Digital marketing can be very beneficial for your business, but how do you determine how successful your campaign is? How can you be certain of the return on your investment? For assistance in getting a better understanding of your ROI, contact MyCity Social, a social media marketing agency in Orlando, for information.
1) Know your KPIs, or Key Performance Indicators
The first thing to do is to know what your target goal is for your social media marketing. If you are looking to increase your overall revenue, then you could measure your performance according to a dollar value. If what matters to you is getting more people aware of your brand, then you can measure it that way. The key here is that you must be specific in the way that you measure your progress. The better and more definitive an understanding you have of how you’re progressing, the more you are going to be able to measure your ROI.
2) Match the goals of your social media campaign with those of your business
This is the part of the process where you get very specific. In order to have a successful digital marketing campaign, you have to set smaller goals for yourself to accomplish your overarching goals. For the example of revenue, you might track product purchases, signups to a service, or free trials for a subscription. If you were more invested in brand awareness, your goals could be mentions of your brand or more followers on social media.
3) Use Google Analytics to track conversions
You can utilize Google Analytics to keep track of your goals for you. All you have to do is configure your goals into the system and it will track your audience’s behavior for you. This will help you to determine how best you can retain and convert your audience.
4) Give your KPIs value
Knowing the different values of the goals you have gives you a better understanding of what they mean for your bottom line. Some of these values can be lifetime value of your individual customer, lifetime value multiplied by conversion rate, average sale, and PPC valuation. For lifetime value of your customer, this can mean how much you earn from each customer on average while the lifetime value multiplied by conversion rate is how much each potential visit is worth to your business depending on the percentage that converts. The average sale is how much an average purchase is through your particular site and the PPC valuation is how much you would pay if you were to use ads to achieve the same results that you do through social media.
5) Compare what you and your social media marketing agency are doing against your competitors
Finally, compare what you are doing to your competitors. Learn what they are doing that works and determine which platforms are being utilized that successfully reach your target audience. If your results are not the same as your competitors, that is normal, but it is important to know what is out there in order to figure out where you want to go.
MyCity Social is a social media marketing agency in Orlando that can assist you in determining your ROI for your digital marketing. Contact them for more information on how they can help.