Are you on Facebook, Twitter, Instagram posting updates to your hearts content but are still worried about Social Media ROI (Return on investment) We all know it’s very difficult to measure the RIO for Social Media, as it’s just not as obvious as other mediums but it’s not impossible.
We need to remember that Social media success isn’t measured by the number of followers or even the number of likes. “Boom” there I said it. Many businesses get so sucked into the vanity numbers game and then they wonder why they are not seeing any Social Media ROI.
It’s too difficult for businesses to work out if what they are spending is financially viable. Businesses see big numbers and think, wow I should be selling loads of my products now. The trouble is they are concentrating on things that don’t really matter.
Don’t get me wrong – I’m not saying that you cannot measure Social Media RIO or that you shouldn’t even try, you can, but its time to stop thinking about how many followers and likes you have but the quality of those likes and followers, and how you can help those people.
First things first.
Do you have a targetted audience? Is your audience part of your niche market or just a load of random followers who probably have you on mute because you spam social media with updates about your business. OR are they targetted followers because they are part of your niche market? If they are then you have quality followers, who will hopefully not only like your posts but they will do the important things like – sign up to your email list, enter your competition, extend your reach by sharing, to grow your lead list which will then start to generate revenue. This will be when can start to find out the ROI of Social Media. The trouble with success, it does not happen overnight. We have to turn up and put in the work.
Social media needs an 80/20 rule
Going back a little there, about spamming social media with updates about your business, never do that. Social media is not an advertising channel. Always, always follow the 80/20 rule, which means that your social media strategy should consist of only 20% promoting your brand or business. And even then make sure that you connect on an emotional level with your audience when you are promoting.
Engage, Love, Interact
If your target audience are following you and liking your posts, that is a good start but its nowhere near then end of the road. This is when the action starts, your plan begins, you nurture them, you engage with them, you give them value, help them, what else do they need? Hey be social on social media, that’s a novel idea!
Worried about Social Media ROI
It’s now you can start seeing theSocial Media ROI
Once things start happening then you can start to use tools to track and monitor your important clicks, URL shares, conversions and links like Bit.ly, Google Analytics, Google URL Builder, Buffer – buffer have their own analytics to show you how many people clicked or viewed your posts.
You can use all of those tools plus built-in analytics on social media sites to measure – Social Media Engagement, Website Traffic, Brand awareness and you can create your own goals in Google Analytics, check it out.
But wait, you don’t have a niche market? You don’t haveanything to monitor as no one likes or shares anything and if they do it’s just random?
You bought followers from somewhere, and most of them aren’t even active on social media? Oh dear.
Lets back track a little again…..
How to define your nichemarket
Niche? I hear you say, what is that?
You cannot please everyone, just like you cannot sell to EVERYONE. You need to pinpoint exactly who you can help so that you can target your energy into that smaller “niche” market who you can nurture.
Someone might say well I sell socks, doesn’t everyone need socks? Then ask yourself these questions.
- What do you sell?
- Who wants/needs it?
- What is special about what you sell?
- What are your skills?
- Who are your competitors? (research them)
- Why would people buy from you and not from them?
- What can you offer that no one else can’t?
- What do people need from you?
- Why do they need it, what are their problems?
- How can you solve their problems?
- Where are they?
Once you have the answers to these questions, you should start to work out exactly who your customers are and where they are. Then you can start to find your target audience. Only by finding your audience and then discovering what your audience really needs can you respond to those needs
How to find your target audience
How to find your target audience on social media, oh wait – I think that is another blog post.
So, sorry to bring you bad news, if you are not doing all of these things then you will be saying that you are not seeing an ROI in social media. It’s a real waste when businesses think that they can buy a few followers, put a few posts about their own business out there every day and people are going to love them and buy from them, they aren’t making a connection with anyone. It’s just not going to happen.
It takes a good social media strategy which involves much work and lots of care. It actually makes me sad when I’ve built a business or brand up with a good strategy and they don’t continue to use it correctly.
Once you start putting these plans into action hopefully you won’t be worried about Social Media ROI. You will start to see, conversions, website traffic and sales. Yes, it takes time but social media is really worth it.