Measuring the ROI of Social Media Marketing
When it comes to measuring the success, and the return on investment (ROI), of your social media marketing efforts there are several factors you need to look at.
Before any marketing strategy is set in place, it’s important to identify what are your company’s goals.
Typically, social media objectives are as follows:
To generate awareness
To generate leads and increase sales
To increase sign-ups, downloads and registrations
To build personal relationships with customers and generate brand loyalty
To manage and build brand reputation, in addition to crisis management
To launch products or assist in product development
While most businesses look at ROI in immediate monetary value, the truth is social media marketing produces results with greater branding value, and a value that cannot initially be measured in dollars.
The “I” in in ROI is about investing in your audience, and building lasting and memorable brand impressions. And when you have engaged and loyal fans, their allegiance will translate into new sales and generate lifelong or repeat customers.
The power of social media is much like getting personal referrals. People are more likely to trust and invest in a company, product or service if their friends recommend it. Thus, social media gives you the ability to tap into vast networks of potential customers and their friends!
So, when you’re tracking the ROI of your social media efforts – and feeling frustrated by the lack of immediate revenue – remember your social media marketing is producing long-lasting brand benefits, ones that will dramatically increase your digital footprint, boost search rankings and help your brand stand out in a saturated market.
Need help with your social media marketing? Contact Socialite Network and we’ll find the perfect social strategy for your brand (and your budget!).