Today’s marketers know that a solid social media strategy is key to a brand’s success—but precisely how to measure the ROI remains unclear. While many businesses are investing in social media, it’s difficult to figure out if it’s working. Many marketers zero in on Facebook shares or Twitter retweets, but aren’t sure if these engagements are increasing their bottom line.
So, what metrics matter when creating a social media plan? To shed some light on this often-complicated topic, MDG Advertising has just updated its popular infographic, The ROI of Social Media. The helpful graphic outlines some of the key ways marketers are trying to track social media success, including likes and comments. However, measuring sales seems to fall to the wayside. Just 21 percent of marketers measure conversions gained via social media—even when revenue is being spent on paid ads and other initiatives.
Although marketers find it a challenge to measure social media’s impact on sales, that doesn’t mean social posts aren’t getting results. Many marketers believe that social media is responsible for increased exposure, website traffic, lead generation, and more. Yet many firms struggle to clearly tie social to business objectives, which is sometimes due to a lack of analytics expertise. Plus, many marketers rely on poor measurement tools and platforms, which produce inaccurate data.
There’s no simple method of measuring social media ROI, but it can be done when you invest in solid analytics platforms, knowledgeable staff members, and accurate data. If you’re ready to learn how to track your brand’s social media success, take a look at the full infographic.