Attributing social media to outcomes

Confidence in ROI is at an all-time high according to Hootsuite’s Social Trends 2022 report. For a long time, marketers have struggled to attribute social media to outcomes. But now, after relying on social media more and more during the pandemic, 83% of marketers surveyed say they now have confidence in quantifying the ROI of social media. 

When calculating ROI, it is usually a simple equation: profit/total investment x 100 = ROI. But we know social ROI can be hard to prove. Marketers who are confident in measuring ROI look at the holistic benefit social media has on their marketing efforts, outside of just sales and conversions. If there’s a good strategy in place, social media works with other marketing channels to drive brand awareness. What this means is that social media won’t necessarily result in direct sales, but by reaching wider audiences, more consumers are aware of the brand and may consider making a purchase now or in the future. 

The value of social listening is also increasing for marketers, with 48% surveyed strongly agreeing that it has increased in value for their organisation. These marketers are using socials to understand their customers, identifying their needs and wants so the organisation can deliver exactly that. This makes social media a powerful tool for gaining valuable customer insights. 

To measure your social ROI, begin with an objective that will define what you value. Are you looking for conversions, awareness, or something else? Then identify the relevant metrics that will show you if you’re achieving this value. For example, if your objective is to generate brand awareness, the metrics you might measure are likes, link clicks, shares, comments, reach, followers and mentions. 

Social media also appears to be most powerful when paid and organic strategies work together. Effective strategies will use both paid and organic to strategically attract new and retain existing customers. To be able to effectively measure your social ROI, a tight social media strategy is the best place to start. 

Understanding social media’s role in your marketing strategy and gaining a holistic view is the first step to conquering the ROI trend in 2022. Depending on your objectives with social media, tracking a range of metrics with an understanding of their value to your business will help prove the ROI for social media. 

If you’re ready to truly harness the power of social media and the benefits it can have on your business outcomes, chat to our KEO team about our digital marketing strategies and packages that might just be the perfect fit for your business in 2022!