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Today’s entrepreneurs know that social media is an important part of every marketing strategy, but how to determine its success is often unknown. While you may be investing time and resources into your startup’s social media plan, it’s difficult to track whether your content is producing a favorable ROI. Did that popular Facebook post actually increase revenue? Are your new Instagram followers visiting your website?
Surprisingly, just 21 percent of marketers measure conversions gained through social media—instead, their focus remains on engagement metrics.
So, how can you quantify social media success? What challenges do marketers face when measuring social ROI?
The infographic below offers fresh insight on this often-controversial topic. MDG Advertising’s team analyzed a host of recent data to provide the latest statistics for 2018.
The key finding?
Nearly a third (28 percent) of marketers face difficulties when trying to determine social media success, and only 17 percent believe they can do so accurately.
Marketers attribute this struggle to four key challenges: the relative newness of social media, the difficulty in creating compelling content, the investment required develop a strategy, and their inability to tie social to ROI. Despite this, many brands believe social media has been positive for their brands. Social media increases brands’ exposure, generates more website traffic, and can even grow business partnerships.
When developing your startup’s marketing plan, it’s clear that social media should play a key role. While there’s no simple method of quantifying social media ROI, it’s possible to determine success if you invest in knowledgeable team members and the proper analytics platforms. Focus on these resources and your startup will see a clear path to success.
Check out the full infographic below to learn more.