Social media ROI has remained elusive for numerous marketers despite their best efforts to develop a calculation that will prove the business value of the allotted social media resources.
Through a new feature in Google Analytics, some customization to your Google Analytics tracking, and diligent work on the part of your social media team, the ROI of your social media efforts can be discovered using Google Analytics. To get to the point where you can calculate social media ROI, there are four steps that need to be taken.
Step 1: Implement Proper Social Media Tracking
Ensure that you’ll have the ability to segment revenue that’s generated through social sources by your internal direct efforts and revenue that resulted through external social means. In other words, revenue that’s generated as a result of links your team placed on social sites and revenue generated through links placed by people outside your company.
In order to measure your direct impact, you need to ensure you’re always using campaign tracking on any links you put out on social media sites that point back to one of your sites. It’s a fairly easy process, but one that can be a bit tedious to manage at the outset. Once you’re in the habit of always adding campaign tracking, it will become second nature and the results will be well worth the effort.
Google offers a simple URL builder tool to help create campaign tracking strings, but you should either build your own tool or creating one in Excel that allows you to manage the names that are used for each parameter. This is very important because you don’t want to cause yourself reporting headaches by using different names for parameters that should be the same.
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