Everyone wants to know how much profit they earned by spending certain amount of money and this is what is also measured in terms of return on investment. Spending time, money and making extra social media efforts must generate the desired results.
So, how can one check the returns on investment generated from various social media campaigns? The three main reasons why keeping a check on Social media ROI is important are listed here and these will definitely help to gain a deeper insight regarding any improvements to be made in order to generate maximum returns.
Three Main Reasons to Know ROI
- Time & Money
Time is more valuable than money because we know the old saying, used time never comes back. So, whatever time you spend on any activity, it should be valuable and must not ultimately result into a complete waste.
When spending the time in social media campaigns, company’s goals short term or long term must be kept in mind and there’s no logic in doing something that doesn’t relate to the goals.
Every company has its goals, metrics attached with the social media campaign. Now, the thing is it is important to know how these so called likes, shares, re-tweets, pins, re pins are actually related to the campaign goal.
It is necessary to know their contribution towards the sales and revenue, appropriate channels to be used in social media campaign must be known.
- Perfect medium and method
Without keeping a track of ROI, it is impossible to know what things are working and what are not? It is important to know this in order to make better marketing efforts, generate maximum ROI and know about the social media channels that are suitable for you.
We have mostly heard people saying “Facebook works best for me and I get maximum traffic from that” For some, twitter is perfect. Like this, as per the business needs it is necessary to know what sites suit the purpose.
In case, some of the social sites are doing great job however still there are certain things that must be considered such as do all the posts updated on Facebook generate sufficient traffic, is the post sufficient to be used in other mediums as well?
Here, one must know whether the medium selected is proper to spread the required message and now the concept of perfect method and medium comes into existence.
Hence, one must always spend some of the time to look deeper as to what’s going on with social media campaigns and whether they can be continued or stopped? Irrespective of any business you belong to, not understanding the ROI of social media spending can actually lead to just waste of time and money leading you to nowhere.
It is required to know what’s actually working and then utilize the same thing in the marketing mix such as email, SEO, advertising etc. In short, one must constantly evaluate and reframe the social media campaign till generates the desired results and if it’s working well then the similar thing must be done with other marketing channels in order to get more customers and more sales. So, ROI is the thing that really counts.
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