Social networks have become essential in communication. However, it is not always easy to measure the Bolivia WhatsApp Number List actions. However, it is essential to determine what social networks are bringing you in order to exploit their full potential.
To gain visibility and develop turnover with social networks, it is important to carry out quality communication actions, in particular through the creation and distribution of quality content. However, there is even more important!
To reap the full benefits of social media communication, earn more than you spend and not waste your time, you absolutely need to define a comprehensive strategy with specific goals. This will allow you to monitor suitable performance indicators and ensure that your communication actions on social networks will pay off financially. Because ultimately, it is the sinews of war.
We are talking about ROI here: the Return on Investment.
To measure your return on investment and therefore the relevance of your actions, I offer you a 5-step method based on an infographic produced by SalesForce .
Social Networks: 5 steps to measure your ROI
Step # 1: Clearly Define Your Goals
determine social media communication objectives
All too often, companies are content to aim to increase their turnover. For them, this is a sufficient objective to define relevant communication actions on social networks. Well no.
This first step is the most important and the success of your communication on social networks depends directly on it. To develop your turnover, which is an end, you must define the levels that will allow you to get there.
Here are some examples of objectives that are relevant to your social media communication strategy:
Increase the number of completed quote requests by X%
Increase the number of subscribers to your newsletter by X%
Increase the click-through rate on your posts to X%
Increase the number of downloads of a file by X%
Reach a certain number of people registered for an event
Encourage your fans / subscribers to comment more …
Indeed, achieving these objectives will certainly allow you to develop your turnover or at least your visibility with social networks.
Analyze Your Roi With Google Analytics
Step # 2: determine which metrics to track
If you have clearly set your goals, you are now in a position to determine the indicators to follow to ensure that your communication actions on social networks are relevant.
Let’s say you want to increase the number of quote requests made on your website from social networks and also the number of subscribers to your newsletter. You tell yourself that these two objectives achieved, you will have started a relationship with potential customers and that a good E-Mailing strategy will then allow you to convert them into customers and therefore to develop your turnover.
In this situation, tracking the number of visits to your quote request page from social media on Google Analytics will be relevant. We can say that the more visitors you have, the more likely you are to receive requests for quotes. Ditto for the registration page for your newsletter.
The conversion rate is also an important element to measure the relevance of your communication on social networks.
The conversion rate allows you to analyze how many people affected by your communication actions on social networks have taken the action you want them to take. Clearly, let’s go back to the objective of increasing the number of subscribers to your newsletter, you will be able to relate the number of views of your Facebook posts to the number of subscribers to your newsletter from social networks: the higher this rate is high, the better your communication actions!
Step # 3: follow these indicators
Determine performance indicators is good. But following them is even better. To develop your turnover with social networks, it is essential to regularly analyze your performance indicators.
Measure Roi Social Networks
To analyze your performance indicators, you must use a Web Analytics tool . The best known of these is Google Analytics… In addition, it is free so why not use it?
Google Analytics allows you, for example, to track visits to your website in real time. This can be really useful for judging the relevance of an action. When you post one of your website pages on social networks, go to Google Analytics and check that your posts are drawing traffic.
You can also use a CRM, a customer relationship management tool, to monitor your performance indicators over time and qualify your prospects. You will be able to determine where your prospects are in their purchasing process and therefore deliver them the appropriate communications, in particular via personalized E-Mailings.
Step # 4: Relate Your Metrics to Your Spending
Who says return on investment says investment. To verify that your communication actions on social networks are profitable, you must study the relationship between your indicators and your expenses. Here are some expenses to take into account for your communication on social networks:
The salary / cost of the person in charge of your communication on social networks
Time spent on social media
The cost of creating your content
The cost of advertising on social networks
After determining the overall cost of your communication on social networks, you can compare it to your indicators and objectives. Let’s imagine that your communication on social networks this month cost you 1000 euros for 25 requests for quotes received over the same period: the cost of a quote is therefore 40 euros.It is then up to you to compare this cost with the costs generated by your other marketing and communication actions.
To go further, you can then analyze the number of quotes converted into orders and therefore the unit cost of an order acquired via social networks. Here you will also be able to define precisely how much you earn 1 euro spent on social networks.
Step # 5: do regular reporting and screenings
social networks – measuring your return on investment
The advantage of communication on social networks is that you can analyze the impact of your actions in real time. This is a great opportunity since it allows you to instantly make the necessary changes to grow your business with social media.
For this, you must regularly carry out reports that will allow you to study your return on investment but also to make projections for the weeks and months to come.
In order to make meaningful projections, you need to determine the average monthly revenue per customer and the average engagement of your customers. Thus, if a customer earns you an average of 50 euros per month and he remains a customer on average 10 months, your customer value is 500 euros. Suddenly, if you notice in your reports that you gain an average of 10 clients per month on social networks, your return on investment will be 500 euros x 10 each month, minus your expenses.
To communicate profitably on social networks, you must define a precise strategy identifying all of your objectives. This strategy will present the performance indicators to be monitored and all of your expenses in order to allow you to compare them and determine how much exactly 1 euro spent on social networks earns you.