These days a big question come in mind of all online marketers is how much social media beneficial for them. And What are the ROI(Return on investment) of Social Media. We all know their are lots of social media channels but mainly marketers go for only few of them like facebook , twitter , google+ , linkedin , instagram , pinterest. These are now high traffic/users social media channels.
In those Instagram and Pinterest are infrographic platform it means you are only able to post here images and short duration videos.
In those, google+ is the only one social media platform which not provide paid advertising features or in simple way not providing advert to promote your brand. If anyone want to promote their brand on google+ ,that person have to promote this organically.
Now come to the main point what is the ROI of social media and how we measure them , which tools we have to use to measure the ROI of our social media advertisement.
Before going to discussion on anything about ROI , i want to tell what actually ROI is .
What is Social Media ROI ?
Social media ROI is what we get in return after invest our money and resources on social media advertising.
suppose that , you create a advertisement on social media and run it , the total money you invest on that advertisement is 100 RS/1.5 $ . And in return you earn 200 Rs/3$ then here your ROI is 100Rs / 1.5$.
It simply means that the number of profit/loss we earn after investing on our goal.
Its very hard to say accurate about ROI of social media because ROI is totally depend on our way of working and how much effort we put on.
Yes But i say one thing , that is very true is , ROI of social media is most of time proving gaining for marketers. Its because of lots of users of social media channels. Possibility of getting good results from social media ads are always high.
What are the needs of measuring ROI?
1.Measuring your work
This is the most valuable reason of measuring ROI because sometime what happen we put our lots of effort to setup a good ads and invest good amount of money on it , but lack of measuring our work , we don’t able to judge , where we did mistakes and where we have to do improvement in our work. so , after measuring ROI it shows our mistakes and reason why people not complete our goal. Either our goal is to push people to sign-up for email subscription , increase contact form inquiries , invite people to take trial of our product or increase sales of our products.
2.Measuring which social media give you better business
What happen sometime we are not able to justify we got better results from which platform. Which platform proving more beneficial for us. Means if we setup a three ads for same goal on three social media channels and after running that ads we got total of 20 to 25 result. Its very hard here to justify from which ads and platform we got how much results. For solving this problem we take help of ROI measuring tools , that say us the accurate data.
3.It says about the behaviors of visitors
If we go to measuring the ROI of our work on social media , its says many things like how much people visit on my website from this ads , what are their gender , what are their ages, from where they belong, where they like to spend more time and which page push them to complete our goal. These things give us a idea on who are our real customers and whom we should have to target for getting more results in our next campaign.
4.Giving Good results
If one time we improve our mistakes in our ads that we justify after measuring it from ROI tools . It start us giving good results. Suppose that i have a blog based website and i set up ads where i put a goal to push people for sign-up for email subscription. But my ads not give me the good result. When i measure my ads ROI then its says that when people land on my page they exist quickly. It means that something wrong in my landing page that people not like. so now we change the landing page , now put some good one in place of previous. What i see after that i start getting some result. people start completing my goal.
Look how much the need of measuring ROI .
What are the good results of Measuring ROI
1.Increase Brand Awareness
If our ads reach to large number of people who are very right for our business and they really unaware about our product then they know about our brand through our ads. This because of good ROI.
2.Increase Conversion Rate
After resolve the problem that face our site visitors , the chances of increase conversion rate increase automatically. now , people have no excuse to give that why they don’t complete our goal.
3.Give a right way to Invest
One time if we know who are our customers , what their gender , from which reason they belong , which page push them to complete my goal. Then in our next campaign we target only those behavior people. It proving very – very beneficial for us . we are able to achieve more number of good results. It help us to increase our business values and demands.
We start getting good result after completing the measuring ROI path.
Now , i know you all want to know what are the tools that help us in measuring the ROI of your Works and efforts.so , now i will to tell you about the tools.
Tools for measuring social media ROI.
Hootsuite is a social media managing tools . This is a freemium tools that provide a best analytics report of our post. Hootsuite Analytics tools says you about real time results of your activity on social media channels. It also provide tools like Hootsuite Insight , Custom URL Parameter and Hootsuite Analytics Reports .
LiftMetrix is a freemium ROI measurement tools. That provide Best ROI Dashboards , Daily recommendation , Content theme Analysis and Competitor analysis.
I recommend this tools to most marketers because this tools provide a best feature to judge the work of their competitor. That help marketers to analyse how’s their competitor are getting good results from their work.
Google analytics is a free analytics tools that says us about hows much traffic we got from different social media channels. This is a free analytics tools powered by google. For measuring the ROI of your social media activity , you have to firstly setup a goal inside your google analytics after that this tools start measuring the activity of your visitor. That land on your page from your social media campaign.
Kissmetrics is a quite expensive tools for a startup. This tools provide demo facility that help you to judge, Is this tools is better for you or not. But its paid plan starting from $200. This tools provide good analytics reports and help your business to grow fast.
Quintly is a best tools for optimizing your social media performance. This tools provide 14 days trial to their all new users after 14 days you have to paid for continue using this product. This product is quite cheaper than kissmetrics. This tools services starting from $129. This tools provide more good features.
Their are lots of ROI measuring tools available in market but these Five are the best that all marketers are like to use.
If i go to talk about google analytics i simply says that this tools provide a very basic features , this tools is best for a beginner but for advance features you have to go for paid tools like hootsuite, kissmetrics , liftmetrix and quintly , that i already mention above.
If you are very serious about your business and want to see improvement in your income , then i recommend you to go for advance tools that increase your knowledge and you get their too know about many new features that really beneficial for your business. Don’t miss any chance to grow your skills.
Now , i go to wrap up this session . This is more about Social Media ROI. From here your work is going to start. Read this topic carefully and use these tools to measure the ROI of your Social media activity. And analyse where you do mistakes and where you have to give more efforts.