Social Marketers Struggle to Measure ROI
More than half (61 percent) of social marketers say measuring the return on investment of their social efforts was their number-one challenge according to Simply Measured's "The 2016 State of Social Marketing" report.
Securing budgets and resources ranked a distant second (38.2 percent), followed by connecting social to business goals (33.6 percent). Tracking results, understanding performance across social channels and developing social strategy were also concerns.
The data also revealed less than one-tenth — 9.4 percent — of the social marketers surveyed indicated they were able to adequately quantify revenue resulting from social. A majority — 45.5 percent — admitted that they weren’t able to do this at all, and virtually the same number — 45.2 percent — claimed they were able to do so (but only to a limited degree).
Not being able to associate effort spent on social media to results/profit is a real problem in the realm of social media but platforms like Simply Measured are coming to the rescue.
The social analytics platform recently announced the availability of an API that will make it possible to analyze social data and unify data across social channels in order to get answers that marketers need to optimize their social initiatives.