Social Media Logos in the Picture

Your social media accounts have a value. Hubspot uses a complicated calculation between the number of followers you have, your net gain per month, and the interactions between your content and followers. However, this might not be entirely accurate.
There are two calculations you really need to do, to know the real value of your social media accounts, and we discuss both in this article.
Direct Value
This is the amount of revenue that can be directly attributed to your brand’s social updates, i.e. when someone sees an update you’ve published, and they click through and make a purchase.
With the right monitoring tools, this can be very easy to calculate. You can also break this down into different social media platforms to calculate the top performing platform and sometimes even content.
Indirect Value
Your social media accounts don’t just provide direct value to your brand. Social media statistics can also impact your brand in numerous other ways.
For example, it can contribute to your brand’s page rank on search engines such as Google and Bing. The better your brand’s social media output, the higher the rank. This translates into greater traffic, more conversions, and higher revenues.
It’s the hardest value to calculate, as knowing exactly how much social media impacts your page rank is challenging – if not impossible.
Another factor is that some customers don’t buy immediately but make a purchase after signing up to your mailing list. They might have originally discovered your brand via social media, but the converting media was email. So, because social media was part of the process, some attribution should be given to social media.
Complete Value
Therefore, instead of just working out the direct value of your social media accounts, you need to look at the wider issues. How much revenue do you earn because of direct traffic and indirect purchases, due to your social media content?
How do you calculate the value of your social media accounts? Do you have any tips on how to improve your social media value?
Let us know in the comments.