and measuring revenue goal success from social campaigns.
Ensure Goals Are Being Met
Measuring your social ROI is a way to track and make sure that your efforts are meeting your brand’s bottom line. This measurement helps inform business decisions and social strategy direction.
A1 – The simplest explanation: it's what you get out of what you put in to your social media. #SproutChat
— Jasmin (@jasmin_der) August 16, 2017
A1 – Social ROI is what a company is getting back from the time, effort and resources put into social media. #sproutchat
— Rebel.com (@rebeldotcom) August 16, 2017
A1: Return on Investment aka in simple terms: are you getting the most bang for your buck. #SproutChat
— Apple Box Studios (@AppleBoxStudios) August 16, 2017
A1 social media ROI is the financial benefit you receive from you efforts #sproutchat
— Toby Metcalf (@Toby_Metcalf) August 16, 2017
A1) ROI refers to the results of your social media outreach – are you getting more customers? Meeting business goals? #sproutchat
— Gordon (@gordondym) August 16, 2017
A1: Tracking and measuring our social strategy to prove it's worth! #SproutChat
— Nicole Osborne 🍭 (@Lollipop_Social) August 16, 2017
A1 SM ROI can be based on a variety of measurements. Not one size fits all #SproutChat
— Daniel Hachey (@daniel_hachey) August 16, 2017
A1. Social media ROI is really making sure that your social media efforts are impacting the bottom line. #SproutChat
— Reva Minkoff (@revaminkoff) August 16, 2017
ROI Isn’t Always Universal
Keep in mind that what works for one brand could be very different for another, as not all businesses strive toward the same goals. Take the time to consider your target objectives and make sure that your social campaigns are aligned with these.
A2 – Are you looking to raise awareness of your brand or increase conversions on your site? #SproutChat 1/2
— Jasmin (@jasmin_der) August 16, 2017
A2 – Depending on your industry, certain metrics will be weighted heavier. #SproutChat 2/2
— Jasmin (@jasmin_der) August 16, 2017
A2: It changes based on the industry AND type of post that is shared. Different SM posts have different goals. #sproutchat
— Netvantage Marketing (@netvantage) August 16, 2017
A2: What you measure and how you measure it depends on what your goals are. What are you trying to achieve? #SproutChat
— Express Writers (@ExpWriters) August 16, 2017
A2: In #B2B—leads, leads, leads! #SproutChat
— Skuid (@skuidify) August 16, 2017
A2: I think how measure is directly related to your goals. Goal-Increase awareness? Engagement and followers can support that #SproutChat
— Deserae_Dorton (@Deserae_Dorton) August 16, 2017
A2. Define the #MetricsThatMatter to your business. Follow visitors from social to your content offers using Google Analytics. #sproutchat
— Mike Mills (@SagefrogMike) August 16, 2017
A2: ROI on social posts can be measured by interaction from the target of that post. Not all posts are geared toward everyone #SproutChat
— Brendan Cooper (@SagefrogBrendan) August 16, 2017
Present Clear & Concise Information
Since social ROI is not as clear-cut to measure as traditional marketing campaigns, be sure that you’re presenting the most applicable data to senior leadership. Tell the whole, contextual story so those not involved in the day to day efforts feel as though they have a real grasp of what’s working.
A4 – You need them to understand what you’re trying to accomplish on social, to start with. #SproutChat 1/2
— Jasmin (@jasmin_der) August 16, 2017
A4. Revenue generated. People touched. Reach. Effectiveness – who did what you told them to. #SproutChat
— Reva Minkoff (@revaminkoff) August 16, 2017
A4 Great Q. We use detailed Excel spreadsheets right now, as well as the PDFs from @SproutSocial. #sproutchat https://t.co/bpNAbPtvTs
— Courtney Kochuba (@CourtKochuba) August 16, 2017
A4 The value of estimated cases deflected thanks to correct answers / blogs viewed in your community #sproutchat
— Toby Metcalf (@Toby_Metcalf) August 16, 2017
A4 – I report monthly on some basic stats as a general overview. But they know those stats are not our end goals. #sproutchat
— Rebel.com (@rebeldotcom) August 16, 2017
A4: Finger paint.
Unless they're involved in the SM process & understand the psychology behind some of it, don't overwhelm them #sproutchat— Jeff Higgins (@ItsJeffHiggins) August 16, 2017
Make Room for Changes Along the Way
It’s good to understand what’s performing well and what’s not, but it’s almost more important to be flexible to change along the way. Be agile and allow some wiggle room when business goals shift or the ROI isn’t what you initially mapped out.
A5 – I look to see what people are engaging with most – and it’s always, always photos of @rebeldotcom behind-the-scenes. #SproutChat
— Jasmin (@jasmin_der) August 16, 2017
A5 – Since I know that is what our followers engage with, I work to balance that with my regular promo duties. #SproutChat
— Jasmin (@jasmin_der) August 16, 2017
A5 – If we have an ad campaign running, we check in several times each day and will change up targeting based on performance. #sproutchat
— Rebel.com (@rebeldotcom) August 16, 2017
A5: It's always good to tweak plans but make sure it's not too often or too soon to really understand your results and metrics #SproutChat
— Jeff Higgins (@ItsJeffHiggins) August 16, 2017
A5: It's really based on your goals and what you're trying to achieve with each campaign. #SproutChat
— Express Writers (@ExpWriters) August 16, 2017
A5. And don't forget to consider all the various variables. There's usually more than one with social. #SproutChat
— Reva Minkoff (@revaminkoff) August 16, 2017
A5. Every 6 months do a high level strategic review. Do more of what's working, and less of what's not. Proof is in the pudding. #sproutchat
— Mike Mills (@SagefrogMike) August 16, 2017
A5 every time the data shows me I need to! If you're not getting your desired results, and data proves it, you've gotta pivot #SproutChat
— LUCYrk (@LUCYrk78) August 16, 2017
A5: Our strategies change to meet campaign objectives. #SproutChat
— Daniel Hachey (@daniel_hachey) August 16, 2017
Take Immediate Small Steps
There are many small items you can tick off a list that can help improve your measurement goals. Start by tracking objectives, add UTM codes to links and tagging your posts by segment type.
A6 – Don’t spread yourself thin by trying to have a presence on every social media platform. #sproutchat
— Rebel.com (@rebeldotcom) August 16, 2017
A6: Your ROI depends on your brand goals. Fishing with a few poles is fine, throwing a bunch of nets just spreads you too thin #SproutChat
— Jeff Higgins (@ItsJeffHiggins) August 16, 2017
A6: Determine top social influencers in the industry that can boost your brand awareness to a new level #sproutchat http://pic.twitter.com/9h7121lqRB
— Brendan Cooper (@SagefrogBrendan) August 16, 2017
A6. Get the right people in place, know what you want to measure is actionable. #SproutChat
— J. Nolfo 🦏 (@jnolfo) August 16, 2017
A6 – Don’t spread yourself thin by trying to have a presence on every social media platform. #sproutchat
— Rebel.com (@rebeldotcom) August 16, 2017
A6. Track track track your data and do something with it! Act on your successes and failures rather than setting and forgetting.
— 🍺™ (@kellNworldpeace) August 16, 2017
UTM CODES!!! #SproutChat
— Daniel Bailey (@DaJoBa) August 16, 2017
Join #SproutChat next Wednesday, August 23, at 2 p.m. CDT, to chat about creating content on the go with Sprout All Star Elite, Fritz Klug of Bell’s Brewery. Until then join our Facebook community to network with other folks in the industry and stay up to date on #SproutChat events.
This post #SproutChat Recap: Social Media & Measuring Success originally appeared on Sprout Social.
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