Many organizations that report having difficulty measuring social media ROI have not defined specific, tangible goals. The key to successfully measuring ROI is establishing specific goals and then building your strategy to specifically accomplish those goals.
“Set a clear outline around the metrics you are tracking,” said Dan Willis, founder of the Millennial Motivator. “Each marketing effort should have clear community growth that is dialed in on actual engagement and conversion.” Try the SMART method – Specific, Measurable, Actionable, Realistic, Timed – to set your goals and decide how you will accomplish them. You should be looking to increase engagement (likes, shares, comments), website traffic, brand awareness or in-store traffic, for example.
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“For small businesses, goals should be established based on short-term goals, and built out incrementally and scaled from there,” said David Azar, co-founder and CEO of Outsmart Labs. You can also look back at what your company has done previously to help determine your goals.
“How effective has social media been for your business?” said Ellen Borza, SEO and PR manager for Web Talent Marketing. “What can you learn? Take a deep dive to establish a baseline first. From there, you can define attainable but challenging goals.’