How to Measure Your Social Media’s ROI
Are You Getting the Most From Your Social Media Marketing?
Many major brands find it challenging to understand ROI from social media. If you’re finding yourself in the same position, you’re not alone! Social media ROI is different for every business, and there are a few simple steps you can take to define it for your shop.
Don’t worry, no advanced equations needed, just some simple questions to ask yourself about your branding, business goals and Facebook Ads.
One of the main purposes of building a social media presence for your business is to build your brand. When many people think of ROI, they think about it in terms of dollars. When it comes to social media that tends to be the end goal but building your brand awareness can help lead to new customers, which leads to those dollars. It’s a long game that pays off in the end.
A good example of how to see the ROI in brand awareness on social media is when you’re looking at two competing shops. One has built a strong presence on social media and has an established brand. The other competing shop has zero presence online. The shop that has established that social presence will grow their customer base exponentially over time, unlike the one which doesn’t prioritize brand awareness on social.
This is one of many examples as to why branding is important. However, how do you actually measure it? To do that you need to have a data-driven goal.
There is a myriad of goals that you can set when it comes to your shop’s social campaigns. Some of the most common are: email list sign-ups, contact form submissions and appointment form submissions.
These are all well-defined actions that a visitor to your page or someone viewing your content will take. To best track the ROI of social, it’s important to make your goals clearly defined action items. You can also take it a step further by using Google’s URL Builder to create and track links that are tied to a specific social campaign.
Once you’ve defined your social goals you’ll want to be sure to keep track of them through Google Analytics. To get the most granular data, be sure that you have Goals set up in Google Analytics. Autoshop Solutions is a Google Partner, and we are happy to help you set up your goals in Google Analytics to align with any social goals you’d like to track.
Facebook Ads are another wonderful way to get the most ROI out of social media. The trick is to balance your budget accurately, so you get the most bang for your buck.
Facebook Ads not only help with the goals you’ve created for your social campaigns but also help with branding and staying top of mind of potential customers. If you have the budget, running Facebook Ads can be a huge piece of the social ROI puzzle.
For example, let’s say that you run a Facebook offer ad with a budget of $150/month. Your offer is for $5 off an oil change, and the average oil change costs anywhere from $25-$80 (depending on if they are using conventional or synthetic oil). The offer gets your shop 20 new oil change appointments throughout the month. Even if all 20 were $25 oil changes, you’ve made $400 in sales from the ad! With your original $150 budget subtracted, you end up $250 in the positive. To add to that, the majority of the people scheduling these appointments will be brand new customers to your shop. If you “wow” them and they leave a useful review or become a long term customer, you’ve made way more than you’ve spent on the ad itself.
Facebook Ads can help you meet your goals and help raise brand awareness — both of which lead to positive ROI.
You should never have to ask, “what’s the point of my social media pages?” You can easily put your social media pages to work for you! It starts by clearly defining your goals, tracking them accurately, and using Facebook Ads ads to boost your brand awareness and conversions.
Feeling a little lost or want help implementing these steps? Autoshop Solutions has the social media marketing experts that will help you launch your online presence to new heights. Let’s Chat!