Why is there no way to track organic revenue from our social media pages?
For everything social media has given us, it hasn't given us any way to track how social media impacts revenue besides Likes, Comments, Views, and Followers.
There is no way to track how much revenue a social media page helps generate for a business or an artist. How do 1 million impressions per week actually help a music artist, for example, generate streams on Spotify?
Now, I know for a fact that seeing a post from an artist sticks in your head and makes you want to throw on their music later in the day. It has been like that all of the time. It's the same reason artists are still appearing on late-night shows and magazine covers or in a TV show, a movie, etc. It's all affinity marketing.
However, we are very data-driven, and without an actual metric (outside of conversion ads) to track something like that from Point A to Point B, it's tough to explain or evaluate from a budget standpoint. Businesses and artists need to be able to connect A to B and B back to A.
I think companies and artists severely underestimate the additional revenue they make from social media simply because there isn't an organic way to track it. If we could do that, social media budgets would probably skyrocket.