Whether you already use social media for your business or are planning to – you’ll probably be asking yourself; how can I measure the return on investment (ROI)? To properly assess the ROI of your social media you’ll need to become familiar with a few basic analytics tools.
Social media is a real game changer when it comes to providing you with real numbers and statistics, as the data collected is based on hard facts. Social media platforms, like Facebook, Twitter, Instagram etc., monitor the various activities related to your site, such as: reach, engagement, shares, follows, likes, click throughs, etc. This data is available to you on your business and advertiser manager pages; understanding what it means and how to utilize it enables you to adapt your social media and advertising activities in very specific ways to achieve your desired business outcome.
This is very different from traditional advertising, such as radio, print and television; their data is based on assumptions and “sample audiences”. No one really knows if people looked at your ad on TV or in a magazine or newspaper; all you know is how many people bought the newspaper or watched the TV show that was shown when your ad was on. Social Media and Digital Marketing on the other hand, can show you exactly how many people saw your ad, how long it was displayed, who clicked on it and how many people bought your product following that ad.
Choosing the right social media channels for your business, placing the right advertisements and offering content that appeals to your audience are all important considerations you need to take to meet your objectives.
Social media marketing levels the playing field for small business owners, by enabling them to access a diverse range of affordable promotional and advertising opportunities to reach their current and potential customers easily.