Is your social media marketing spend giving you the returns that you set out to achieve?
To answer that question, you have start with a series of further questions for instance:
How did you plan out your campaign? What platforms did you choose? What does success look like to you?
Planning Your Campaign – Setting out your goals and objectives is key to measuring the success of your campaigns and gives you the opportunity to react swiftly if they’re not performing to your stated expectations.
Setting realistic goals can be difficult if you’re setting up for the first time but this can be offset by doing a quick calculation based on existing marketing methods used.
When using Facebook and Twitter It is easy to look at re-tweets and likes as a starting point but in reality although this might look good from a numbers and vanity perspective it is not always an effective measure in determining success or failure.
Social media marketing when used in conjunction with the overall business strategy, should act as the driver for moving closer to your business objectives such as an increase in web traffic, clicks to targeted landing pages etc.
Time scales are an important aspect of planning too as it is easy to forget that the reason social media platforms exist in the first place is because people want to be social first and foremost.
Therefore campaigns need to be structured correctly to include the type of content that is likely to engage your target audience best and mixing that content in with occasional sales messages.
Social Media Marketing – Picking the right platform…
Choosing the right platform for your business is obviously going to have a pretty big impact as some platforms are better suited to business to business customers B2B, others to business to consumers B2C and yet others to a younger target audience.
A glance at the image below quickly allows you to see where your ideal demographic is potentially likely to hang out enabling you to plan your campaigns accordingly.
Facebook for instance has a pretty robust audience targeting and based on your goals be they customer acquisition, generating leads, clicks to your website, sales conversions or newsletter subscriptions, video views, you can track and measure your ROI relatively quickly.
Evaluating Your Social Media Marketing ROI – Most businesses focus solely on revenue earned but gains can also be measured in terms of building 2-way relationships with your audience and growing brand recognition.
Other factors such as broadening audience reach, driving extra traffic, generating leads, gaining more customers and improving conversion rates are also the metrics are worth considering in determining social media marketing success.
Tracking & Refining – Tracking the performance of your campaigns and keeping a close eye on how much time and money is spent and tweaking them as necessary is another critical factor in achieving success.
There are a number of tools both free and paid that will help such as Hootsuite, Buffer, Facebook Insights and TweetReach.
SocialMention.com is an interesting tool in that it allows you to track and measure what people are saying about you and your company and while the tool doesn’t measure social media ROI in terms of actual sales revenues and/or signups, nevertheless the ability it provides to building brand loyalty and improving customer service can have a major impact on your bottom line.
In Conclusion – Measuring the ROI of your social media campaigns can be made easier if the goals that are set at the very outset are realistic in the first instance and then monitored closely on an ongoing basis.
The thing to remember is that brand building and gaining audience trust needs consistent effort and does take time to achieve. Social media platforms make that process a whole lot easier and when done well can be a whole lot faster too.
If you think that all of this is too much of a hassle or if your business simply lacks the resources then get in touch with us on 020 7692 8761 to find out more about the complete done-for-you social media marketing services that we offer today.