Social media is still a booming trend that has become quite sustainable for a variety of ventures. Whether you want to share life with family across the country, or boost your company’s media presence.
It’s safe to say that many people who read this blog know what “return on investment” means, but have you ever thought about it in regards to social media? Return on Investment, by definition, is “a profitability measure that evaluates the performance of a business by dividing net profit worth by net worth.” One might say that has nothing to do with social media, and they’d likely be right. In regards to social media, Return on Investment, or ROI, is proof that your marketing efforts are working!
Here are some of our thoughts on social media ROI:
1. When social media is done well, it builds trust. Trust can be measured by the speed and reach of a campaign. If people are loyal to your company, they will want to share what’s happening or what is new. When a local company promotes its activity or a customer stories, it gets shared! This is trust.
2. Ask yourself, “What is the ROI of not engaging in social media?” It is helpful to be aware of how much it’s costing your business to NOT have an active internet presence, or what your competition is doing. It’s important to be perceptive on your company’s progress, compared to others in your industry.
3. Set clear goals for how you’ll track engagement. Measures of success are not the same for everybody. Feel free to create your own metrics of success!
4. Consider the time intervals you want to measure. For example, Make-A-Wish Foundation looks at its social ROI on an annualized basis. Its presence builds all year and then culminates in many year-end donations. It’s helpful to clarify when you want to acknowledge your progress, thus creating a vision for your social media activity.
5. The big-picture strategy has to filter down the ranks. All of your social media efforts should work in harmony. When all involved understand the goals and vision for the company’s social media activity, it naturally provides a stronger front.
If your company is currently using social media or considering a strategy, we’d love to help you determine a plan that best fits your company and its goals! We are passionate about helping businesses interact with their customers in a way that establishes trust and increases convenience.