Before we get into the nitty gritty, it’s important for you to establish what an ROI looks like for your business on social media. For some it is growing an engaged audience, for others it’s building their brand reputation and credibility online whilst the third, and often most focused upon, is the commercial rewards on offer.
We recognise businesses need to make a profit, it’s what the game is all about, however we firmly believe that a great ROI on social media should encompass each of these areas. Indeed, without an established and engaged audience it would be difficult to generate any kind of monetary return so that’s where we begin.
Build an audience by sharing fun & engaging content
This is what all good social media boils down to. If you continually post high quality content that people want to interact with you are on to a winner and it’s a sure-fire way to ensure repeat business. It is also easy to measure the success of your social media in this area by keeping a track of metrics such as audience size, reach and engagement of your posts.
Showcase your product & offer something new.
Social media allows you to be creative and it is the perfect platform to showcase your product. The more impact it has, the more likely people are to interact with it and that’s when the ROI comes. One effortless way to secure and track an ROI on social media however is to offer your followers something new. For example, a social media only discount code or deal, that way you know all the bookings can be specifically attributed to your social media campaign.
Take advantage of paid advertising
There is no doubt that paid advertising has become more and more important to businesses looking to use social media to promote their product and it’s easy to see why. Social media platforms track and store incredible levels of information about their users and, for a price, they are more than happy to share this information with you. This means that for the first-time businesses can ensure their products are being seen a carefully tailored audience, something more traditional marketing methods simply cannot compete with. It is also important to recognise that paid campaigns on social media can offer similar, if not far better results than more traditional marketing for a fraction of the price.
If you would like to find out more about how you can ensure a ROI on social media contact firstname.lastname@example.org