Regardless of whether you are responsible for the social media marketing of a small, medium or enterprise-sized brand, chances are you are having a difficult time measuring its social media program's return on investment (ROI).
The new 2015 Social Media Marketing Trends report authored by TrustRadius, a peer review site for business software, found this to be the most commonly cited challenge, followed by "Tying social activities to business outcomes" (a similar challenge) and "Developing our social media strategy."
Despite the challenges, marketers still need to prove their efforts on social media count for something. Many have turned to "engagement" metrics (such as likes, shares, etc.) as the most important metric for evaluating success, followed by audience size and website traffic.
To do so, companies are using an average of three different tools to report and analyze their social media activities. The most commonly used tools are the analytics offered natively in social media networks (64 percent of respondents), a social media management tool (62 percent), a Web analytics tool (59 percent), and spreadsheets (46 percent).
How do you measure your company's social media ROI? Let us know in the comments field below.
As the Editor-in-Chief of Website Magazine and President of Website Services, Peter has established himself as a prominent figure in the digital marketing industry. With a wealth of experience and knowledge, Peter has been a driving force in shaping the landscape of digital marketing. His leadership in creating innovative and targeted marketing campaigns has helped numerous businesses achieve their revenue growth goals. Under his direction, Website Magazine has become a trusted source of information and insights for digital marketers worldwide. As President of Website Services, Peter oversees a team of talented professionals who specialize in SEO/SEM, email marketing, social media, and digital advertising. Through his hands-on approach, he ensures that his team delivers exceptional results to their clients. With a passion for digital marketing, Peter is committed to staying up-to-date with the latest industry trends and technologies, making him a sought-after thought leader in the field.