Within the next four years, estimates show that an average of 20.9% of all marketing budgets will be spent on social media. Managing your brand on social media can be a daunting task. Campaign metrics from Facebook, Twitter, Instagram, LinkedIn and other platforms often focus on “vanity metrics,” such as the number of likes and retweets, making it difficult to gauge how successful your campaigns are in furthering your most critical business goals.
A company’s return on investment, or ROI, is the central metric that businesses generally use to determine whether the benefits of an investment have outweighed the cost. So, how do you measure ROI with social media? In simple terms, first you must identify the goals of your campaign and decide what metrics you need to measure, then collect the data and analyze. Here are a few steps to help get you started: