Can I measure the ROI of paying for social media help?
Today most business owners know they need help with social media and digital marketing. Social media platforms have been around for years now and have gone from an optional marketing medium to standard and mandatory. The success stories for business owners using social media properly can be astounding.
We have previously discussed if there is even such a thing as social media ROI.
But how can you measure the return on paying for social media help and compare it to your other marketing and advertising efforts?
Reach and Impressions
The easiest way is to put your advertising and marketing efforts on the same playing field. A great way to do that is by measuring reach and impressions. Each of your traditional advertising and marketing mediums, whether it be newspaper advertising, magazine ads or television, usually has a certain number of reach or impressions that their pricing is based up. Social media has the same thing, and the social media company
you work with should be able to measure these for you.
By tracking your social media analytics, you can measure the effectiveness of your social media efforts and make effective marketing decisions. You can also take the dollar amount that you are spending on any marketing or advertising medium, including social media, and compare it to the number of impressions and reach you are receiving from each platform you use for marketing. From there, you can compare apples to apples all of your marketing and advertising efforts.
Social Media Advertising
Additionally, most social media platforms have some sort of advertising option for paid advertising. In addition to the ongoing social media planning and effort it takes to be successful on social media, incorporating paid advertising dollars into your social plans can increase the effectiveness for your business.
Each online advertising platform will have its own internal way to measure how your ad performed. Often with social media advertising you will be able to measure the cost-per-click and cost-per-lead. Which one you measure more closely is dependent on your online business goals. Some companies may just want to get traffic to their website from online ads. In that case, measuring the cost-per-click will be important. If you have your website and online marketing set up to capture leads and that is your measure of a successful ad campaign, you will want to measure your cost-per-lead. In the end, it all ties back to what your business goals are for online marketing.