We’ve discussed how to get started with social media, now it’s time to consider how to measure a return on your social media investment. Measuring your site traffic and incoming business is an important part of a social media strategy. It allows you to evaluate and tweak initiatives to gain as much momentum as possible to achieve your goals. Some things that can be used to measure ROI are:
- Increase in referrals or unique website visitors
- Change in positive or negative mentions
- New followers
- Prospect interest and meetings booked
- The number of times a post was shared or liked
- Comments on blog posts
These measurements correlate to hard value, such as increasing brand exposure, strengthening customer relationships and increasing interest in your brokerage, all of which directly influence your bottom line.
Choosing the right tools
Once objectives and ROI factors are determined, it is imperative to figure out a way to measure all of these statistics. There are many social media measurement tools available, some free and some rather costly. Choose a tool based on the metrics you are focusing on to allow you to remain focused to your social media goals.
The following are a few free tools that all brokerages can take advantage of to get started measuring the impact of their social media initiatives:
- Google Alerts: If you visit google.com/alerts, you can set up a Google Alert, which will send you an email when your search term is relevant in the latest Google results on the web, in the news section and others. This can help you monitor a developing news story, keep up with your brand, competitors and industry and more. Simply put your query in and set the alert.
- Google Analytics: Anyone with a website can set up Google Analytics for free to measure important metrics, including visitors to the site that come from social links.
- Bit.ly or other link shorteners: Using a link shortener will not only make your links more visually appealing, but will allow you to track the number of clicks you get on a link. If you have a bit.ly account, you can shorten all of your links and track your clicks over time, allowing you to determine which types of social media posts generate the most interest.
- Social site analytics: Each social site provides analytics that helps you measure your reach and engagement. Be sure to explore this section for each social site you are active on for free insights.
Measuring ROI is a crucial part of any social media strategy, as good measurements allow you determine where your efforts are paying off and where there may be room for improvement. Review these analytics on a weekly or monthly basis and ensure your social presence is continuing to grow in the right direction.