4 Simple Ways to Unlock Your Social Media ROI

Once upon a time, not that long ago, getting the word out about a brand or product was limited to just a few platforms like TV, radio, and print. Today, thanks to the magic of the internet, marketers have countless ways to communicate with customers, gain new prospects, and drive sales. And that’s great news for pet industry businesses, both large and small!

Arguably, one of the most powerful of these new platforms is social media, which has made it possible to reach hundreds or even thousands of consumers quickly and easily. The downside is that its impact can also be one of the most difficult things to measure in terms of ROI.

Because of that, many companies resist focusing on social media ROI. In fact, a 2014 CMO Survey found that only 15% of marketers have definitively proven the impact of their social media efforts.

Yikes!

No matter how you look at it, that’s a big, big problem. Successful pet businesses need to know what works and what doesn’t so that they can put money and resources towards the things that have the most impact.

So let’s talk about how to measure your brand’s social media ROI.

1. Identify Your Social Media Goals

Begin by identifying your goals for your social media marketing. Are you looking to generate more leads, increase sales, build brand recognition? Make sure everyone on your team agrees with these goals and understands them. It’s difficult to determine metrics and measure ROI if goals aren’t clearly defined from the very beginning.

2. Determine Key Performance Indicators

It can be exciting when you see that your Facebook page has 50,000 likes or that you have 10,000 followers on Twitter. But the number of followers your business has shouldn’t be your only Key Performance Indicator (KPI).

Your KPI’s should be measurable and directly relate to your goals. For instance, if your goal is to build brand awareness, your KPI might be a spike in traffic to your site or mentions of your brand and products online. If the goal is to increase revenue, the KPI might be a specific dollar amount per sale or per quarter which can be attributed to social media. Some additional KPI’s could include new leads, customer retention, total number of customers, cost per lead, etc. Just make sure your KPI’s and your goals support one another.

3. Put a Tracking System into Place

A tracking system like Google Analytics is a must when it comes to determining your social media ROI. It will help you measure the response to each campaign, let you see which social media channels your target audience is most responsive to, and how they interact with your site.

There are a variety of metrics you can track through most analytics programs, including link clicks, signups, downloads, page views, video views, etc. However, once again, make sure they align with your goals and KPI’s. You might want to enlist an expert to help you set up goals – especially if you have an ecommerce site.

4. Fine-Tune and Adjust

When you start looking more closely at your analytics, you may be surprised. Things you thought would be super successful are just ho-hum, while others far exceed your expectations.

The stats you’re collecting will not only help you calculate your ROI, they’ll let you make adjustments as necessary. This may include narrowing your platforms, focusing your efforts on organic versus paid growth, cutting some programs and expanding on others. The more you fine-tune your efforts, the bigger impact they’ll have and the greater your ROI!