Social media is one of the biggest marketing platforms for thousands of businesses online, which has drastically improved their business reach and popularity among their customers. Social channels like Facebook, Twitter, Pinterest, Instagram, etc have worked as moneymaking tools for several businesses. Measuring contribution of these social channels on revenue and profits are the nerve of marketing ROI measurement. There are very few businessmen who really understand what they are actually getting out of their social efforts. They have to depend on the marketing experts for getting the answers to all their questions related to social ROI.
Several tools are available online that can help you gauge the performance of every social platform in terms of fans, followers, likes, retweets, and shares. Some people look at referral traffic from social media while there are others who still enumerate success from purchases made through social media referrals. Businesses use ROI to calculate the amount return on the amount invested. All the time, efforts and resources that you commit to social, and ROI that you get back are best calculated in dollars.
Given below is a list of top 5 tools that are commonly used to evaluate ROI of your social media campaigns.
It is a behavioral analytics tool that is used to track and understand what people are doing on your website or social channels. It is a platform that is specifically designed to optimize marketing success and ROI. You can anonymously track individuals, group of similar individuals or your users’ right through their visit to your website. This tool can help you understand customer behavior and evaluate ROI. The most outstanding feature of Kissmetrics is that it keeps the track of users who leave and then come back. It also tracks what they do when they return.
With the help of Kissmetrics, you can easily track ROI coming from social networks like LinkedIn, Facebook, Twitter, etc. and track complete customer lifecycle more precisely. You can easily track which paid advertising sources are actually providing you the leads and conversions.
RJMetrics’ Cloud BI
RJMetrics Cloud BI platform is one of the finest solutions for the businesses of all sizes to make smarter decisions using their data. Cloud BI is an analytics dashboard that makes easy for the businesses to access the insights provided by data. It offers an intuitive interface to explore data. It gives you a complete ease to model, analyze and collaborate on data. You can also share dashboards with your team members, executives and investors in just a few seconds. The dashboard sharing feature allows you to share data model which act as the foundation for all later analysis, keeping everyone on the same page. It also allows you to trend, segment and group any metric with just a few clicks. So, it can be concluded that this metric provides users with an uncomplicated, web-based interface to drive growth through smarter decision-making.
It is all in one online business dashboard application that allows you to easily monitor all your business data from a single place. You can perform social media, access analytics, marketing, sales, and support data along with infrastructure from one place. You can check the response on your social content and the impact it has on your overall ROI through Cyfe.
It offers pre-built widgets that you can use to create customized dashboard where you can see reporting on Twitter engagement, Shopify orders, and sales, Facebook ads, Google Analytics, etc. There are different categories of widgets to choose from like advertising, blogging, email tracking, social media, and more.
Cyfe is one of the best tool as it possesses some fascinating social tracking features, pooled with detailed ROI and analytics reporting. Twitter Mentions widget is one among them that allows you to track the number of Twitter mentions on a specific keyword or hashtag. With Cyfe, you can also track sales, social media mentions, invoices, website visits and operating expense quickly and easily. It is absolutely free to start, with a premium plan costing $19 per month.
It is free software for analytics offered by Google that tracks and report from where traffic is coming to your website and how visitors interact with your website. With Google analytics, you can analyze and track the performance social campaigns and find out which campaign is working well by tracking traffic conversions. It is just like social media platforms which provide complete traffic details, but tracking social media activity using Google Analytics will also let you track conversions due to ad campaigns.
Those who wish to have a complete and accurate view of social ROI, they can use Social Analytics section in Google Analytics, set up their business goals and measure the value of the social referrals coming to their website. Google Analytics also lets you track conversions by considering the complete buying cycle so that you can see which pages helped activate conversions or which campaigns are working and why.
If you are thinking of measuring and evaluation ROI manually, then you must drop the idea as it would be a massive headache. Measuring through any of the above-mentioned tools will definitely make your task easy and provide you accurate results. Make sure you consider several expenses and factor them in where necessary. The above-mentioned list of tools can help you do the rest, and give you an accurate evaluation of your true ROI.