Do you know the ROI of your social media efforts? If not, don’t feel bad because according to Forbes, 88% of businesses feel they couldn’t accurately measure the effectiveness of their campaigns. Of that 88% that couldn’t measure, 52% of them said dealing with trying to figure the ROI was their biggest frustration when it came to marketing.
If you ask 10 different marketing companies, you will probably get 10 different answers. Some companies pay agencies to just get them likes on Facebook, some will have companies that post content for them and then never interact with comments from the post. How about companies that only retweet and not Tweet. I can go on and on about the different approach and techniques that are out there.
So what do you do? Social media value is different to each business, at least it should be. Some business see value on staying up to date on what their customers are doing on a personal level because they have developed a relationship, and how can you put a price on that…you can’t! Let’s be honest, if a business doesn’t have those little social media icons on their website, customers are thinking they haven’t updated their site in years or have no idea what is going on in today’s worlds. No social media = loss of credibility for those whole like formulas in marketing.
Social media is a instant marketing research group. Businesses can ask their current customers and their friends what they think about new products or services before spending thousands of dollars on implementing. Value on instant opinions from the people that pay the bills….priceless!
There are many ways to measure your efforts in social media, with hundreds of apps and software programs that are available. One of the most powerful tools is your website analytics that show where traffic is coming to your site. Are you giving something of value, exciting, or special that makes fans want to go to your site when you engage them on social media?
This just scratches the surface for successful social media efforts. Social media is more than what you can put on paper when talking about ROI. It is a mindset and how you use the information that is right in front of you.
What are your thoughts?