You aren’t the first person to ask the question, and with good reason too. After all, many companies just go stepping blindly into using this communications channel with no strategy, treating it like an outbound marketing platform similar to advertising on TV, radio, etc.
If you start thinking of social media like this, as just another place to throw out adverts and send out messages en masse then you will see no ROI and you may as well have not bothered. But you’re better than that.
To make social media worth it for your business, firstly you need to understand how it works.
Social Media is a 2-way communications platform.
You need to listen to customers, respond to their statements and create content they want, not just what you hope they will want.
This Infographic should help clear up why you should use social media, and how to start measuring the return on investment of this valuable platform.
Whether you like it or not, your customers are on social media and they are talking to each other. It doesn’t matter if you are a B2B or B2C business, there are customers shopping around, and your competitors are no doubt already talking to them. Marketers are using the platform to close business, and social media is causing traffic to your competitor’s websites to increase. Don’t you want a piece of this action?
What about B2B?
It isn’t just consumers who are on Social Media now either. Sites like LinkedIn are filled with potential clients. You can build relationships with new businesses that previously would have taken weeks or even months to organise. Suddenly your brand can have global reach, and targeting the right people to engage with couldn’t be easier!
Does Social Media really sell products though?
Absolutely, although result times can vary and if you are brand new to Social Media do not expect instant gratification. It will take time for your brand to infiltrate all aspects of your customer’s decision-making process so you need to be realistic in your goals at first.
So how do I measure the Return On Investment of Social Media?
- Set goals – This is the most important part of any strategy. Without goals how are you going to measure your success? On top of this you need to make sure you are measuring the right metrics. If you want to increase brand awareness then you need to measure how many people are engaging with you on Social Media NOT how many followers or likes you have. The key here is to think long term and align goals with your overall marketing strategy.
Examples may include:
- Gaining a 200% increase in positive mentions of the brand on Social Media channels.
- 100 sign ups to brand mailing list
- 25% increase in sales of a specific product or service
Remember the more accurately measurable the objectives the better!
- Use Metric Tools – All of the above will be very difficult to measure if you are doing it unaided. Fortunately there are plenty of platforms that will do the job for you. Hootsuite, Hubspot and our favourite Sprout Social all have reporting functions that will allow you to see where your engagement is coming from and how many of your targets are being hit.
- Evaluate Data – Like any strategy, evaluation is where you make your success. What works? What doesn’t? Change your strategy; adapt it as you go, and before long you will have created a valuable contact point that not only drives sales but also allows you to speak directly with your customers.
- Which Social Media platforms are driving the most engagement?
- What content is getting the best response?
- What trends will affect your strategy going forward, and how can you be proactive in responding to them?
So that’s it, it really is that simple. Book a consultation with one of our Social Media Experts and we can talk you through the whole process, from setting objectives to developing a winning strategy. Give us a call or e-mail us today!