Is the time your marketing team spends creating killer content a good investment? Or, is it a huge waste of resources? Calculating the return on investment from social media activity isn't simple cause and effect. Influencing people to use their money to buy your products and services is a process that includes establishing trust, generating good will, and motivating action. If marketing was a box of crayons, social media requires all of the colors to create a masterpiece.
There are so many nuances to social marketing and service that it can overwhelm seasoned marketers. The winners either get lucky or have a social media plan that provides measurable results. Luck is for amateurs. It's nice to have but should be a bonus not an objective. Creating a strategy with clear objectives is better.
The strategy that works best for your business fits your corporate culture. Objectives, tools, and presence will vary but every activity needs to move people to action. When people are actively participating in your community, they are more open and responsive to marketing. Calls to action include clicking links, commenting, and sharing but choose the content wisely. Everything needs to move people closer to a quality shopping experience and positive buying decision.
If you aren't seeing a return from your social marketing investment, look for these red flags:
- A focus on customer acquisition
Acquiring new customers is a byproduct of a successful social marketing strategy. The best plans start with your company's customer base and builds from there. In reality, if you can use the social platforms to entice customers to increase their lifetime value and lifespan, then you are winning the game. A community of 1,000 customers is 100 times more valuable than one with 100,000 prospects. Focus on your customers and they will introduce your company to their friends.
- No formal social media plan
If you don't know where you want to be, how will you know when you've arrived? Creating a plan of action requires your marketing team to assess opportunities and risks before jumping in. The process is important because it helps why you are participating and the best way to do it.
- Conversations with peers instead of customers and prospects
Chatting with peers can provide insight and information but it doesn't drive sales or service. If the majority of the conversations are about the state of your industry, customers and prospects won't join in. Use personal accounts to talk shop with your peers.
- Idle chitchat
Small talk is for cocktail parties and water coolers. Chatting about the weather, pop culture, and social media drama attracts comments but does little for increasing revenue or reducing service costs. Active communities that aren't talking about your products, service, or company 50-90% of the time are a waste of corporate resources.
- Failure to measure
People that say social media can't be measured are testing your knowledge or showing their ignorance. Measuring results from the social channel requires solid benchmarks and a willingness to dig deep into the data. It isn't easy but it can be done. Successful strategies include measurement guidelines.