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How to prove the ROI of your B2B social media

August 23rd 2019 By Remmy Ddungu

Social media has provided businesses with the ability to reach and connect with leads in ways never possible before; whether it’s through organic social media or online advertising, businesses now have more opportunities to drive profit, growth and awareness online.

Online marketing is becoming increasingly apparent in modern businesses, as a study conducted by Sensis last year found that 26% of small companies, 35% of medium-sized businesses and 42% of large enterprises invested in social media ads.

Of course, every business wants to ensure that they are getting a return on their marketing investment. But, nearly two thirds (61%) of marketers struggle to determine the ROI of their social media efforts.

To demonstrate the success of your social media strategies, campaigns and tactics, we recommend that your company focuses on these key performance metrics:

Lead generation

When it comes to lead generation, quality definitely beats quantity. So, how can you demonstrate that your social media is generating high quality leads?

Use goal tracking through Google Analytics and then use Google Analytics’ Model Comparison Tool to compare the impact and value of different attribution models.

Goal or conversion tracking generally falls into one of the following three areas:

Lead nurturing

One of the valuable aspects of social media is its ability to reach highly targeted audiences, which gives companies the ability to create and share content to the right people.

You want to demonstrate that your social media platforms are building awareness with your target audiences and that they are influencing the growth of prospects and customer lists, as well as finding new opportunities.

Use spreadsheets and tools like Twitter lists to segment audiences and objectives and consider:

Traffic performance

While they may only indirectly impact specific B2B business results, traffic performance metrics are a key basis for nearly every social media programme. Look at:

Make sure you determine whether any social media traffic was through organic social media or through paid ads.

Productivity metrics

To identify patterns in success and opportunity on social media programmes, B2B marketers should look at:

Social media is a great tool for B2B companies, helping with brand awareness, lead generation and lead nurturing. But it should only be on part of your marketing mix. To find out how you could maximise your marketing, call Chapman Consulting on 0208 977 3200, or email growmybusiness@chapmanconsulting.co.uk.

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