How to achieve Tangible ROI from Social Media
Social media marketing is a boon and its ROI is the Holy Grail moment for a business owner. The best thing about social media is that it is scalable. Social media post / video / blog could potentially reach millions of people across the world while you are sleeping or enjoying your holiday. It has massive potential which can be effectively leveraged for the growth of businesses. Many companies had been devoting resources to make it an essential element of their marketing plan. However, most businesses complain that they are not able to see the results or effectiveness of their campaigns in terms of sales.
According to a 2017 survey by Manta the online business directory, 61% of small businesses do not see any ROI from their social media activities & 44% of businesses can’t measure social media ROI. As per MDG Advertising, 28% of Digital Marketing Company struggle to measure social media impact of their campaigns; 55% claim they can measure to some extent and only 17% are able to provide accurate data on this.
Our goal for today is to help you overcome the Social Media R.O.I challenge.
1 Not knowing about the Target Audience
A significant mistake is being unaware of your target audience. Getting this right solves a lot of problems. Digital Marketing or specifically Social Media Marketing Agencies should ensure in-depth research and study of the target audience before proceeding with campaigns for their client’s.
Being available on every social media platform doesn’t make sense unless and until your target audience use the same platform. Do take a note that the present day Social Media is a massive universe, it is not limited to just Facebook or Twitter.
Let’s move on to other reasons which can possibly create hindrance in your ROI goal.
2 WIIFM – what’s in it for me?
“People want to do business with you because you help them get what they want. They don’t do business with you to help you get what you want.” – (@don_crowther)
Post content that your audience wants to see on their feeds. On social media your primary aim should be to engage your audience, your target audience. Don’t get too pushy about selling your products. It’s should not be about you or your company; it should be about them. There’s only one thing your customer is thinking about; WIIFM (what’s in it for me?). Always provide an answer to that question and you’ll win a lot more sales.
Create content which would add value in their life; use trending concepts or content topics in your promotions. Social media success is not developed overnight. They are built over a period of time with strong content marketing strategies. Post value-added content that engages your target audiences or adds value in their life.
3 Be consistent in your efforts
“Engage, Enlighten, Encourage and especially…just be yourself! Social media is a community effort, everyone is an asset.” – (@buzzedition)
In the fast-paced digital world, companies must consistently push out compelling content regularly in order to create brand awareness and also to make a little space in people’s mind and not giving them the chance to forget easily.
4 Missing out on paid advertising opportunities
Facebook has 2.2 billion+ active users daily. But it’s of no use if you are not doing paid advertising. Because there’s no fun running your show at snails pace.
It has been noted that 62% of small businesses still fail to use Facebook Ads and this is where they lose the big opportunity of reaching out to their audience. Do you want to miss out on such opportunities? If NO is the answer, drop us a message on this link and let us help you with some outstanding Advertising campaigns for your brand and guess what? Just like our other clients, you too can make millions out of the Advertising campaigns on Social Media.
BTW, did I just say MILLIONS? You might like to check this
5 Set goals. Yes, it’s a cliche; but necessary!
It often requires proof to know if your marketing strategy is delivering tangible results or not. The trouble crops up when it is asked to provide a statistical ROI. It is difficult to measure everything involved in social media marketing but there are few aspects of social media strategies which can be measured.
To achieve this, you should set goals and find out which ones are tangible and intangible.
Businesses and Social Media Marketing Agency need to set clear campaign goals which define what returns do you expect from your investment.
So what can be your campaign goals? This can include the following:-
- Increased Traffic
- Increase in Reach
- Brand Awareness
- Lead Generation
- Customer Engagement
- Improve brand loyalty
Intangible goals are difficult to measure. It includes:-
Brand awareness
Brand loyalty
There are few tangible goals which can be tracked with the help of social media tools.
- Number of impressions and reach on each post.
- Number of followers
- Engagement in terms of likes, comments and shares, clicks on links (website) and images.
- Purchases made directly from social Media platforms
- Website visits that came from social media platforms
- Lead generation from social media campaigns
- Offer/voucher codes to be redeemed
- Online forms or other feedback
You get a lot of information from many available premium online tools. Most of them are included within the social media networks themselves for free.
Every business has different goals and different metrics have to be employed to evaluate those targets. Once you’ve set your goals and selected your measuring tools, you can easily measure the ROI.
“A brand is no longer what we tell the consumer it is – it is what consumers tell each other it is.” – Scott Cook
For established businesses and even those just starting out, social media cannot be overlooked. Social Media is like an iceberg; businesses usually see results that are above the surface and fail to see the result that is below the surface which is sometimes difficult to measure but still effective and can be accounted for ROI. The social media ROI is always there when it’s implemented properly. With right tactics, proper planning, little hard work and a lot of smart work, you & your clients can see tangible results.
Hopefully, this blog serves the purpose of helping you define the social media goals & achieve tangible ROI.
We always value your insights; mention them in the comments below!
