By Ben Harper
I know what you’re thinking: not another article on social media ROI! But instead of getting into the tiring debate as to whether social media generates ROI in a general sense, in this article we’re going to examine a few tool types that can help you analyze each step of the process.
If you’re focusing on social media, then engagement tracking is a must have. Whilst engagement doesn’t necessarily count as a true ROI metric, it’s a great indication of the value of your social media work, and it’s a great way of comparing to competitors.
There’s a number of ways to track engagement, but one that we use a great deal for this is Socialbakers. Socialbakers allows you to track engagement rates for your pages over time and versus competitors as shown below on an example of two UK brands:
As you can see, the identification of peaks and troughs in engagement give a great indication in terms of performance over time. You’re also able to pull out engagement rate in terms of interactions types and so on – meaning that you have all of the information that you need to know in order to assess your engagement performance.
Content performance is tied to engagement tracking, but is useful at a more specific level. If you understand the performance of each post in terms of clickthrough rate, engagement rate, and clicks on the post – you’re able to analyse much more closely what’s working and what’s contributing to your ROI.
Tools like bit.ly allow you to track the clickthrough rate of posts in a quick and easy (and free) way. Don’t undervalue Facebook Insights here either. Facebook insights allows you to quickly see whether your posts are performing as you want and to sort so that you can see your best performing posts. Whilst this doesn’t give ROI, it again points you in the right direction so you can see which posts are contributing to your business generating a return.
Read the rest of Ben’s article at business2community.com.
Ben Harper is one of the co-founders of Datify, a data-driven marketing company based in the UK.