What Is Social Media's ROI, And How Can It Be Measured?
It's fair to say that many of our clients come to us with unrealistic expectations about social media. There are plenty of reasons for this, but I believe the biggest is that they become disillusioned by seeing other companies' content receiving hundreds of thousands of views each, and automatically expect the same levels of success for themselves. This view-chasing results in their campaign having the wrong focus from the get-go, which essentially dooms it from the start.Social media success goes well beyond that of its final view count, but many of our clients end up thinking their venture has failed simply because they don't understand the other benefits offered by this modern form of marketing.
So What Exactly Is The ROI Of Social Media Marketing?
Instead, our clients should consider the following:
Why Bother With Social Media Marketing? What's The Point?
The second answer is so, so, so much better because it makes you look like a trendsetter. It says that you want more than just for your customers to see you as innovators - you're also looking to engage with them at a personal level. It shows you want to help them. That you value them as more than just a sale, but also as a person.
And that sums up what makes social media marketing such a powerful tool: it's the ability to publicly interact with your clientèle in a way that was never possible before.
Source: wired.co.uk |
However, it also represents why social media marketing's ROI is so tricky to ascertain: the appreciation of a customer is a difficult thing to measure, but it's still every bit as valuable as a high view count. Now, you can show your clients that you respect them enough to engage with their queries. Because you're showing them this respect, they will offer you theirs in return.
This results in higher levels of customer loyalty, which, yes, will eventually lead to sales.
Source: reward-guide.co.uk |
Then I Should Definitely Invest in Social Media Marketing?
Let's be clear, social media marketing can be a complete waste of your company's time, effort and resources. If you plan to jump into this complicated place without a clear strategy, don't expect it to be worth your time. Think of it like this: if you don't bother to learn the successful ingredients of a social media campaign, how can you know if it's been successful?
Social media marketing may seem like common sense, but the hundreds of companies stung weekly by rookie mistakes will tell you otherwise. You have to remember that, at its core, social media marketing is just that: marketing. Without the right strategies, it won't be successful. A traditional marketing graduate can't just translate their skills to social media, just like a car mechanic isn't necessarily able to fix your PC.
So how can I Prepare my Campaign?
Remember that on social media, people are primarily there to socialise. When they address your company, they are talking directly to the people who work there - not to the company itself. The most important thing to learn is how to take advantage of this.Source: pancommunications.com |
So can Social Media ROI be Measured?
In a word: yes.
But it's more complicated than that. ROI can only be measured when expectations and goals are clear and realistic. The best way to set these goals is by seeking the professional guidance of a social media consultant from the beginning. At the end of the day, it's a powerful tool - but only when you know how to use it properly.Don't forget to check out part one here.