4 Ways to Measure Social Media ROI

4 Ways to Measure Social Media ROI

– Actually, a quarter of people, who had a positive
experience at a business, will go and tell 10 people. – I don’t know 10 people. (laughs) – Welcome to The Journey. I’m Nealey. – And I’m Emma. – And today, we’re talking about four different ways to
measure social media ROI. What’s tip number one? – Well first off, and I’m sure you have this
happen all the time too, I get asked from small business
owners on a regular basis, “I know social media’s important, “but how do I measure it? “Is there a way to do that?” And there’s also this, I think, determination in small
businesses that they’re like, “There is no way to do this.” So, they love to hear about
ROI, return on investment. You get asked this too, right? – Right. They end up spending so
much of their time on there, they wanna make sure they’re actually getting something back. – Which I totally get, right. You’re time is super valuable, you’re doing a million other things, and then now social media
is added to your plate. How do you justify the time or the money, if you outsource it, like GoDaddy Social. You wanna justify that time and money, and a way to do that is understand, are you getting a return on investment? And the good news is, there’s a lot of ways to
see if you are or not. There’s data, analytics, metrics, but I’m gonna break it
down into four umbrellas of how to measure ROI, starting with number one, brand awareness. – Cool, how do you
measure brand awareness? – So, brand awareness can be measured in one way that you’re probably
already thinking at home, your number of followers. How many people are following you? More people following you on
Twitter, seeing your tweets, following you on Instagram,
seeing your great photos, following you on Facebook and
reading those great captions. The more exposure you have and the more followers you have seeing it, that’s brand awareness. – Perfect. And does that count likes and comments and things like that, too? – Totally. So, likes, comments,
love, shares, retweets, that’s just gonna help
you get in front of, not only your followers,
the awareness there, but your friends and their friends, maybe their family members, as well. So, the awareness just
spreads like wildfire. – Spreadin’ the love. – Spreadin’ the love. – All right, so digging in
on the analytics aspect. It’s easy to see the amount of followers, you see the amount of
likes and things like that, is there a step further we can go to really see the nitty gritty? – Yeah, totally. So that’s a cool thing. If you have business pages set up, they allow you a clear view of what’s working, what’s not working, what time of a day a post works well, how many people are seeing
it, et cetera, et cetera. So with Facebook, you
have your “Insights” tab. And what’s really cool, is it breaks down a ton of information. And they even have a little
information button on each one. So if you’re reading a
metric, and it’s like, “I’m not even sure what
engagement rate means.” (laughs) You know, you click on it,
it’ll break down what it is. – Perfect. And Instagram too, you have
to make sure you create a, or turn your account
into a business profile, that way you can see insights and how many people viewed
your page, liked it, commented, what time of the week you
get the most engagement. If you’ve turned your Instagram account into a business page, let us
know in the comments below. Just say, “I’ve turned
it into a business page.” – So that’s with Instagram. Twitter, there’s the top tweet. So you can see that in your
Twitter analytics, as well. So go in there, see what
your audience likes, in other words, your customers, and then have that inform
your strategy moving forward, which will also help you be
more efficient with your time and give the customer what they want. – Give them what they want. – Give them what they want. (laughs) – All right, moving on. Tip number two, where are we at with that? – So tip number two, one
of my personal favorites, customer satisfaction. And you’re familiar with
this inside your business, whether you have a barbershop
or a car dealership, you can see it on the person’s face that they’re satisfied or not. – I can’t make a frowny face. – Aw! Darn it, I was cuing them up. So, one way you can do it
online with social media, is well, your reviews. Your customers are gonna tell you if they had a poor experience
or a great experience. But make sure you’re
reading those reviews. Believe it or not, I still
come across businesses that don’t take the time
to read their reviews. I’m like, “Wait, this is a great place “to see if your customers
are satisfied or not.” Also, what they’re saying when
they mention you on Facebook. – Right. Especially, you have to
respond, good or bad. I know most people will just
respond to the good ones and try to just ignore the bad
ones like they don’t exist. Just give them a response,
see if you can make it right, apologize to the situation, and move on. – Totally. So again, pay attention to
what your customers are saying. They’re talking to you online. And if you wanna even a
deeper dive into that, we have another episode of The
Journey on social listening, so check it out. So, cool statistic I read the other day, actually a quarter of people, who have a positive
experience at a business, will go and tell 10 people,
both online and offline. – That’s pretty awesome. All right, tell me. What’s tip number three? – Tip number three is actually
gaining new customers, which is your favorite, I know. When I say, “You’re
gaining new customers”, you can picture just dollar
bills in your pocket. Make it rain. (laughs) So, how can you do that with all this social
media and online stuff? Couple ways. One, your customers are gonna
click on your Google listing for their directions. I know I do that before
every business I go to because I get lost very easily. But if I’m clicking on the directions, I’m coming to your business and I’m coming to spend
money, with intent. Also, calling. Calling you. That’s another great way to measure that you’re getting a new customer. You’ve already learned
that a lot of customers don’t take the time to call. So if they’re calling
you, they mean business, they are serious about
spending money with you. You got yourself a new customer. And so, because the Google
listing’s really important, Yelp, and that “Click to call”, you wanna make sure,
I’m sure this obvious, that everything is up to date. The right phone number, the right address. – The hours, right. How many times have you gone to a business that said it was open, you get there and it’s closed? – And that’s a bummer. – Just makes me so sad. – So sad. And also, besides that, if you have a chance to
speak about your business, maybe “About You” or add
photos, do that as well too, and make sure that’s up to date. Maybe you’ve remodeled since the last time you had your Yelp photos
updated or your Google. Add that in there, spice things up. – Take some photos. – Keep it up to date so
when your customer comes in, that new customer you just gained, they’re getting an experience
that they predicted, that they expected. – Right. All right, so we’ve reached
the end of our journey. We’re on tip number
four, the very last one. What do you got for us? – Brand loyalty. Another one, you’re familiar
with the terminology, but what does it look like online? Well there’s, don’t worry
it’s not tough math, but well, let’s see how
it goes for Justin here. All right, engagement rate. How do you measure that? Well, it’s pretty easy. It’s the number of likes
you receive on a post divided by the number of followers times, you guessed it, 100. And that’s gonna equal
your engagement rate. (mumbles) Oh no, no, it’s not that hard. So write it down, keep it nearby. And when you’re posting,
check in, do the quick math. And then you’ll determine, is that engagement rate
where it should be? And what’s also awesome
about brand loyalty, is actually 85% of customers, 85%, I know, that’s almost 100. 85% of customers will actually
engage with your brand, if they’re loyal, daily. And when I say engage, they’re gonna be liking
what you’re posting, commenting, sharing, on a daily basis. – And that’s huge. That constant like and
that constant following, they’re gonna continue to see their stuff and they’re gonna continue
to tell their 10 friends, and onward and onward and onward. – All right, so that’s a wrap. We just covered four ways to measure ROI when it comes to your social media. – Make sure you like this video, subscribe to the channel, and ring that bell if you
wanna see these videos first. This has been The Journey,
thanks for watching.

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One Reply to “4 Ways to Measure Social Media ROI”

  1. Everyone knows that social media is important for their business, but tracking the ROI can be hard. Great tips to help entrepreneurs track that!

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