As an operations manager, I am always interested in my return on investment or ROI. I don’t want to spend time and money on things that aren’t working for my business, and I bet you don’t either.
Time is money and having a low ROI in any part of your business can lead to frustration.
One of the places we all spend a lot of time and energy these days is on social media. You can build a business without social media but why would you? I don’t care what your business is there’s a 99% chance your ideal client spends time on social media.
The problem comes when you find yourself spread too thin because you are on all the social media channels trying to get the attention of your ideal client.
You can ditch the social media overwhelm by figuring out your ROI for each of the social media channels. To me, return on investment means someone came to my website via social media. Chances are that’s what social media ROI means to you too.
What Happened When I Looked At My Social Media ROI
Earlier this year I was feeling a little social media burnout. I looked for a way to figure out my ROI on all channels was so I could make some adjustments to my social media strategy.
There were some channels where I felt like I was spinning my wheels and I wanted to see if my suspicions were true.
Using the method, I will tell you about in just a minute I was able to determine immediately where I was wasting my time. Even better than that though I was able to tell where I should be spending MORE time.
So I made some changes.
I stopped scheduling Twitter posts. I didn’t abandon the platform entirely, but I no longer schedule any content there. I share when I find something interesting or have a random stream of thought I think should be shared.
I invested in Tailwind and started scheduling out my pins.
Both changes paid off! I now get more traffic from Pinterest as planned but guess what I get more traffic from Twitter too. At first, I thought that was a little odd but really what I’ve done is gone back to using Twitter as it was originally intended to be used. Turns out people dig that shit.
That’s what we call a win/win!
Now on to figuring out your social media ROI.
How To Figure Out Your Social Media ROI
The best tool for figuring out your social media ROI is Google Analytics. Using Google Analytics, you can tell which social media channels you are getting website traffic from. Once you know which social media channels provide the most ROI, you can focus more heavily on those channels.
Step 1: Log Into your Google Analytics Dashboard
Step 2: In the left-hand menu choose the “acquisition” category. Click “all traffic” and then “channels.”
Step 3: On the top right of your screen choose the date range you want to analyze
Step 4: Click on the word “social” under the analytics graph
Step 5: Using the information provided determine which social media channels bring you the most traffic
Step 6: Adjust your social media strategy to focus on the channels that provide the most ROI
That’s it. Easy peasy lemon squeezy. I’d love to know if you are already using Google Analytics to determine your social media ROI or if this is new to you.