Three Top Social Media ROI Tools—Why Are They Critical to Business Success?
Social media has been a driving factor for businesses worldwide to increase revenue, brand awareness, and engagement. It is one of the major marketing channels, according to Econsultancy. The key for entrepreneurs is knowing their ROI (return on investment) when using social media. That is vital to business success. Entrepreneurs can lose leading business insights overlooking these tools.
This article will help you briefly understand the importance of social media ROI, and recognize a few top social media ROI tools so that you can understand why they are a requisite for business success.
Why is Social Media ROI important?
Research shows that a staggering 59% of marketers spend 6 hours or more weekly on social media. At the same time, 33% are spending 11 or more hours on these platforms. That data is substantive and explains why social media ROI is so crucial.
By monitoring your ROI, you can determine how you are successfully contributing to your business goals. It also helps you evaluate your social media campaigns so that you can remain within your budget. Therefore, if the ROI is not up to par, you should analyze and improvise your tactics.
In a nutshell, let us now look at three Top Social Media ROI Tools.
1. Google Analytics
A robust digital marketing tool that has so much to offer is Google Analytics. This tool gives you valuable information that helps you understand the origins of your website traffic to refine your approach for better results.
Let us look at a Google analytics dashboard.
Source: DataBox
As you can see, this data provides you with specific information about your visitors, traffic source among other variables.
With specific variations, the influence of individual campaigns can be easily measured. You can track the entire site with this remarkable tool to view your organic search, PPC, social media, backlinks, and direct traffic.
That will enable you to objectively examine your campaigns to maximize your ROI.
2. Facebook Pixel
According to statistics, with 2.45 billion active users per month, Facebook is the most used social network. That means, running Facebook advertising is indeed an essential facet of many companies’ marketing campaigns.
The Facebook pixel helps to assess the effect of your time, money, and other resources invested on social media sites. It is code placed on websites to help monitor your conversions. So, the best tool to help calculate those conversions is Facebook Pixel. It makes it easier for you to do your evaluations. You can see clearly who visits your site, how they get there, and whether visitors make a purchase.
Let us peek at the dashboard—Facebook Pixel.
Source: Social Media Examiner
This data helps you see the actions your visitors take to help you optimize your strategy.
3. Hootsuite Impact
Social ROI is key to creating an efficient social media strategy. Measuring it can be a tough challenge. That is where Hootsuite’s power comes in—for major social media sites such as Facebook, Twitter, Instagram, and LinkedIn; it is a framework for evaluating organic and paid content.
To get an idea, here is a glimpse of the dashboard.
Source: Hootsuite
You can quickly gain insights for your business decisions through Hootsuite Impact. The user-friendly interface does a great job offering a glimpse of the social initiatives in one dashboard. Besides, it is compatible with Adobe and Google analytics and other business intelligence tools, making it a versatile tool.
Now the entrepreneurs can effortlessly scrutinize and identify their campaign to make it more effective.
Wrap Up
Tracking is needed for entrepreneurs to minimize marketing costs and maximize their business impact on social media. As such, the need for ROI resources is critical. While there are several services available on the market, depending on the target audience, each can apply differently. The data created from social media ROI tools, however, is profound and can strongly assist you to achieve maximum business efficiency while staying ahead of the competition.
Now, that you understand these ROI tools, what is next?
It is indeed necessary to monitor your social media. But it must be at the forefront of your approach to know how to effectively market on these channels.
So, are you prepared to understand how to get to that next stage with your social strategy?
Let us explore a “Simple Step-by-Step Guide” that can help you to potentially expand your social media strategy and be profitable.
Share your thoughts please!
Donnicka Robert
Founder of Brandzers, helping entrepreneurs build authentic and profitable brands
Brandzers.com