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A Practical Approach to ROI in Social Media

A Practical Approach to ROI in Social Media

The importance of text hierarchy

The importance of text hierarchy

Virtual Events

Virtual Events

PDC | Digital

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Tag: analytics

03 Mar
2021

A Practical Approach to ROI in Social Media

by Keely | with 0 Comment | in Marketing | on 03 Mar 2021

A strong social media presence can be a a good way of generating business, but is there a way to clearly track how our hours spent cultivating the perfect content translate into new leads? 

ROI means ‘return on investment’. Social media ROI represents the return on investment from your organisation’s social media activities. Historically it’s been a difficult thing to track and prove, especially since a lot of social media return is based on personal relationships and is long-term. Broadly speaking to calculate your ROI, you divide the overall value by the investment and times by 100.

Sounds easy enough, but how exactly can you figure out a total monetary figure for both your personal value and investment? Let’s take a look at what each of them can entail.

 

Value

What defines value will be different depending on your goals. These can include:

  • New followers
  • Link clicks
  • Online purchase
  • Contact form submission
  • Signups for newsletter
  • Downloads
  • Time spent on a particular webpage

 

Once you have a goal, there are a lot of tools you can use to track different forms of value:

  • Social Media Built-In Platform Analytics Tools
    • Instagram, Facebook, Twitter and LinkedIn all have tools that you can use to track likes, retweets, shares, new page follows over time and overall reach.
  • Google Analytics
    • This is a free powerful source to get clear figures on form submissions, traffic, page views and conversion rates

 

These tools can help to give you additional metrics such as:

  • Average sale price
  • Lifetime value per customer
    • This can then be used with the data to establish a monetary value i.e. if you can see that 1 in 10 people that view your blog post becomes a customer and your average lifetime value per customer is £100, then the value of someone viewing the post is £10.

 

To take a full value example, if your goal is to get more online purchases, then your main value metric will come from the number of purchases made as a result of clicking on a post link. If you see that half of clicks result in a sale, and the average sale price per customer is £5, then each post view is worth £2.50 in value. BUT that doesn’t factor in the very human element of social media, that of making a personal connection. The blog post that you write may not directly convert into a sale, but someone may remember your name as a result and months later could act or recommend you to someone else.

So, it can easily become quite tricky to track an exact figure. This is why it’s important to always think long-term with social media ROI. ‘Untrackable’ data such as the previous example can be gathered through customer feedback surveys and social media polls. You can also use your previous experience to estimate a figure for a certain value.

Using a combination of all of these methods will allow you to capture whether you are hitting your goals and will also highlight any additional value that your social media efforts can bring.

 

Investment

Investment is an easier thing to quantify, simply tracking and adding hours spent on social media then multiplying them by an hourly rate to get a clear figure. Activities can include:

  • Cost of tools
  • Paid advertisements
  • Planning and content creation

Once you have your figures, you can divide the value by the investment to see a clear ROI figure. This may seem complicated, and it is! But by regularly tracking your social media strategy in this way you can tailor your approach to what works!

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Tagged analytics, followers, link clicks, return on investment, ROI, social, social media, social media presence, track, value
17 Feb
2021

Virtual Events

by Keely | in Digital, Industry | on 17 Feb 2021
The ongoing pandemic has thrown the entire events industry into uncertainty; we can no longer set dates for in-person events for the foreseeable future. This is why it is a great time and resource investment to start thinking about taking your events online.
Whilst hosting virtual events is not an ideal situation by any means for most of us, there are several unexpected benefits unique to moving online. Here we have looked at 9 ways that virtual events can positively impact your organisation, whether during the Coronavirus pandemic or long after.

1. Capture a new and potentially wider audience

  • Provided that someone has an internet connection, they can tune into your event no matter the geographical location. This exponentially expands your reach and could even generate a new in-person audience sometime in the future!
  • What’s more, it is easier for attendees to fit virtual events into their schedule, dipping in and out of the day as they choose whilst also getting their own work done. The convenience of this is sure to please the crowd.

2. In-depth analytics

  • It goes without saying that it is much easier to track online engagement than in-person. Whilst you cannot physically track your attendees’ attention span, it is possible to get continuous insights into session attendance, resource viewing and networking connections made.

 

3. Cost reduction

  • Venue hire can cost tens of thousands of pounds a day, and additionally you must factor in the cost of food and drink, accommodation for speakers, and venue insurance. Virtual events can offer potential cost savings depending on your platform, promotional activity, and support requirements.

 

4. Easy to manage

  • When running a physical event, you will often find yourself with the impossible task of being in several places at once. In contrast, simply having one or two laptops on hand will allow you to control every aspect of your virtual event. This is also reflected in greatly reduced number of people that you will need to employ for admin and management purposes.

 

 

5. Easy to collect feedback

  • You likely send your physical attendees a feedback survey after the event has passed. This has a less successful response rate than gathering this feedback right at the end of the session, which is what many virtual platforms offer when a participant leaves a session.

 

6. Environmentally friendly

  • Physical events incur thousands of miles travelling, which of course has an impact on the environment. Virtual events negate this completely, allowing your organisation to play their part in the fight against climate change.

 

7. Increased engagement

  • This may at first glance seem counter-intuitive, but research has shown that people are 30% more likely to initiate a chat with somebody virtually than in person.
  • Additionally, it is possible to gamify the experience online, with quiz features, challenges and a points-based leader board for attendance and engagement with resources throughout the day.

 

8. Scalable

  • While in-person events are limited to the venue size that you hire, virtual event hosting plans can expand and contract. This allows you to focus on your reach without maxing out capacity.

9. Reliability

  • Perhaps the most crucial point – whilst there is still potential for technical failure, virtual events do not have to be called off for adverse weather, venue issues or global pandemics…

 

So, you need not see virtual events as a hinderance by any means. Some of us may even find we make a more permanent switch to online thanks to these benefits! Of course, there are many obvious benefits to running your events in person. But a hybrid of the two may be a mainstay looking into the next decade.

Get in touch with us today to see how we can help bring your event to life!

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Tagged analytics, business, digital events, engagement, events, manage, online, online events, virtual, virtual events, wider audience
Copyright ViniRama 2017
  • Digital
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