Just like any digital marketing effort, proving social media return on investment is essential. Social marketers are held to an even higher standard since so much of their work is visible across social networks. So social media agencies often feel even more pressure to be able to show ROI to clients. This week at #SproutChat, social media agency Fifty & Five joined us to discuss how to equate engagement to ROI and the best metrics to monitor and measure social’s impact on your bottom line.
Don’t miss another opportunity to learn about social media ROI and more at Digital Agency Day. Team Sprout will be presenting along with Fifty & Five on, “Three Strategies to Prove the ROI of Social to your Clients & Win More Business” on Thursday, March 16, 2017 at 4 p.m. CST.
As an Agency, you Must be able to Track ROI from the Start
In order to ensure that social media efforts will generate ROI, the initial strategy must consider how to do this from day one. Social communities need to be viewed holistically and agencies should set and clearly communicate realistic benchmarks that client can expect from each efforts with a social strategy. Consider how efforts might impact each other and more indirectly attribute to ROI.
Look for a Number of Ways to Measure Social Success
While showing exact sales from social efforts is ideal, there are many other markers that signify success. Take note of likely correlations, as well as causations. As an agency, it’s helpful to tell a story about the data and how it ties back to goals. Most clients will prefer quantitative data, but don’t overlook what qualitative or anecdotal data points might be driving ROI.
Monitor ways that Engagement Correlates to ROI
One of the main markers that can potentially point to ROI is engagement. An engaged community shows your audience is enjoying your content and feels friendly towards your brand. They’ll be more likely to purchase once you serve up the offer. Be sure to explain to your clients achievable goals for engagement for their respective industry and company size. Don’t be afraid to take bold risks to foster more engagement. Also, experiment with boosting posts to guarantee views from a wider audience.
Take Note of these Tools for Measuring ROI
Measurement isn’t possible without the right tools and software. Do the research to find what will provide the most valuable metrics not only for your viewing, but also for presenting to your clients. Keep in mind clients may request reports or specific data on short notice, so having quick access is key.