How do analyse weather that cost you invested in that Facebook ad campaign was really worth it? The answer can be dubious. Marketers use search advertising with its last-click attribution, but the reality is that most advertising does not work that way. Despite the difficulty in exactly measuring digital data, there are few easy ways to track the ROI.
1. Give away Coupons and Offers
When you offer coupons on Facebook, you are 100 percent sure that every coupon that customers cash came from Facebook. A more formal version of the coupon is called an offer. Creating an offer is very simple and can be tracked . The records show that the ratio of coupons being redeemed via mobile devices is more than desktops.
2. Keep Call Tracking Numbers
You can provide unique call tracking phone numbers on social media platforms, such as Twitter, Tumblr, Facebook, etc. to analyse which channel drives the most leads and conversions.
3. Add Conversion Measurement
Conversion measurement is a common tool for measuring ROI on Facebook. It helps advertisers track the behavior of people who click through an ad. If a customer clicks and then goes on your site to register, then you have a record that the ad was at least effective for that. However, the ideal situation would be when a customer clicks through an ad and then buys something on your site.
Adding Conversion Measurement to your ads and webpages is so simple that anybody who runs a website should be able to do it. When it is used in conjunction with Optimized CPM, another Facebook tool, you can use the conversion data to get a better idea of whom to target.
4. Use of Google Analytics
You can identify the social network from which you are receiving the maximum traffic from. If you run an ad and see a boost in traffic, then it shows that it is working.
5. View Overall Picture and then work backwards
The easiest way to calculate ROI is to look at your overall sales and then attribute some part to your social media advertising or activity. Obviously, there are various other factors , such as the weather, the day of the week and the economy that might have an effect as well. Marketers give up on social media advertising rather quickly as they do not see much measurable activity. The ROI will not always be immediate but develops gradually. Besides, social media is a communication tool, it is just as good as any telephone or email function, the purpose being to have conversations with current and potential customers.
However, one should also keep in mind that Social Media is not only about the cash bags as when it comes to social, those who care only about numbers are bound to be dejected.