How to Measure your Charity’s Social Media ROI
So you’re putting all this effort into your social media marketing but what are you actually getting out of it? What is your social media ROI (Return on Investment)?
To be honest, the idea of measuring social media ROI can seem scary for any organization, charities included. This is because social media isn’t really directly quantifiable in monetary terms as with other marketing efforts such as advertising, direct sales and so on.
Social media ROI translates to what you get back from the effort, time and resources you set aside for social media marketing.
The biggest challenge involved in measuring social media ROI for charities is proving to your donors and financial supporters that they’re getting the most out of their investment in your organization.
So, if you haven’t already done so, it’s important to have a strategy in place to measure your social media ROI effectively.
In this blog post, I’ll share tools and tips that your non profit can use to measure the ROI of its social media efforts.
Why Should Your Charity Measure it’s Social Media ROI?
Measuring your non profit’s social media ROI is important because:
- You’re able to tell the value social media brings to your organization’s overall goals.
- By measuring your social media ROI you’ll be able to tell where your marketing efforts are most useful and therefore guide you in refocusing your efforts for maximum success.
- ROI analysis allows you to see where your social media budget is most effective and gives you insights on areas where it’s necessary pull back your budget.
- Social media ROI analysis gives insights into whether there are any gaps in your social media for charities strategy, content as well as key messages.
Steps to Measure your Non Profit Social Media ROI
So how do you measure your media activity? The following are a few suggestions:
Step 1. Define Your Goal
To be able to tell if your social media marketing efforts are effective, you have to peg your success on certain goals. So what are your social media goals? Are you hoping to increase donations? Increase awareness about your charity and cause? Or are you hoping to increase your community engagement?
Knowing your goals is important before starting measuring your ROI. Because every non profit has different core objectives, deciding what your focus is, you’ll then be able to develop an effective model to measure your charity’s social media performance.
2. Define What to Measure
After you determine what your social media goal is, you have to determine what you want to measure. This will be determined by the kind of data and insight you need in order to make effective marketing decisions.
Then you need to decide how often you need to make these decisions. Is it weekly, monthly or quarterly? Once you’ve decided the data you want and the frequency of measurement, ask yourself who you are measuring for, the stakeholders involved and what you believe they need to see in order to make decisions.
As you consider what to measure, here are five metrics that you can use to determine your non profit’s social media success:
- Engagement: One of the best ways to tell if your social media efforts are paying off is by measuring how well you are engaging with your target audience. This means measuring the number of shares, comments, retweets, mentions and link clicks. If you had an ad, how many people clicked on it?
- Reach: It’s important to understand how far your messages get. You want to know how many people saw your social media content even if they didn’t take any action. Reach also means the number of people who saw your ads.
- Website Traffic: Another parameter to measure is how much traffic your social media efforts are able to send to your website and the kind of interaction that these visitors have on your website.
- Most Effective Channels: As a non profit, you probably have a number of social media platforms. But are all these platforms worth your effort? It’s therefore important to understand your most effective channel in meeting your organization’s goal.
- Conversion: Besides attracting a large number of following, you want your fans to take certain actions. Whether you want them to make a donation, click on the ad, attend a charity event, visit your website and so on, you need to know how many people take your intended actions and the effect this has on your marketing efforts.
3. Create a Social Media ROI Measurement Spreadsheet
Once you have identified what you want to measure and why you want to measure it, come up with a system of collecting your metrics. A Social Media Measurement Spreadsheet is a great way of collecting all your reports and staying up to date.
Use your spreadsheet to track tweets, comments, mentions and discussions. A spreadsheet will help you keep everything all together making reporting easy.
Fill it out your spreadsheet based on your specific goals and at times that work for you such as weekly, bi-monthly, monthly or quarterly.
The spreadsheet should also help you connect your tracked data and corresponding monetary value each measured metric has.
4. Assign a Monetary Value to each Metric Measured
At the end of the day, your organization will want to know if the money and effort spent on social media is adding any monetary value. So besides knowing the amount of conversion you are receiving, you also need to assign a bottom line value to each type of conversion.
This, at first, may prove to be difficult but as you continue to understand your efforts and corresponding goals, you will get better at approximating a monetary value for each metric.
Some of the questions that you need to ask yourself when assigning value to your metrics include:
- How much is each potential visit (social media platform and website visits) worth to you?
- How many donations are you able to collect through your social media platforms?
- How much do you pay for ads to achieve your various social media goals?
- How much does it cost you in terms of labor? To answer this, multiply labor-cost per hour by the number of hours of hows spend on social media marketing over a given period of time.
- How much do you spend on social media tools? Add the costs of all the tools and services you use for social media.
By answering these questions, you will be able to find out how much you spend and how much you make, allowing you to quantify your social media ROI.
5. Make Use of Your Data
Collecting data is useless if you don’t put the data into good use. Data is important for informing your future decisions.
Report and analyze the numbers regularly to be able to see how trends change over time. Use the data you collect to regularly audit your social media strategy in order to improve your strategies.
By evaluating your data, you will be able improve awareness, reach, engagement and consequently improve your chances of collecting donations and retaining your donors.
Best Social Media Analytics Tools
There are a number of good social media analytics tools that your charity can use to measure it social media ROI. Here are some I suggest you consider:
Google analytics is a popular tool that is useful for tracking your website traffic, audience demographics, on-site conversions and sign-ups coming from your social media campaigns.
Facebook is a popular charity fundraising platform. You therefore want to be fully aware of the characteristics of your Facebook audience. Facebook Insights is effective in giving you great insights in the ‘People’ tab. Here you’ll be able to see audience demographics such as age, gender and geographical distribution.
Such insights will tell you if you are reaching the right audience and the kind of reach and engagement your content receives on Facebook.
With Salesforce, you can add tracking codes to links you share on your social media platforms. Salesforce makes it possible to track sales leads coming from specific campaigns and social media messages.
Hootsuite has a number of analytics tools to help you track online conversations within your industry, your reach, brand reputation, and audience engagement. You also learn if your followers are growing and your daily URL click-through rates.
You can also use Hootsuite to track which social networks drive most traffic to your site, blog, or landing page.
Measuring your non profit social media ROI is a necessary task that should be part of your social media strategy. With the right insights, you are better placed to make any necessary changes that will see your non profit achieve its goals.
What has been your experiences measuring social media ROI for your non profit? Share your thoughts below.