Measuring return on investment (ROI) in your online activities doesn’t have to be as difficult as it seems. There are plenty of metrics available for measuring interaction online; the difficulty lies in measuring your investment in the product. Measuring ROI in social media is no different – there are tools out there to help you simplify a complicated formula.
In terms of dollars, you can easily determine the sum of advertising fees, or the cost of designing your account (logo design, background design etc.), however human involvement is much harder to measure. You can manage this process by scheduling your social media activities. That way, you can measure in minutes exactly how long you spend on these activities each week, and add this into your workload.
Thankfully, there are many scheduling applications that can assist with this. Sixty three per cent of workers in the construction and electrotechnology industry blame a lack of time for their inability to take advantage of social media tools.
Scheduling programs such as Hootsuite or individual scheduling assistance tools in Facebook and Twitter can help with this. These platforms allow you to schedule posts to appear at a later time or date. It is recommended that businesses use these apps and set aside a block of time at a set tie each week to schedule social media posts. That way, you can easily measure the time it takes to administer your social media accounts each week.
What services to use
When building a website, ensure your developer also creates a Google Analytics account. Google Analytics measures the habits of your website users, providing valuable insights into the way they interact with your site. You can measure visits to your website, determine the demographics of your users, or even determine the location and type of device they’re using to access your website. These valuable insights can be used to measure growth and improve your website.
Facebook Insights is similar to Google Analytics. This Facebook-based dashboard allows you to keep track of engagement with your posts, measure your growth in likes, and through deeper analysis, can help you determine which type of posts get the most engagement, and when to post them.
Social media management system Hootsuite allows you to integrate analytics apps into your dashboard. Examples such as Demographic Profiles and Twtrland, which provide analytics for Twitter, can give you insight into social media analytics not currently offered by social media sites.
Apps such as Reputology are great for businesses with a physical location by monitoring reviews left on Yelp, Foursquare, Tripadvisor, Google+ Local and more, whereas OFunnel for LinkedIn allows you to monitor connections being made in your network, so that you can find key influencers to connect with. You can also use the built in Hootsuite Analytics to create custom reports across your social media platforms.