Wondering if your social media marketing efforts are paying off?
Reviewing your budget and calculating your ROI are important aspects of a social media audit but are often overlooked. While many businesses and marketers have a firm grasp of money, calculating total ROI from social media is more difficult, especially when you’re looking at purely social ROI instead of financial ROI.
To tackle this, pull up all of your records and look at how much you’re spending on social media. Potential costs include:
- Ad spend
- Consultant or agency fees
- Third-party analytics and management tools
- Contest software
- Apps and tools to create images
- Employees who help with your social media efforts
- Professional photographers or equipment to take photos
Compare the costs and results. If you spend $199 on contest software and generated 304 leads and 102 conversions on a $20 per month subscription, for example, you’ll be able to see that ROI clearly.
When examining third-party analytics, management, and social listening tools, look at both the costs and benefits you’ve received. Have these tools made you more efficient? Also, look at whether they’ve helped you generate better results from your content.
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