Social media is a major marketing tool for businesses, and these days, thousands (if not millions) of marketers can attest to its benefits. However, CFOs and CEOs often have a hard time committing funds to support these efforts. And according to data from MDG Advertising, 44% of businesses have trouble accurately measuring social media ROI.
One of the key reasons behind this is the difficulty of tying social media metrics - like engagement and traffic - to metrics such as new customers, new prospects and sales growth. Here are several ways you can utilize hard data points to prove that your social media marketing is truly moving the needle within your business and delivering the results that you need.
Defining Success for Your Brand
As you're creating a social media strategy, it's important that you first determine what you're trying to accomplish. Are you trying to introduce a new product line to your current customers? Find new customers for your retail business? Grow awareness of your brand in your community?
These are all valid and worthy goals, but each requires measuring a different metric for success. Not every business will need to track each of the metrics below, but a subset of them will help determine whether or not your social media marketing is a justifiable way to spend marketing dollars.