Years of advertising and marketing research has proven that companies can track how circulars and television commercials impact their business. But in today’s world of social media it’s difficult to really measure social media ROI. Do “likes” and “followers” become a company’s new formula to evaluate marketing strategies instead of foot traffic at brick and mortar locations?
The answer depends on what goals you have in mind. Here are a few tips that paint a clear picture for social media ROI.
- Motivate with Incentives. If you want an increase in followers try to create a campaign that drives more follows, likes, shares, and mentions. It would be beneficial to invest in the likes of Facebook and Twitter and the promotional offerings they have when it comes to long-term options. Design incentive strategies to encourage click through on your site. Incentivize the behavior.
- Apply a tag URL and even measure the Bitly click throughs to get a good look at what posts do well. This will help you create content in the future, depending on follower behavior.
- Combine your company goals with campaigns using Business Metrics B2C. This can measure any form submissions, coupon redemption, and other eligible posts tracked using the click through to sales option.
The B2B route has more obstacles but still measurable. Using business metrics, tie in leads that were sent on to your sales team, the dollar amount generating to long-term customers, and even retention rates when comparing followers on social media and general customers. Do you see a difference that can drive your decision one way or another?
It’s relatively easy to determine the amount of traffic if you are using a paid option. For example, a business that uses Google AdWords can look at the number of click throughs using that avenue versus the alternative social media placement. You may be surprised on your social media ROI. This puts a clear perspective on the value of traffic and allows you to make informed decisions along the way.
One thing to keep in mind – social media should never replace your marketing strategy. Instead, make it a key part of your strategy, consistent with your brand and reinforcing the value you bring to the market. If you do this strategically over time, you will see the benefits.