Revisiting Social Media and your Business ROI
Return on Investment is important to measure when it comes to Social Media. You’ve heard it all before – measure the return on your efforts, prove these efforts are quantifiable and worthwhile, make sure there is a financial return for every strategy, and test, test, test to continue optimizing your social media strategy. More notable, you need to justify the cost of your employee’s time spent on social media.
If you’re at the brand level, there is likely an employee dedicated to social media but if you’re a local business you may understand the importance of ROI but don’t think it’s worth your time. Don’t get me wrong, if you aren’t doing it right, social media can be a waste of your time and it only becomes valuable when you see results. That is why it’s called Return on INVESTMENT – if you don’t track your results and review them you shouldn’t bother with social media. This investment, your time, is valuable and if you aren’t properly tracking your ROI and utilizing this data then it is a waste of time that you could be investing elsewhere to increase profits. So, do it right starting today!
3 Simple Things to Help Track Social Media ROI
Make sure your Goals are Measurable
It is essential to know the purpose of your social media campaign; you won’t get anywhere unless you do. How does it fit in your overall marketing strategy? What can you measure that fits your objective? Find a way to make it track-able – use a shortlink provider like bit.ly, use a code or a word to mention, and don’t be afraid to ask your followers to like or share your posts. Take advantage of the analytics or insights that your social media sites provide. If you want to take it a step further, you can create a point system, set a goal, and monitor it through your campaign. Assign points according to importance, for example with Facebook it could be 1 point for each Like, 2 points for each Comment, and 5 points for each Share.
Prioritize your Social Mediums
If you’re just on Facebook – you should explore additional social media options that would be a good fit for your business. If you’re in over your head, start by prioritizing your social sites. Start by asking yourself what social media sites your target market use – that’s where you should be. If there aren’t demographic trends to follow, look at your service or product. Is it visual? Jump on the Pinterest wagon. Recruiting? LinkedIn should be at the top of your list. Have something valuable to share multiple times a day? Well, tweet away. Feel confident in following the research you’ve done on each social site and post accordingly.
Remember to Review
Was your objective met? Why or why not? Find what campaigns worked best and why, what time your target market engages, and areas to improve. You should reflect on your goals, what was measured, and analytics monthly, at the very least. This will help you find what adjustments need to be made so you can continue to get a positive return on the time you’ve spent. This step is often forgotten – why bother creating and tracking campaigns if you’re not going to review it later to try and improve on it? This is your business page and reputation – not your grandma’s Facebook profile.