Online Marketing and PR Specialists have a wide variety of tasks and roles that they are required to do to meet an organization’s marketing and PR needs and to ensure to make sure the organization’s brand is developed, maintained and promoted to the target and desired audience(s).
One thing these specialists do that is as important as developing, implementing and creating ads and marketing collateral and material is actually measuring the return of these ads on investment. This is especially important in a digital space, where the calculation and return on investment may not be as straightforward or obvious as with other, offline forms or platforms for marketing and advertising.
What exactly is the ROI on social media? It is actually defined as the results of everything you do on social media from brand awareness to customer retention. Tracking the word of mouth to the bottom line is important in understanding the impact of these initiatives on your finances, resources and helps you with future strategy development. Despite how important it is to measure this ROI, almost 50% of people who use social media marketing are able to or feel comfortable measuring or understanding the ROI of social media efforts and campaigns.
Putting a system in place to measure how social media is and is not working of ryou can help you understand what is working well, prove that it is of value, sell the strategy to senior level management as well as provide insight into the dollar value that different ads and campaigns across different networks have to help you better allocate resources.
These systems can be complex and are not always easy to implement, but are important in helping with continual improvement and measuring the process of social media efforts. This also helps you connect dots like and see how something as simple as a retweet can actually have a monetary value.