One of the most demanding tasks in selling digital marketing to the C-Suite is defining the return on investment (ROI). It can be mainly challenging when justifying the budget for social media marketing (SMM).
Marketing ROI has usually been measured like this:
Return on Investment (%) = (Net profit / Marketing Costs) × 100.
Sometimes, cost per customer gaining is the measure. As recently as 2010, the dawn of social media marketing, those in the C-Suite attempted to apply the tried and true transactional ROI model to SMM. The CMO review, as reported by Forbes, lists the most common metrics used to measure social media investment.
1. HootSuite
HootSuite is a good all around tool to use for management and metrics tracking. You can plan posts from multiple social media channels as well as create over 30 individual reports. The free metrics are somewhat limited, but for basic it's all you will need.
2. SocialMention
SocialMention is an collective tool similar to Google Alerts, but for social media, only. This will give you insight into not only what is being said, but who is saying it and what the universal sentiment is.
You can set an RSS feed, email alerts, or even add a real-time widget to your website. You can also download a CSV/Excel file for further assessment.
SocialMention is an collective tool similar to Google Alerts, but for social media, only. This will give you insight into not only what is being said, but who is saying it and what the universal sentiment is.
You can set an RSS feed, email alerts, or even add a real-time widget to your website. You can also download a CSV/Excel file for further assessment.
3. Klout
Monitoring influence isn't an accurate science, but having a tool that helps you begin to gage someone's online existence can be useful. Klout is a free tool that will allow you to measure influence on Twitter, Facebook, Google+, and several other channels.
4. Facebook Insights
The Facebook insights control panel gives you all of the analytics data for your Facebook page. The insights allow you to understand your audience, what they are reacting to, and adjust your content to meet their needs.
The Facebook insights control panel gives you all of the analytics data for your Facebook page. The insights allow you to understand your audience, what they are reacting to, and adjust your content to meet their needs.
5. Twitter Analytics
Twitter now has its own analytics control panel. With Twitter Analytics you can track timeline activity, including tweets that were favorited, retweeted, and replied to. The tool also tracks number of mentions, new followers and newly followed. For more information, see "Twitter Analytics: A Beginner's Guide".
With Google Analytics Campaign Tracking, you can set up links for campaigns with UTM parameters to track the movement. Go here to create the link using Google link shortener for campaigns.
This is one of the easiest and cheapest ways to track success of a specific link within a movement. It's also one of the most overlooked methods of tracking.
This is one of the easiest and cheapest ways to track success of a specific link within a movement. It's also one of the most overlooked methods of tracking.
7. Custom Social Media Reports
Google Analytics does a nice job tracking the number of visitors to visit a website from different social channels. These custom reports give you extra insights as to how traffic is being driven to your website.
If you aren't blogging or creating new and helpful content to draw people to your website, don't expect these numbers to be high. It requires a content strategy to really work people toward your website. These easy to install one-click reports are invaluable.
8. Bitly
This link shortener allows you track all you share. This is a great way to see what your audience is interacting with and decide if the content you share is precious.
Bitly also integrates into many third-party software packages, making it a great umbrella tool, as you can track within numerous platforms. For example, you may use Social Sprout, a paid management platform and Buffer both with Bitly then review data in individual platforms or as a whole through Bitly.
Bitly also integrates into many third-party software packages, making it a great umbrella tool, as you can track within numerous platforms. For example, you may use Social Sprout, a paid management platform and Buffer both with Bitly then review data in individual platforms or as a whole through Bitly.
9. Buffer
Buffer is a vast tool for scheduling content. You simply fill up your Buffer account each day and it will automatically post the content to the channels you select.
For metrics, you're able to look at a dashboard inside Buffer to see what posts are receiving the most interaction, or attach it to Bitly to include in your general tracking. You can also join UTM parameters to track traffic in Google Analytics.
For metrics, you're able to look at a dashboard inside Buffer to see what posts are receiving the most interaction, or attach it to Bitly to include in your general tracking. You can also join UTM parameters to track traffic in Google Analytics.
10. TweetReach
TweetReach is a huge tool for tracking a campaign or conversation on Twitter. Simply enter your search term or hashtag and allow TweetReach to search for the tweets to tell you reach, exposure, activity, top contributors, and more. You can look at the past 50 mentions for free.
11. Keyhole
Keyhole is similar to TweetReach apart from that it also tracks Facebook and Instagram as well as Twitter. This is a vast way to track a hashtag or keyword for a campaign or event.
The free social tracker gives you a example of what the tracker can do. If you signup you can get a three-day free trial, which may be adequate for an event or snapshot view of a campaign. To get a long-term view you can sign up for a monthly paid plan.
The free social tracker gives you a example of what the tracker can do. If you signup you can get a three-day free trial, which may be adequate for an event or snapshot view of a campaign. To get a long-term view you can sign up for a monthly paid plan.
Summary
Measuring social media ROI isn't always easy. Building a brand and improving your customer service may not show up openly in your analytics, but these "soft" metrics can have a major impact on the bottom line.
you might also like: The genuine Social Media ROI principle
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