Social Media Return on Investment

Social Media Return on Investment

Nicole Shelley

8 November 2016

As social media platforms have begun to take over traditional means of media in terms of ‘viewership’, so too has social media marketing. Now days it seems that every major brand in the world has established themselves across multiple social media platforms in an attempt to connect with their target audience more effectively. Therefore tracking social media return on investment is imperative.

If your business/brand has been late to jump on board the social media bandwagon you may be thinking, ‘what is the point?’ or ‘how could social media possibly work for marketing my business?’ We’re here to answer your questions and show you how social media can help to boost your brand.

What can I expect from my Social Media Return on Investment?

1. Boost brand recognition

Where businesses were once limited to expensive forms of advertising through TV, radio and sponsorship deals, social media platforms offer a virtually inexpensive means for boosting brand awareness.

Social media gives your brand the ability reach millions of viewers around the world at a considerably low cost.

2. Build a relationship

The mistake many brands make when it comes to using social media as a platform for marketing is over marketing. Sounds strange doesn’t it? How can you over market on a platform you’ve created a strategy to market on? Very easily is the answer!

Have you ever felt bombarded by advertising when you’re trying to scroll through your social media news feed to catch up on what friends and family have been up to? It can get old quickly and force you to unsubscribe to content you feel isn’t at all relevant.

Social media platforms were originally created with the intention to share personal content/life updates and keep you connected to your network. When you enter the realm of social media as a brand it is therefor imperative that you share content that will be of interest or use to your audience. By posting content that resonates with your audience you are consciously creating a meaningful relationship, which helps to pave the way for you to subtly plug what it is you have to offer.

3. Engage with customers on a more personable level

Because social media is a less formal platform, it allows brands to interact with customers on a personable level. This can be done through both content that asks your audience to engage with you or through responding to customer feedback.

When responding or interacting with customers on social media, find a way to be creative and try to not take yourself too seriously. Social media gives you the ability to master your brand’s personality. Using human social cues such as humour or empathy for a situation will help to create a deeper connection with your audience through familiarity.

4. Drive traffic to your website or blog

Social media sites have much higher daily traffic statistics than websites. This makes them a great tool for website referral and in turn Search Engine Optimisation (SEO).

In amongst creating a relationship with your audience, subtly start to link back to your website. Whether it be through sharing a link to read more on the blog section of your website, or to view your services or new product; driving traffic through your social media will help to boost your ranking on search engines such as Google.

Remember to make your content worth your audiences while so that they feel inclined to click through to your website.

5. Leverage social media influencers

Social media influencers are brands or individuals that have a large and highly devoted following. These influencers act like brand ambassadors yet appear to be promoting your brand through a more friend like referral.

The leverage and value these influencers potentially have to boost your brand is huge and by being absent on social media, your brand will miss the opportunity to make use of this modern day marketing strategy.

Read, Social media influencers return on investment to find out how to go about leveraging social media influencers.

Like any marketing or business strategy. Being clearly able to define what you would like to achieve from social media will put you in the best place to track your social media return on investment. For example perhaps you are a recruitment agency. Brand awareness and recognition is very important to attract the best candidates. A strategy that focuses on your candidates rather than your clients is important. This however doesn’t mean you can shut out your client audience. You may chose to focus on client social media strategy via Twitter but your candidate strategy through Instagram.