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One of the most challenging tasks in selling digital marketing to the C-Suite is defining the return on investment (ROI). It can be particularly challenging when justifying the budget for social media marketing (SMM).
Many SMM efforts lend themselves to brand building, community building, and customer service. Unlike "traditional" SEO, these activities aren't always transactional in nature.
Marketing ROI has traditionally been measured like this:
Return on Investment (%) = (Net profit / Marketing Costs) × 100.
Sometimes, cost per customer acquisition is the measure. As recently as 2010, the dawn of social media marketing, those in the C-Suite attempted to apply the tried and true transactional ROI model to SMM. The CMO Survey, as reported by Forbes, lists the most common metrics used to measure social media investment.
list of free tools for measuring both ROI and social media success:
1) HootSuite:- HootSuite is a good all around tool to use for management and metrics tracking. You can schedule posts from multiple social media channels as well as create over 30 individual reports. The free metrics are somewhat limited, but for beginners it's all you will need.
2)SocialMention:-SocialMention is an aggregate tool similar to Google Alerts, but for social media, only. This will give you insight into not only what is being said, but who is saying it and what the general sentiment is.
You can set an RSS feed, email alerts, or even add a real-time widget to your website. You can also download a CSV/Excel file for further evaluation.
3)Klout:-Monitoring influence isn't an exact science, but having a tool that helps you begin to gage someone's online presence can be useful. Klout is a free tool that will allow you to measure influence on Twitter, Facebook, Google+, and several other channels.
4)Facebook Insights:-The Facebook insights dashboard gives you all of the analytics data for your Facebook page. The insights allow you to understand your audience, what they are reacting to, and adjust your content to meet their needs.
5):-Twitter Analytics:-Twitter now has its own analytics dashboard. With Twitter Analytics you can track timeline activity, including tweets that were favorited, retweeted, and replied to. The tool also tracks number of mentions, new followers and newly followed. For more information, see "Twitter Analytics: A Beginner's Guide".
6)Google Analytics:-With Google Analytics Campaign Tracking, you can set up links for campaigns with UTM parameters to track the campaign. Go here to create the link using Google link shortener for campaigns.
This is one of the easiest and cheapest ways to track success of a specific link within a campaign. It's also one of the most overlooked methods of tracking.
7)Buffer:-Buffer is a great tool for scheduling content. You simply fill up your Buffer account each day and it will automatically post the content to the channels you select.
For metrics, you're able to look at a dashboard inside Buffer to see what posts are getting the most interaction, or attach it to Bitly to include in your general tracking. You can also attach UTM parameters to track traffic in Google Analytics.
8)Bitly:-This link shortener allows you track everything you share. This is a great way to see what your audience is interacting with and decide if the content you share is valuable.
Bitly also integrates into many third-party software packages, making it a great umbrella tool, as you can track within multiple platforms. For example, you may use Social Sprout, a paid management platform and Buffer both with Bitly then review data in individual platforms or as a whole through Bitly.
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