What is the Value of Social Media?

In the world of social media, determining it’s value may seem to be an impossible task. So how should you value your social media efforts?

Social media, leads, and sales.

Social media is the ideal place to generate leads, and since leads turn into sales, it is important to know where those sales started. Here are a few simple steps to evaluate how your social media efforts turn into leads on your website:

Step 1: Look at referral traffic share. Where is most of the traffic to your website coming from? Are there some sources that are more popular than others?

Step 2: Focus on the traffic that is specifically coming from social media platforms. Are you getting traffic from social mediums like Facebook and Twitter? Is one more successful than the other? What can you do to increase the traffic from the not-so-successful mediums?

Step 3: Add goals and campaigns to track the full progression from visit to conversion. By using goal and campaigns on your website, you will be able to track the path that converts a lead into a sale. Which page were they on before completing a purchase? Did they read or download any materials from the side before committing?

It may take some time and tinkering to fine-tune your efforts to yield the most useful Social Media tactics, but with the deeper insights and some assistance, your company will get a better grasp of the value of social media and how it can grow your company’s bottom line.