Metrics Reloaded: Tracking Social Media Return on Investment
How do you find out if all that money you're investing in social media is paying off? The keys are knowing which tools to use and which metrics have value.
So you've finally hunkered down and invested in a broad social media presence to promote your business' wares. But amidst all the likes and tweets and talk of conversions and metrics, you're finding it hard to determine whether that investment is actually paying off. That's where Kim Lachance Shandrow over at Entrepreneur comes in:
"If you think tracking your company's social media return on investment (ROI) is a waste of time, think again. When tracked and tweaked properly, social media can give your startup the marketing muscle it needs to keep up with -- and maybe even eclipse -- large competitors..."
With help from social media gurus Nichole Kelly and Leslie Poston, Shandrow has compiled a useful FAQ on the subject. The most important theme: knowing which tools/stats are useful vs. the ones that aren't. All three vouch for Google Analytics as a terrific starting point; it's the tool they say gives you the best ability to do the most at least cost. With it, you can easily map patterns of traffic through social media:
"Tracking the number of website conversions that come from your social media accounts using classic website analytics is the single most efficient way to gauge your social-media marketing ROI."
Shandrow provides tips for building a large enough sample size from which to glean information, tracking your cost per social acquisition, metrics to avoid, and avenues to consider when taking the next big step. Read the piece (linked again below) and let us know what you think.
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