The TL;DR November 5, 2019
3 Common Mistakes Made In Measuring Social ROI
We all know return on investment is one of the most important measuring factors, but it can be difficult to prove on social media. Check out these three common mistakes (and how to avoid them). You can read more here.
- Expecting results too quickly: Even though the average sales cycle is 6 months, 77% of marketers measure ROI within 1 month of their campaign. Be patient and realize that results you find shortly after are not indicative of actual performance.
- Looking at the wrong metrics: Break free from traditional measurements and adapt based on your campaign, the medium you use, and your business objectives.
- Caving in to the pressure to perform faster: Ignore the itch to optimize your campaign so soon after your launch. Think long-term to better align with your goals and improve your social spending.
Social Media Marketing Requires Long-Term Attention for Long-Term Results
Reaping immediate benefits from your social marketing campaign sounds nice but is not realistic. Read how best to commit to a long-term process and find more details here.
- Don’t assume it will be a quick fix: Social media is a long-term investment, and expecting it to be anything else is setting yourself up for failure.
- Don’t give up shortly after you launch: Just because profit doesn’t flood in immediately, it doesn’t mean your campaign is a flop. Be patient in measuring your ROI.
- Do your research: A long-term commitment requires work on the front end. Understand your platforms and get to know your audience.
- Define your goals and objectives: If you don’t know what you want from social you won’t be successful.
- Determine your key performance indicators (KPIs): Once you have your goals, ask yourself how you’ll measure success. What will you look at when you measure ROI?
- Test, learn, fail, optimize, repeat: You’re not going to know what works right out of the gate, so be prepared to run effective tests to act on the results of those tests.