Do you know whether or not your social media efforts are paying off? Do you know what ROI stands for? In most cases, people look at their social media sites and assume they are doing well. Why do so many people assume this? Well, because they have numbers. If you’re in a band, or a musician and you have thousands of followers, but yet no sales, what good is your social media presence? The same can be said about websites. There are websites that have 100,000 hits a month, and yet no ad sales, no comments on blog posts, and no real interaction. Activity is not achievement. It’s for that reason that you should focus on a few tips to help you analyze real world ROI.
Social Media Music Marketing ROI
ROI stands for return on investment. If you didn’t know that, then you most likely weren’t checking on the right factors to see whether or not you were getting engagement. If your social media campaign isn’t measured within the confines of this element, you’re missing out. You need to wrangle this in, and start using real world factors to track effectiveness on money spent for advertising, promotional tweets, shares, and more. The following factors can help.
When promoting anything, a record, a song, anything at all, you need to know how people are getting to your site. Look for referral sources. Within any analytics program, you can look at sources and clicks. Look to see where people are entering your website. Are they coming through a post? A link you updated? Are you paying for them to come to you from an ad? You need to know where people have found you and use that information to continue to push forward. You need to know whether you are posting to an audience that has ad blindness, or if you have legitimate influence online. What good is updating a Twitter page if no one clicks your links? Think about that.
If you’re spending money on advertising, then you will need to know if your sales are coming from that advert. Let’s say you were to spend $1,000 on PPC ads for Facebook.com. When you see your sales, look at where they were referred, and if you see that they all came from Facebook, then things are doing well. But what if you spend $1,000 and you don’t get sales from the ad? You’ve wasted your money. Continuing to spend on ads for Facebook would be ludicrous, which is why you need to analyze your data to see where your ROI is and isn’t.
Where, How Much, and Why?
Now that you have a small handle on how to analyze your data, consider:
- using the following tools to help you calculate your social media music marketing ROI and
- asking some simple questions about what you’re doing and what your goals are.
By answering questions about where, how much, and why, you will be able to figure out how to effectively understand what your promotional considerations are doing. You can figure out if you’re wasting money, making an impact, or whether you need to make changes. Audit your data often, and don’t assume that because you have 10,000 followers on social media, you’re making an impact. You may have an audience that ignores you, and you may not even know it.