4 fundamental steps to measure the ROI of the strategy in Social Networks
When companies analyze and prepare an action strategy in Social Media, they should also devote a significant portion of the online marketing plan to ROI. It is a current topic with many opinions, from which they think that measuring the ROI of social networks is very complex and not everything says the numbers as they affect emotional factors, brand awareness, loyalty … until the Which say that everything is a mathematical formula, and of course there are companies that do not even measure ROI.
It should not be forgotten that the percentage of companies that are in the third group is still very broad, and for them is mainly dedicated to this guide, but I think everyone should be aware that participation in social networks should be measured to obtain guidelines that Tell us if the strategy followed is correct or on the contrary a change of direction is needed. This is only achieved through the measurement of results.
Not only that … in the end the managers of the companies that decide to do online marketing ask the same questions: Where is the ROI? How do I know that I am getting the most out of my online marketing investment? How do I know this is not just a big waste of time?
There are four simple steps that guide you to measure the results of online marketing actions:
- Define KPIs (Key Performance Indicators).
- Measure the results.
- Interpretation of data.
- Check the online marketing strategy.
Define KPIs (Key Performance Indicators).
The first is to define the corresponding KPI of the social networks in which they will act or perform online marketing actions. These KPIs must be measurable, so we will avoid at all times establishing generic indicators that will not give us any concrete data, and the most important thing in this initial stage is that the KPIs are in line and in accordance with the global objectives of the business.
Measure the results.
In this second phase of the process of measurement of ROI we will help of the tools that we have at our disposal. One of the most important to use is Google Analytics , in which we will create the necessary filters to be able to measure the interactions in our social networks. It would be advisable to take into account that to measure with more accuracy and more parameters the flow of social networks through this tool would be necessary to have a landing page of the company in which we will offer relevant content of the products and campaigns that will allow us Get the most out of this tool.
We have more tools that will help us in the task of measuring the results, some are paid and others totally free (although they also have their version of payment), among the free we have:
- Social Mention
- Who is Talking
- How Sociable
- Social Bro
- Think Up
Among the tools that are payable we can have the following:
- Hoot Suite Pro
- Meltwater Buzz
- Alterian SM2
All these tools will facilitate the task of measuring ROI.
Interpretation of data.
We must group and analyze the quantitative data; Followers, likes, page views, share … and also the qualitative ones; User profiles, location, type of feedback we receive … and on the other hand we must measure and analyze the activity in social networks; Clicks on publications, comments, number of messages, number of retweets … nor should we forget the section of notoriety of the brand through the mentions, tracking, contents …
All this will serve to be able to establish the results obtained through the actions of online marketing, and that in turn will allow us to know if the strategy is correct.
Check the online marketing strategy
This is the last and most important phase, since we must check whether the strategy defined is correct or, conversely, we must change it, as well as check if the KPIs that were established at the beginning have been fulfilled. In case everything is correct and the goals have been met, it is time to set new goals, but if the results do not agree with the planned objective and strategy, you must analyze why and where you have failed to correct The mistakes made and to know if the KPIs are correct and why they are not obtained.
One way to look for solutions to non-compliance with objectives and strategies is to ask questions in order to search for answers. Are we offering quality content? Is the target of the users well defined? Is the strategy of publications correct? … These and many more will help us to find solutions to the deviation of the results.
In this infographic we can see more in detail everything I have been commenting so far. How do you think we can measure ROI? Is it important to measure it? Do you know more tools? I’ll be waiting your comments about it.