Ever since Social Media has integrated itself with the global business, people are investing more and more on Social media marketing. But how does an investor track the Return on Investment (ROI) for the big bucks he paid to put his business on the map? Here are five simple ways you could do that.
Coupons and Offers
Offering your customers coupons and offers from a social media site and tracking the ratio of redeemed offers gives you an insight into how effective the method is. If you do this on a single social network, you can see how effective the network really is for your business.
Since facebook launched it’s ‘Offers’ feature, more than 42 million offers have been redeemed for different businesses. With online redemption codes you can track the traffic.
Call Tracking Phone Numbers
If you give separate tracking phone numbers on different social platforms, you will have an insight on the most effective traffic driver to your business.
Conversion Measurement allows tracking clicks. If a potential buyers clicks a facebook ad and lands on your website, the action is recorded in a sequence of clicks. It may either be a ‘Click-through conversion’ which follows a ‘view ad’, ‘click on ad’ and ‘purchase’, or it might be a ‘View-through conversion’ which follows a ‘view ad’, ‘click on ad’ but without an online purchase.
Using a simple code on your website can record the conversion.
Google Analytics is a great tool to monitor the traffic to your website. After placing ads on a variety of social media platforms, you can use the Google Analytics tool to monitor which sites generate the most traffic to your website.
Tracking your sales backwards and identifying which social media activity responds to a sales boom will help ROI strategies. If your sales shot up after just getting your business on Twitter, then it’s a sign you cannot overlook.
Investors and businesses are mindful of their expenditures at all times. Allowing Social media take a part in your business is a crucial step. These simple steps might convince you just how effective they are.
Thanks mashable. com
Image credit: Titanas