This is one of the most important questions to ask. How do you measure the return on investment (ROI)? Which metric is the most crucial one? What should you expect and which numbers indicate that the campaign was a success?
The answer is heavily dependent on the campaign’s goals. If you’re trying to increase the number of people buying a specific product, you’ll have to pay attention to certain metrics. If you’re interested in growing brand awareness, you’ll measure the results of the campaign in a completely different way.
This is yet another reason why determining campaign goals in advance is imperative for successful SMM. By having a specific goal in mind, you’ll know what to measure and how to analyse the outcome of the advertising efforts.
Depending on the campaign specifics, you may want to measure one or more of the following metrics: increase in online purchases, link clicks and increase in website visits, newsletter signups, downloads of a PDF, social interactions (comments, likes, etc.) and any new Social Media followers.
What is a satisfactory result? That’s another challenging question. One of which only you can answer.
If you spend a lot of time and effort on posting content and no one is engaging then even though it has cost time rather than money it may not be worth doing; your time could be better spent doing something else. However before deciding to give up all together, it really is worth speaking to an expert to see if what you have been doing is right and if there is a way you can improve your results.
Also not all Social Media is ‘free’, by this I mean, it may be free to have a profile and add a post but with Facebook for example without any advertising at all your efforts may be wasted. That’s not to say that you should go ahead and delete your page, Facebook has an extremely powerful advertising tool that can be used for just a few pounds a day.
When advertising on any Social Media platform you will have access to data that will show you how successful your campaign has been. It will also give you a cost per action. So for instance if you are running a campaign to get people to click through to your website you will be able to find out how much it cost per click, you can then decide if it is worth those clicks.
Once you’ve taken a look at the results, you can determine which platforms are best for your business and how future campaigns can be tweaked. Once again, talking to an experienced SMM professional will give you a better idea about opportunities and weaknesses. Together you can plan your initial campaign or come up with one that’s based on previous successes or failures. Use each SSM campaign you’ve done in the past as a source of data. Regardless of the effectiveness, it can tell you a lot and help for more effective advertising budget allocations in the future.
As you’ve probably concluded already, SSM provides unparalleled opportunities for all kinds of businesses. There are channels and platforms for the needs of small businesses, as well as advertising options for large corporations. This versatility and the targeting potential make social platforms so popular.