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How To Measure ROI Of Social Media - YouTube
Channel: Marley Jaxx
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social media ROI is arguably one of the
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hardest to measure in digital marketing
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it's hard to tell how much you can earn
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from a single Instagram post or if a
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snapshot can boost your sales numbers
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according to convince and convert more
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than 41 percent of businesses don't even
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know if their social media efforts are
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actually paying for themselves
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social media ROI is probably easy to
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identify but it's not impossible either
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in fact at the end of this video
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I'm giving you an ROI calculator
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spreadsheet this is seriously the
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coolest thing I've ever given away for
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free there are three times on the
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spreadsheet to track your costs your
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earnings and the third tab that just
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calculates it all for you I don't know
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about you but I don't like math this
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thing is amazing
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so click the link below to download that
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to track your returns you need to
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understand what social media ROI is its
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relevance to your business and how to
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effectively measure it
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so what is social media ROI ROI or
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return on investment has its roots in
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Business and Finance it's used to
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identify dollar returns on dollars
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invested it's a measure to identify what
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you will get back from the time efforts
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and resources you commit to social for
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social media you want to understand the
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amount of return you get from all your
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social media marketing initiatives this
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means you have to understand how much
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you invest in your social media efforts
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and how much money your social media
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achievements are worth by understanding
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your social media ROI you'll be able to
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avoid wasting time on social efforts
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that just aren't working you'll be able
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to channel where your energy is most
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needed and you can check which social
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media platforms work best to give you
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the best bang for your buck a clothing
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brand for example may get better results
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just by simply focusing their entire
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social media marketing efforts on
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Instagram or Pinterest while the
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restaurant may work best with an active
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Facebook presence simply put your social
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media ROI at your best advisor on what
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works and what doesn't how to measure
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your social media ROI first of all I
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want you to get the download in the link
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below your entire social media
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calculator right in one spreadsheet step
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1 earnings define measure and track your
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goals before you measure your attorney
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to understand your objectives these
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should be quantifiable and linked to
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your campaigns in simpler terms make
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sure you can assign a number to it these
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could be either purchases downloads
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email lists registrations etc for your
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goals make sure their call to actions
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that your customers would do don't name
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for vanity metrics sure the lights are
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great that they shouldn't be your main
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goal once you've defined your goal the
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next step is to track them the tracking
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part is really important so that you can
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understand how your followers are
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responding to your social media efforts
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the easiest way to track is your Google
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Analytics you can use this to set up
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goals and understand how each goal can
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contribute to each performance you can
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put dollar amount on each successful
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goal that was it reached enabling you to
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determine how much you earn for each
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social media marketing efforts step 2
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cost track how much you spent in order
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to figure out whether you're generating
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positive or negative ROI for your social
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media campaigns you'll have to measure
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how much
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you're spending here are the key figures
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that should be part of your calculations
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man-hours place a dollar value on every
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hour of work sound for your social media
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efforts content development crops how
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much did you spend on developing your
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content did you hire a graphic designer
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or writer to help keep that in mind
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social media tools Sacher and additional
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tools you used for tracking your social
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media performance advertising cost how
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much did that sponsored post cost you
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set three
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how about your return once you have your
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returns and cost figure ale it's time to
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calculate your return calculate your net
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profit minus your total investment you
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can calculate your social media ROI for
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each platform you want after looking at
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the results you'll be able to decide
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which social platforms and effort you
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should focus on and which you may want
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to abandon but beyond these net worth
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you also need to understand the
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secondary results of your efforts for
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example your users may be creating
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awareness and user generated content
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that others are seeing well it's
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difficult to measure these results they
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can also positively impact your ROI
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measuring your social media ROI is not
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impossible you just need to understand
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the numbers and their impact to your
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performance as I mentioned I had an
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entire ROI calculator spreadsheet you
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can download for free in the link below
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seriously the coolest thing I've ever
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given away for free it already lists all
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the categories you may need to enter
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into your costs your earnings and it
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calculates it all for you don't forget
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to also measure the intangible benefits
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of your initiatives so they may not
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directly contribute the monetary value
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they can also indirectly affect your ROI
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if you want to learn more of the other
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social media metrics to help you succeed
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in social media marketing you can
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download my free and insightful guide
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numbers tell a story social media
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metrics made easy thanks for watching if
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you like this video hit the thumbs up
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comment below or sure this is a friend
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receive this information may benefit and
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of course subscribe for more weekly
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videos social media ROI is the old
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social media are light off the track
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your terms need to understand what
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social off this one
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