Social Media ROI-How to Calculate
Everyone knows, or should know, that social media is imperative to most business’ success especially if maintaining a positive online presence is important. But not everyone seems to understand how important it is to be constantly calculating and be aware of social media ROI (Return on Investment).
We’ve all heard that time is money. So if you don’t have an outsourced budget for your social media, remember your time is extremely valuable and if you are a newbie in the field, outsourcing will probably give you a higher ROI, more business leads.
It takes time to build a following and to build a sense of community around your business, and you won’t achieve that in only a few months of setting up Facebook and Twitter accounts. Social media takes time, dedication, active strategies and knowing what works and what doesn’t.
There are tools for social media analytics everywhere. What you should be paying attention to is dependent on the social network, such as:
- How many referrals to your website are you getting from each separate social media? (You can see that via Google Analytics)
- How many likes and shares are you getting on your Facebook?
- How many retweets are you getting versus how many followers you have?
- Are you creating a conversation with social media?
To get an idea of how much a Facebook like is worth on your page based on conversation, clicks, and likes, check out Value of a Like.com. Once you have a solid understanding of what your social media and the time spent on it is worth, you can delve deeper into ROI with social media and know what you need to increase in order to make more money.
It’s also always a good idea to keep an eye on your analytics, from how many repins on Pinterest you get (pay attention to which pins get the most repins) to what tweets and statuses get the most likes, shares, and RTs (retweets). The bigger your reach, the bigger your ROI.