Track Social Media ROI (1)

6 Ways to Track Social Media Engagement

One cannot help feeling that improvement regarding attribution has ever reached its final stage, no matter the extent of perfection that seemingly exists in the latest marketing tech stack. Do you know that tracking your ROI of social media can be really hard, especially with all the new updates being made every second? Unless you are an expert, you possibly do not.

However, that is nothing to worry about. Just bear with us. We will tell you what needs to be done in order to track social media ROI in order to locate the right attribution.

  1. Clicks to reach the Website by the Source

Let us first look into basics pertaining to the number of visitors to your website. For example, think about brand engagement. The moment that someone clicks on your website, it means that they have engaged with your brand. Such an action expresses interest in your product or any kind of service that you may offer through your website.

Here, an important term to note is the ‘Customer Value Journey’. It begins from the Awareness Stage and proceeds to the Engagement Stage. Make sure your actions coerce them into subscribing and then converting. Such ‘source’ tracking highlights the social media post or any other location in the Internet from where your customer is engaging. This shows which of your social media content is transforming your visitors from simple audience to website visitors, whom you may be able to target down the road. Social sources at DigiMarketer include Twitter, Instagram and Facebook.

  1. From Source, Email Opt-ins

Website visitors are important, but the real magic begins once one opts in for email subscription. As huge email marketers, we are prone to attribute most of the sales directly to your email inbox. However, the ‘attribution’ problem reappears here. We do have to lend social media its due credit if an email subscriber arrives from social directly.

Using the metric of email opt-ins through source, one can realize the number of email subscribers one may be getting from social media. Let us make a rough estimate, shall we? Suppose about 2 per cent of the email subscribers convert to the flagship offer. So, considering that 100 email subscribers appear through a social channel every week, we can think that 2 of those sales belong to social. Figuring out the ROI for social is easy if you use the Average Order Value and Customer Lifetime Value, while custom event tracking helps you realize where subscribers arrive from.

  1. Understanding your Sales through the Source

This might prove a little tricky, but do not worry. We can still attribute the sales confidently to specific touch points. This in turn can help us figure out the number of sales coming from social media.

Of course, social media should not get all the credit and the process of reaching us through the same can be slightly more complicated than what we expect. Often social media, along with the homepage and posts have an equal role to play.

Google Analytics is important in this regard; however, Sales by Source enables you to figure out how many members of the audience is taking up on the offers. Use patterns in data over Cross-Channel Last Click to make sure where the customer had come from.

  1. Linear Attributions as well as Time-Decay

Along with Sales by Source, Cross-Channel last Click and Google Analytics, make sure you use linear and time-decay attributions. This enables you to figure out the amount of audience members your social media converts. Linear attributions lend each visit from the Lockback Window an equal credit, while Time Decay provides the most recent visits more credit than the erstwhile ones there. This can also lend an idea of where people may have been before there was a purchase.

  1. Specific Amount of Discount for Social

Use a specific discount for each one of your social media. This can enable you to see which media brings up your customer amounts. Use Google Analytics, but discounts (like TWITTER60 etc) help.

  1. Landing Page

Often, you may have one landing page for every social media or a different one for every media. This is to figure out the number of people who convert per channel or from every social. Estimating the number of person in your social audience  and conversion per quarter can help in that direction.

Final Thoughts

You may not be confidently able to confess your knowledge on ROI but these aforementioned strategies can help you figure out the steps and number of clicks it took for a person, somewhere out there in the world, to figure out the existence of your own brand to consequently be a satisfied customer. You are possibly among the plethora of business people attempting to make their mark in the world, and keeping a close tab on the statistics can speed your success rate.

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