Here are some tools that will help you understand the theory behind social ROI measurement:-
1. Calculator for Social Media ROI
This tool is free and can be used to calculate the return on social media investments for specific campaigns. Enter your data and hit the button to get an easy, shareable ROI calculation based on lifetime customer values.
2. Hootsuite Social Advertising
Hootsuite Social Advertising allows you to manage paid and organic social media campaigns together. This dashboard will enable you to analyze and report the ROI for ads and organic content from one place.
You can see the performance of organic and paid content together to create a cohesive social strategy that maximizes your ad spend and in-house resources. This will help you quickly increase social ROI.
3. Google Analytics
Google’s free analytics tool is essential for tracking website traffic, conversions, and sign-ups via social media campaigns.
This allows you to track and monitor the success of your social media campaigns over time.
Google Analytics has also improved its tracking systems to allow digital marketers to access campaign data without using first- or second-party cookies. SM Digital Solution is the Best digital marketing company in India that provides advanced digital marketing services.
4. Parameters of UTM
These short text codes can be added to URLs shared on social media for important information about website visitors and traffic sources.
When combined with analytics programs, UTM parameters give you a complete picture of your social media success. From a high-level view (which networks perform best) down to the finer details (which post drove the most traffic to a particular page).
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You can manually add UTM parameters for your links.
5. Facebook Pixel and Conversions API
You can track Facebook ad conversions, from leads to sales, with the Facebook Pixel. This allows you to see the entire value of each Facebook ad, not just clicks.
This helps increase your social ROI and ensures that your Instagram and Facebook ads are shown to the most relevant audiences, including through Remarketing.
With the introduction of iOS14.5 and continued changes to the use and management of first- and second-party cookies, the effectiveness of the Facebook Pixel is decreasing. Conversions API is a tool that collects information directly from your server to help you mitigate these changes.