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Source: https:\/\/econsultancy.com\/measuring-social-media-roi-case-studies-stats-that-prove-it-s-possible\/<\/p><\/div>\n
Measuring ROI doesn’t have to complicated if you know the metrics that you need to measure. The complication arises because we are privy to so many\u00a0data points that it can become confusing to determine which ones are relevant.<\/p>\n
So if the process can get complicated, why measure ROI at all? When data is\u00a0tracked, interpreted, and summarised in reports\u00a0effectively, you as an event organizer will be in a better position to understand\u00a0not only your\u00a0marketing investment and efforts, but that of your sponsors as well. If you find yourself asking\u00a0\u201cHow do I know if this campaign is working?\u201d or \u201cHow do I know if people are converting from the website?\u201d \u2014 then take some time to embrace the benefits of figuring out how to calculate your\u00a0social media ROI effectively.<\/p>\n
1: What is the ROI of a social media campaign?<\/b><\/h2>\n
It is proof that your campaign is working (or not!).<\/span><\/p>\n ROI = (return – investment)\/investment\u00a0<\/strong><\/p>\n What is your overarching goal with your social media campaign? Is it to increase exposure to your event? To increase ticket sales? On which social media channel can you find your target audience? <\/span>There\u2019s a whole host of possibilities of choosing which goals and actions to track. \u00a0Here are a few to choose from:<\/span><\/p>\n Pouring over a lot of details and event-by-event data can mean losing sight of the bigger picture. So set your objectives early and bring them up every time you evaluate or discuss an event report. Focused and consistent goals will take a lot of headache out of measuring ROI, because not only will you know\u00a0what you’re investing\u00a0from the get go, but why <\/em>you’re\u00a0<\/em>measuring it at all. Staying focused will easily remind you why this investment will matter months to years from now and help you pick your priorities well.<\/p>\n Choose a\u00a0conversion goal and start tracking away! Most social media channels will offer a tracking pixel you can add to your website so that you can measure conversion accurately. Remember to be highly selective about what you\u2019re tracking! Whittle out data that isn\u2019t making an impact or data that no one\u2019s missing.<\/p>\n This is where the monetary value of the measurements comes in. One of the measurements you can use to determine the success of your campaign at converting targets to actual buyers is:<\/p>\n Cost per Acquisition (CPA)<\/strong><\/p>\n If you had used the tracking pixels, your analytics will indicate how many people went on to complete the purchase. You can then calculate the CPA, and if the cost of acquiring the buyers was less than the cost of your sale, then it was a worthy investment.<\/p>\n2: Start by\u00a0Choosing a goal<\/strong><\/h2>\n
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3: Never lose sight of long-term objectives<\/strong><\/h2>\n
4: Track your goal <\/b><\/h2>\n
5: Tools to consider<\/strong><\/h2>\n
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\n<\/strong>If you’re in charge of calculating ROI, these\u00a0tools will be your best friends. Google Adwords Keyword Planner can even calculate the cost per click (CPC) for the main keyword or phrase per piece of content. Read how to conduct a simple analysis with these two tools here<\/a>.<\/li>\n
\n<\/strong>Can’t afford regular consultancy?\u00a0At every step of the event process you can be\u00a0guaranteed to find\u00a0an array of apps\u00a0that can competently\u00a0generate infographics and summaries of data. This will save you some valuable time\u00a0for sure!\u00a0Peatix’s app and services\u00a0<\/a>for example comes with built-in feedback forms so you can collect and view event\u00a0attendee data with ease.<\/li>\n<\/ol>\n
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