Translating social media analytics to ROI is not always clear-cut. National and local social media marketing experts know that there are numerous ways social media marketing can contribute to a percentage of overall returns. Often, calculating the importance of social influence is more complex than tracking where unique site visitors originate from.
Different Ways to Drive Returns on Social Media
Different local social media marketing strategies can enhance overall business plans. It is important to recognize how social media enhances different aspects of any given business. Social media analytics help optimize marketing campaigns. Before tracking how to improve existing social media marketing campaigns, there are a few social media truisms business owners and marketers need to know about.
· Target Different Audiences on Different Platforms
Analyze what platform (or platforms) will be most effective. Almost no business has enough resources to target all major social media platforms. Instead of targeting the general public, look for platforms that already attract a core demographic. For example, Facebook is a consumer-based platform that is well-known for attracting slightly older females, whereas Google+ is better known for attracting tech-savvy males who are slightly younger.
· Look for Influence and Value
A great social media hangout might not necessarily translate to increased sales. However, it is important to calculate other value that a buzzing online community can contribute. Customers can contribute to brand development and product development on social media sites, and insight should go beyond simple statistics.
· General Conversion Rates on Social Media Platforms
Look at the origins of customer acquisition and rates of customer retention on social media sites. Local social media marketing might not attract a large customer base. However, it might keep current customers engaged with any given brand. The cost of customer acquisition has to be compared to the cost of maintaining an existing sales pipeline for local brands. Continual brand engagement is an important piece of data, especially for local businesses that do not want to become nationally-recognized brands.
Social Media Analysis for Different Businesses with Different Goals
Key Takeaways for Social Media Marketing Analytics
It is important to look for more things than standalone "likes" or other straightforward analytic data. Facebook's Insight or Twitter's Analytic dashboard might not provide an accurate view of how social media campaigns drive ROI. Look at different ways social media analytics translate to ROI, including:
· Analyze the overall influence of social media campaigns for short- and long-term goals.
· Analyze whether or not social media marketing campaigns help achieve business-specific goals.
· Analyze the cost of customer acquisition and customer retention due to social media.
· Analyze the value of brand improvement and visibility on social media platforms.
· Analyze which social media platform will be most effective to dedicate time and resources toward.