Measuring the ROI of your Facebook fans is actually not that hard.
In fact, I’m worried this article might end up too short.
Things You’ll Need:
1. Google Analytics
2. PixelTrakk (or equivalent link tracking tool)
Collecting The Data
First, make sure that there is a Google Analytics code on every page of your site.
Now, what I want you to do is get familiar with the Google URL Builder. Using this free tool, you will be able to generate links to your pages that are tagged up.
Your Google Analytics code will recognize these tags in your link and tell you in-depth information about these visitors inside your dashboard.
Before you start posting away, there are a few more steps.
Next, you need to set up goals in your Google Analytics account. If you don’t know how, pay someone on Fiverr. It’s a 5-minute job for someone who knows his or her way around.
Login to PixelTrakk (or equivalent), and create a quick campaign. Use that link with the tags from the Google URL builder as your destination URL. Enter a value of the sale, and click continue.
Then, place your PixelTrakk tracking code on your conversion success page. An example conversion success page is the download page after someone buys your product or shipping confirmation page.
You now have a tracking link that will track the visitor through your funnel and track the revenue generated.
Analyzing The Data
Take that spreadsheet I told you to have and create the following columns…
- New Fans
- Value Per Fan
Each row of this spreadsheet should represent a new month. As you go about your month posting to your Facebook fan page, keep making and using these tracking links like I explained above for whenever you link to your site. Once a month log into your Google Analytics, Facebook fan page insights, and PixelTrakk accounts.
Fill out the numbers for new fans, clicks, transactions (actions), costs, and revenue. Don’t forget to factor in the wages of whoever is managing your fan page for your costs.
Divide the revenue number by the new fans number. This gives you your value per fan.
Finally, divide “revenue minus cost” by “cost” and multiply by 100.
Slap a little % sign on the back of it and you have your ROI.
Update this spreadsheet every month and you’ll be able to see whether your efforts are growing your ROI or decreasing it.
If you have any questions, please post them here.
Or if this sounds like hell on earth to you, please note that we do this for our clients.
Justin Brooke, CEO of IM Scalable, speaks on stages all across the world and writes for websites all across the web about online marketing strategy. In the last 6 years, Justin and his team have generated billions of ad impressions, millions of page views, and driven millions of dollars in sales. This has attracted an impressive client list that includes best-selling authors, millionaires, musicians, and even pro athletes. Justin’s clients receive 3,000+ clicks per day, which is over a million clicks per year. One client shared that he was profiting $20,000 per week from that traffic. There is not a form of online advertising that Justin and his team can’t handle. Click here if you would like to contact Justin for help with your advertising needs.
* Originally published as Issue #193 on April 19, 2013