Social media is a powerful tool to connect with your targeted audience. The way of connecting with your customer is considered to be a social media strategy. When your contribution is effectively high on social media then you should know about your success from your contribution. The success can be measured based on social promotions that gave way to the awareness of your brand, increase in sales and the time spent on your website by your target audience. These goals can ultimately bring you more revenues and it should be supported by overall marketing strategy.
On social media campaign many of the businesses fails to track their efforts and have no clue whether they are getting their deserved return on investment or not. So let us dig deep into how strategic goals should be set in order to generate revenues.
Social media ROI is not exactly tracking number of followers on your twitter or facebook account because it doesn't give you exact results. Social media ROI is what your business is getting back with respect to the time spent on your social media marketing.
For calculating your ROI in general terms you can use the formula:
Social media ROI = (earnings - cost) / cost percent
The total cost of social media marketing combines with resource, content, tools and ads. Some of the reasons why ROI is to be considered so importantly in social media:
The other part of equation depends largely on the goals you set. It should start with setting S.M.A.R.T goals which are specific, measurable, attainable, relevant and timely goals. While setting goals it should be quantifiable and linked to the specific campaign. The goals can also be tracked to email signups, contact form inquires, online purchases, site traffic and so on. They should always focus on measuring actions from a customer that converts a casual website visitor into a lead.
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