The return on interest of social media handles is a complex process to evaluate. While audience reach, the number of hits on site or pages, total engagement rate and the conversion rate are the most looked forward and tracked metrics, it is still difficult to co-relate the returns through social media because of a number of factors.
Marketing agency are finding it difficult to evaluate social media returns. Almost 28% of marketing agency suggested they struggled to measure ROI, wile only 17% boasted of accurately quantifying the revenue of social media. There are a number of challenges faced by marketing agencies. Measuring ROIs are in themselves an ardent task and often agencies focus on the number of engagement rate than checking the conversion rates. Publishing relevant content timely is also a huge challenge and often agencies run out of schemes or hit a threshold. Developing strategy and campaigns centred around the theme is the most difficult thing and that is why we see innumerable campaigns failing devastatingly for the lack of message or appeal. Lastly, tying realistic business goals to the social media and actively studying the effects of it on the revenue is para mount and often dreads the marketers.
In a recent study, more than 44% CMOs claimed they had not been able to measure the impacts of social media on their business. While 36% agreed that the there had been positive impact on business but couldn’t quantify it, 20% were successfully able to quantify the impacts of social media on their revenue.
Analysing social media accounts and its effect on the business would not only help save irrelevant money on ads but also help plan relevant content and campaign which is the most essential thing to get a healthy ROI on social media handles. ROI of social media depends on a number of factors and companies need to handle multiple aspects for tireless and effective results.