From the heaviest, the purchase, to minor actions, but still valuable such as a download or filling out a form. It is interesting to evaluate the conversion rate , or the ratio between visitors arriving from social networks and those who perform the conversion action.
Mentions and sentiment : the increase in online mentions of a brand is an organize your finances with mint index that can tell us a lot about the notoriety and perception that users have. The same goes for the sentiment that these contents have: positive, negative or neutral.
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3. Assign a value to each conversion
How to Calculate Social Media Conversion Value
Now that you know your goal and what you need to monitor to evaluate the effectiveness of your strategy, all you have to do is assign a budget and a value to each KPI, so as to establish their importance and facilitate the understanding of the results achieved.
As for the value, this changes from reality to reality, depending on the product, the sector and the life time value . The budget instead helps you to set the objective correctly: lead generation is fine, but for the effort and investment I am making, how many leads will I have to collect?
Both of these parameters allow you to work in a balanced score card style , with importance scores and percentages of achievement of objectives. Again, relating this data to the various platforms is essential to understand which channel gives you the best results.