6 Steps to Measure Your Social Media ROI [GRAPHIC]
I believe in measuring everything. And if you are investing your hard-earned dollars in social media marketing for your law firm, you should be measuring its performance so you can ditch what doesn’t work and concentrate that money on what does.
For too long, some people have believed that measuring social media ROI was impossible. They got by on warm fuzzies from having lots of followers and fans or a few people commenting on their posts. This is not a valid measurement.
The QuickSprout infographic below does a good job of outlining what you need to do to calculate the ROI on your social media marketing efforts in six steps:
Establish your conversion goals — this is what you want people to do, whether it’s fill out a contact form, subscribe to your newsletter, download your ebook, or like your Facebook page. However you choose to measure social media, it is imperative that you have a success metric in mind before you begin. Without some sort of benchmark, determining your ROI is impossible.
Track those conversions — you can get most of the tracking information you need from Google Analytics. You want to concentrate on reach, traffic, leads, clients and conversion rate. You should be able to track the conversion rate of prospects to clients, the response percentage to your marketing messages, and who is responding to your messaging.
Assign a $ value to each conversion — you should know what an average client is worth to you over the lifetime of the typical engagement. Check your historical financial data if you are unsure.
Break out conversions by channel — track your incoming traffic and conversions by channel, i.e., Facebook, LinkedIn, Twitter, your website, etc.
Calculate your campaign costs — add up the total cost by channel.
Analyze your results and make improvements.