Download HubSpot’s Official [FREE RESOURCE] Measuring Your Social Return on Investment
Are you struggling to measure your Social Media ROI? Stop guessing and start knowing with our 4 proven tips that will help you measure the effectiveness of your social media campaigns. In this video, we cover everything from expense tracking and revenue attribution to sentiment analysis and conversion rates. Learn the ROI formula that will reveal how profitable your campaigns are. This is a must-watch if you’re investing time and money into social media marketing. Click below to sign up for our FREE Social Media Marketing Course that dives deeper into calculating ROI. Don’t forget to subscribe and hit the bell for more actionable insights!
• Measuring Your Social Return on Investment (transcript)
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If you're tired of growing money at the Social media campaigns without knowing How effective that spending actually is Then this video is for you I'm gonna Break down five tips you can use to Measure your social media Roi because if It's not boosting Roi it's not worth the Buy let's get into it number one expense Tracking tracking expenses is the first Step in calculating Roi without knowing How much you're spending you can measure The return on your investment it's like Baking a cake without measuring the Ingredients you won't know if it'll turn Out right because you didn't track what Went into it you'll need to keep tabs on Work hours agency or freelance costs Social media software and services Content development expenses and Advertising costs just to name a few Essentially everything that you spend Money you want to bring a campaign to Life needs to be accounted for to help You keep track you can use a free Reporting template like the one I'm Using today feel free to find your own Though there are tons available just Plug in your data to the cost I just Mentioned add them all together and and You'll see the total cost of your Campaign with a template like this one You can also add your clicks Impressions And shares to judge overall engagement If this sounds like a lot to keep track
Of do not worry you're not alone the Good news is that we cover expense Tracking and much much more in our free Social media marketing course click the Link down below to sign up this brings Us to number two Revenue attribution Revenue is the ultimate indicator of Whether what you're doing on social Media is actually helping your business It answers the question did people buy Something keep an eye on metrics like Sign ups for email product downloads and Most importantly purchases hubspot's Marketing Hub is a great all-in-one tool That lets you keep tabs on how much your Social media campaigns are actually Generated just go to marketing then Social click on connect account to Connect your social media platforms if You haven't already in your dashboard Navigate to tracking and analytics been Tracking URL Builder create a tracking URL so specific to this campaign use This tracking URL in all the social Media posts related to this campaign you Can then see how much revenue can be Attributed to a specific ad email Landing page or even website just Navigate to the performance section of Each and you can see a quick view of Your revenue for that channel so if your Social media campaign led to a thousand Purchases of a fifty dollar product That's a direct revenue of fifty
Thousand dollars attributable to social Media once you know both your total Revenue generated and expenses you're Ready for the ROI equation this is a Formula you can use to calculate the Profitability of an investment relative To its cost just subtract your expenses From the revenue divide by expenses and Multiply by 100 to convert it into a Percentage so let's say your total Revenue from a social media campaign is Fifty thousand dollars and your total Expenses are ten thousand dollars Plugging these values into the ROI Equation you'd have a total Roi of four Hundred percent that means for every Dollar you spent on the campaign you Earned four dollars back besides Tracking sentiment analysis is also a Handy tool sentiment analysis is just a Fancy way of saying you're checking if People are saying good things or bad Things about your brand this info helps You figure out if what you're doing on Social media is making a difference an Easy quick and free way to check out Your brand sentiment with social media Is through hashtags manually search the Hashtag for your business service or Campaign on platforms like Instagram and Facebook check what people were saying To gauge the sentiment the advantage is That hashtags puts all the mentions into One place for you you can then measure
How these sentiments changed before During and after your social media Campaigns to gauge their effectiveness This brings us to number five conversion Rate your conversion rate tells you how Many people are doing what you want them To do like buying a product after Clicking on a social media post you can Calculate your conversion rate by Tracking the number of conversions Generated through your social media Campaigns and dividing it by the number Of total visitors then multiplying it by 100 again to get a percentage so if 1 000 people visit your site from a social Media Post in 50 Mega purchase your Conversion rate is five percent this Metric gives you an understanding of how Well your social media campaigns are Driving desired actions to see how many Prospects are visiting your site you can Use Google analytics just log into your Account head to reports and then traffic Acquisition here you should see a list Of different traffic sources categorized Into channels like email organic search Referral Direct by clicking on organic Social you'll see a breakdown of social Networks sending traffic to your website Click on the specific social media Platform where your post was published To see more detailed data now that you Know where your website traffic is Coming from you you can use a tool like
Hot jar to figure out what they're doing Once they get there you can set up a Funnel where you'll see how many users Proceed through each stuck allowing you To identify where drop-offs occur most You can also use heat maps to understand Where users most often click or how far They scroll down key Pages don't just Think of all these numbers as a way to Improve your posts they can also be Instrumental in upgrading various Aspects of your business for example Product development by tuning in to your Customers sentiments on social media you Can gain crucial insights into what they Love or wish was different about your Products this Intel is a gold mine for Identifying gaps and opportunities in Your product offerings so for Tory's Organic greens a company specializing in Organic produce my social media Analytics reveal that customers Frequently praise the freshness and Quality of my greens but wish the Packaging were more eco-friendly I can Now use this feedback to start looking Into eco-friendly packaging options Social media metrics can also lend Valuable insights into your traditional Marketing strategies whether it's a Print ad or a billboard tying it to a Specific hashtag or web landing page can Help you gauge this Effectiveness more Comprehensively your Roi data can also
Help sales but not in the way you may be Thinking when your sales team uses Social media for outreach integrating Hashtags or tracking URLs can produce Invaluable data this will not only help Measure your team's success rate but Also improve your prospect targeting Tactics by carefully measuring and Monitoring these aspects you're not just Throwing up post and praying for profit You now have a streamlined method to Track your expenses measure your Revenue Understand public sentiment and Calculate your conversion rates so the Next time you launch your campaign on Social media you won't just be hoping For Success you may be guaranteeing it Remember this was just a taste if you Want to take your social media game to The next level click the link below to Take HubSpot Academy free social media Marketing course it covers creating Engaging content expanding your REITs And Dives even deeper into calculating Your Roi as always subscribe and comment Below to let me know which of these Tactics you've already tried have you Seen some results until next time bye I can't find this client info have you Heard of HubSpot HubSpot is a CRM Platform so it shares its data across Every application every team can stay Aligned no out of sync spreadsheets or Dueling databases HubSpot grow better
How To Have An Effective Internet Marketing Website
Internet marketing is a lot more that just promoting your business. It is truly a progressive business strategy. It has so many techniques and tools that require research, lots of hard work and a lot of patience. Do you have what it takes? Regardless of your answer, here are some tips to help you.
Remember to check every resource you have available and use it to your disposal. If you have friends that are web designers you might want to have them help you with your site. People who are experienced in the field have knowledge of what online viewers are looking for, don’t be shy to ask for advice when it could pay off greatly in the long run.
Target local directories for businesses. Using these free resources can generate much needed traffic with very little effort. You will see a push in your visitors and also get a good feel for where your paid marketing should focus. The important part is to make sure that the listings are free as you want to utilize the most free advertising you can find.
Pick a theme for the website and stick with it. People want to see a site that has organized content that makes sense. Become an expert in one field to prove that the information is coming from a knowledgeable source. Dipping into too many different subjects makes the site look confusing and messy.
Post frequently on your website and change the layout as frequently as possible. The same look will become mundane after a while, and may detract visitors from viewing your site. The more you post, the more you will look like you are involved with your company and the products that you offer.
Now you see that internet marketing is a lot more that just simply promoting your business online. It takes work and patience. You don’t want a plan to fail, so why not take some time to learn how to do it right? The above tips should have given you some pointers on how to do that.