5 Best Social Media ROI Tools 2024

Looking to measure your social media ROI in 2024? Here are the top 5 tools to help you track and boost your social media performance:

1. Sprout Social
2. Hootsuite Impact
3. Rival IQ
4. Socialbakers
5. Google Analytics

These tools offer features like:

• Advanced analytics and reporting
• Competitor analysis
• Multi-platform tracking
• AI-powered insights
• Conversion tracking

Quick Comparison:

Choose the right tool based on your needs, budget, and company size. Remember: tracking ROI helps you make smarter decisions and prove the value of your social media efforts.

1. Sprout Social

Sprout Social is a top-notch tool for measuring and boosting social media ROI in 2024. It's packed with features that help businesses track, analyze, and improve their social media game.

Here's what makes Sprout Social stand out:

1. Advanced Analytics: Get deep insights into your social media metrics. Track engagement, audience growth, and even sentiment across multiple platforms - all from one dashboard.
2. Smart Inbox: This feature is a game-changer. It pulls messages from all your social networks into one feed. A SaaS company's engagement team lead said: "Because of [Smart Inbox], we're showing our community we're reliable and responsive."
3. Post Scheduling: Sprout Social figures out when your audience is most active and suggests the best times to post. More eyeballs on your content = more engagement.
4. Competitor Analysis: Keep an eye on what your rivals are up to and adjust your strategy accordingly.

When it's time to show the bosses how social media is paying off, Sprout Social's got your back. Its customizable reports make it easy to showcase your social media wins. You can even pull in data from Google Analytics to show how social media is driving website traffic and conversions.

But does it really work? The numbers say yes. A study found that Sprout Social delivered a 233% ROI over three years for one organization, saving them up to $1.3M. How? By boosting team efficiency by 55%, cutting report prep time by 75%, and reducing the need for paid media.

Now, Sprout Social isn't cheap. Plans start at $249 per month and go up to $499 per month. But for businesses serious about social media, it can be worth every penny.

The platform is also user-friendly, so your team can focus on using the insights, not figuring out the tool. Plus, it integrates with CRM systems like Salesforce and HubSpot, helping you connect social media efforts to actual business outcomes.

In the fast-moving world of social media, Sprout Social gives you the edge. It provides clear insights and streamlines your social media management, helping you make smart decisions that can seriously boost your social media ROI.

2. Hootsuite Impact

Hootsuite Impact, now called Hootsuite Advanced Analytics, is a game-changer for social media marketers. Why? It solves a big problem: proving the value of social media efforts.

Here's the deal: 68% of marketers worry about showing ROI from social media. That's a lot of stressed-out marketers! Hootsuite Impact steps in to save the day.

So, what makes this tool special?

1. It tracks the stuff that matters

Forget just counting likes and shares. Hootsuite Impact shows you the real deal: revenue, leads, and conversions. It's like having a direct line from your tweets to your bottom line.

2. It's a multi-platform superhero

Facebook Ads? LinkedIn Campaigns? Hootsuite Impact handles them all. It's like having X-ray vision for your social media performance across platforms.

3. Reports that won't put people to sleep

Custom reports make your data look good. No more boring spreadsheets - these reports are designed to impress your boss and stakeholders.

4. Spy on your competitors (legally)

Keep tabs on up to 20 competitors per network. See what's working for them, and use that intel to up your own game.

5. Smart tagging for smart marketers

Automatically tag your content by campaign, keyword, or whatever you need. It's like having a super-organized filing system for your social posts.

But does it actually work? While we don't have specific case studies for Hootsuite Impact, similar tools have shown impressive results:

• An e-commerce business saw a 178% ROI by tracking $50,000 in sales from just $18,000 in social media costs.
• A B2B company crushed it on LinkedIn, getting a 400% ROI with $20,000 from leads against $4,000 in costs.

As Hannah Macready, a freelance writer, puts it:

"If you want to prove your social media ROI, you'll need to know how your content is performing."

That's exactly what Hootsuite Impact delivers.

Now, the catch: this powerful tool isn't cheap. It's only available with Hootsuite's Business or Enterprise plans, which cost more than the basic $99/month option. But for serious marketers looking to prove their worth, it might just be the secret weapon they need.

3. Rival IQ

Rival IQ is a game-changer for social media managers who want to boost their ROI through competitive analysis. It's like having a secret weapon in your social media arsenal.

Here's what makes Rival IQ stand out:

1. Automated competitor analysis across multiple platforms
2. Live industry benchmarking
3. Customizable dashboards for easy comparisons
4. Automated reports with slick graphics
5. Actionable insights on popular hashtags and topics

The tool's automated competitor analysis is a real time-saver. Instead of spending hours digging through data, you can focus on crafting killer strategies. It's like having a personal assistant who's always on top of what your competitors are doing.

Rival IQ's live industry benchmarking is another standout feature. It's like having a crystal ball that shows you where your industry is heading. You can spot trends as they happen and adjust your strategy on the fly.

The customizable dashboards are a visual treat. They give you a bird's-eye view of how you stack up against the competition. It's like having a scoreboard that shows exactly where you're winning (and where you need to step up your game).

When it comes to ROI tracking, Rival IQ doesn't disappoint. It serves up actionable insights on a silver platter. You'll know which hashtags are hot, which topics are trending, and how to improve your performance.

But here's the kicker: one user reported an 80% increase in commercial proposals from clients after using Rival IQ data. That's not just a small bump - it's a game-changing leap.

Therese Nguyen, a Freelance Content Writer, puts it perfectly:

"By understanding the impact of your social media strategy on your bottom line, you can make smarter decisions, allocate resources more effectively, and have social media become a powerful driver of your growth and success."

Now, let's talk price. Rival IQ starts at $239 per month, going up to $559 per month if you pay monthly. It's not the cheapest tool out there, but many users find it's worth every penny. Plus, you can save 15% if you go for an annual plan.

But it's not all sunshine and rainbows. Rival IQ has a smaller user base compared to some other social media monitoring tools. It also lacks social listening features and has limited historical data. And if you need to add small sets of extra data, it can get pricey fast.

sbb-itb-645e3f7

4. Socialbakers

Socialbakers is the Swiss Army knife of social media analytics. It's not just about crunching numbers - it's about turning those numbers into game-changing strategies.

Why is Socialbakers turning heads? Let's break it down:

AI Brains: Socialbakers doesn't just dump data on your lap. Its AI analyzes the numbers and tells you what to do next. It's like having a data scientist and strategist rolled into one.

All-Seeing Eye: Facebook, Twitter, Instagram, LinkedIn - Socialbakers tracks them all. It's watching everything from how many people engage with your posts to how fast your audience is growing.

Spy Mode: Want to know what your competitors are up to? Socialbakers has you covered. It lets you see how you stack up against industry benchmarks and your rivals.

Easy on the Eyes: You don't need a Ph.D. in data science to use Socialbakers. Its dashboards are designed for quick, easy insights. Perfect for teams who need answers fast.

Global Player: With over 2,700 clients spread across 100 countries, Socialbakers is no small fry. It's keeping tabs on more than 8 million social profiles worldwide.

But does it deliver in the real world? While detailed case studies are hard to come by, its 9.2 out of 10 score on TrustRadius suggests it's hitting the mark for many users.

When it comes to pricing, Socialbakers keeps it simple with two main plans:

1. Essential Plan: Aimed at smaller businesses
2. Complete Plan: For bigger organizations with bigger needs

You'll need to reach out for a quote, as prices are tailored to each business.

How does it compare to the competition? While tools like Sprout Social excel in customizable reporting, Socialbakers is all about quick, AI-powered insights. It's built for making fast decisions in the ever-changing world of social media.

"Socialbakers uses artificial intelligence to offer strategic insights, providing not just data, but actionable recommendations."

5. Google Analytics

Google Analytics 4 (GA4) is a powerhouse for tracking social media ROI. It's free, versatile, and essential for any serious social media marketer.

Why GA4 is a must-have:

1. Traffic Source Insights: GA4 pinpoints where your visitors come from. You'll know which social platforms are your top traffic drivers.
2. Conversion Tracking: It doesn't just count clicks - GA4 follows the money. See how many social visitors become leads or customers.
3. Campaign Analysis: Use UTM codes to link specific social campaigns to website actions. Connect the dots from a tweet to a sale.

GA4 helps you prove your value to leadership. As Eileen Kwok from Hootsuite says:

"When it comes down to it, [leadership] cares the most about ROI."

GA4 delivers on this front, showing the real financial impact of your social efforts.

Here's a quick example:

You run campaigns on Twitter and Facebook with unique UTM codes. After two weeks, GA4 shows:

• Twitter: 5,000 visits, 100 conversions, $5,000 revenue
• Facebook: 3,000 visits, 150 conversions, $7,500 revenue

This data reveals that while Twitter drives more traffic, Facebook generates more revenue. That's the kind of insight that can reshape your strategy.

GA4 isn't just about past performance. It helps you plan for the future. Kwok adds:

"Every week we aim to have at least 2-4 pieces of 'conversion' content going out."

With GA4, you can identify which content drives conversions, refining your strategy over time.

Setting up GA4 for social media tracking is straightforward:

1. Create a GA4 property for your website
2. Add data streams for your website and app
3. Set up conversion events
4. Use the Google URL builder for trackable social post links

Once set up, you'll have access to valuable data. You'll see which social platforms drive the most valuable traffic, which content resonates with your audience, and how your social efforts impact your bottom line.

Tool Comparison Chart

Let's compare the top 5 social media ROI tools to help you pick the right one for your needs.

Here's what sets each tool apart:

Sprout Social and Hootsuite Impact start at $249/month, while Rival IQ is a tad cheaper at $239/month. Socialbakers offers custom pricing, and Google Analytics is free but lacks some advanced features.

Hootsuite Impact lets you track up to 20 competitors, while Sprout Social and Rival IQ cap at 10. Socialbakers and Google Analytics offer some competitive insights, but they're not as robust.

Sprout Social shines with its AI-powered insights and user-friendly interface. Hootsuite Impact is great for managing multiple platforms. Rival IQ stands out with live industry benchmarking. Socialbakers offers global data analysis, perfect for international brands. Google Analytics, though free, integrates seamlessly with web analytics.

Real-world results? One organization saw a 233% ROI over three years with Sprout Social, saving $1.3M by boosting team efficiency by 55% and cutting report prep time by 75%.

Small business owners love Hootsuite's ease of use. As Rick K. put it:

"Hootsuite has been the best software that we've used to help us with our social media in terms of posting and scheduling so that we didn't have to take time every single day and remember to post."

Your best choice depends on your needs, budget, and company size. Try the free trials to get a feel for each platform before deciding.

Final Thoughts

Measuring ROI in social media marketing isn't just a nice-to-have. It's a must-have. The tools we've looked at can turn your data into insights you can actually use. This helps you make smart choices and show why your work matters.

Eileen Kwok from Hootsuite nails it:

"You don't know what your ROI is until you've laid out the goals you are tracking towards."

In other words, know what you're aiming for before you start crunching numbers.

Want proof that ROI tracking works? Check these out:

• An online store made $50,000 from $18,000 in social media spend. That's a 178% ROI.
• A B2B company focused on LinkedIn and turned $4,000 into $20,000 worth of leads. That's a 400% ROI.

Pretty impressive, right?

But it's not all smooth sailing. A Socialinsider survey found that 35% of pros still struggle with ROI reporting. That's where tools like Sprout Social, Hootsuite Impact, and Google Analytics come in handy. They make it easier to dig into your data.

Here's how to get the most out of these tools:

1. Keep an eye on your analytics. Use what you learn to tweak your strategy.
2. Focus on metrics that matter to your business. Don't get hung up on likes and follower counts.
3. Use intent-based targeting for paid campaigns. It'll help you avoid wasting money.

Susan Chang from Dropbox has some wisdom to share:

"The metrics we care the most about will change as the needs of our business evolve."

So stay flexible. Be ready to switch things up as your business grows and changes.

Related posts

• Social Media Analytics Solutions: Understanding Audience Metrics
• Streamline Workflows with Social Media Reporting Services
• Social Media ROI: Competitor Benchmarks 2024
• 5 Tools to Measure Social Media ROI 2024