ROI from social media marketing
Social media marketing done well = engagement with customers = more sales. And sales is what business is about, so if you engage and stay current with your customer base, they are more likely to purchase your products and/or services. It’s that simple.
A new customer is only a # away
On social media you may discover customers that were right in front of you the entire time. If you set up social media streams to follow keywords, you’re being directed to potential customers who are searching for the products and/or services you sell and from discovering them, you can lead them directly to your website.
TIP: You can use a free tool like Hootsuite to track keywords and hashtags on social media, especially on Twitter and Instagram. You can also search keywords and hashtags on Facebook, but here searching in groups is even more effective. Whichever platform you’re on, a new customer is only a # away.
Customers who didn’t know you existed will suddenly find your business and buy from you!
ROI on Social Media
Social media platforms are free to join and free to use! Yay! And if you manage your own social media strategy, establishing and running a social media campaign only costs you time, and nothing else. But if you decide to hire a professional social media management or public relations agency, the game changes and your ROI (return on investment) depends on the cost.
Now, should you hire a social media manager? No. That’s the short answer.
You may find engaging with people intimidating or perhaps your writing skills are not the best or perhaps you don’t have the time, so hiring a social media manager may seem like just the thing to do for you, but remember this: It isn’t the “being” on social media that makes it work for a business, it’s good marketing and the “use” of the social media platforms that makes it successful. The ROI from social media is unbeatable when done right.
Paid advertising on social media
This leads us to social media advertising. All the social media platforms offer advertising space, but not like we used to know it from the old-fashioned magazine- and newspaper advertising.
Social media advertising is the most targeted and customizable form of advertising because it offers the option to target users by education level, industry, location, interests and even purchase history and pages visited and liked. There are even options to install a social media sharing pixel on your site to retarget those who are already perusing your website – it’s an epic referral program that is far more likely to convert true leads into sales!
The importance of social media for brand image
Keep the positives positive
On social media you are able to engage with your current, past and potential customers. You can tell them about you, about your services and products. You can share stories with them, invite them into your World and show them who you are. You can control how your brand is portrayed by controlling how you engage and interact. Consider the social media platforms your blank canvas, then paint your brand image and share it, in a positive way.
Turn the negatives into positives
Public Relations has never been easier and responding to issues or unsatisfied customers can be immediate if handled well on social media. If a customer is experiencing a problem with your service or product, you will know it immediately and if you have implemented the necessary steps to resolve issues, they can be handled immediately too, something an unhappy customer appreciates and something that turns a potential disastrous situation into a success and even fosters brand loyalty.
Now, good PR may be difficult to accurately quantify in terms of ROI, but we dare say that’s mostly because it’s practically invaluable.
If you are interacting and engaging on social media and not just randomly posting things, you will transform your online presence from a corporation point of view to a personal one, and we all like to be dealt with by people rather than faceless corporations.
Listen and learn
Social media marketing done right, fosters relationships with consumers. Many businesses use the social media platforms to “talk at” their fans and followers, but talking (or sharing content) is only partly the way to successful social media marketing, you need to listen as well. You need to identify your customer base and then listen to them by reading their own status updates, only then will you gain insights into their daily habits, wishes and wants, and you will get a sense of what products and services they are buying and why.
Listening on social media may initially show you that you need to adjust your demographics and your marketing strategy, but if you start listening and acting on what you hear, the extra effort will eventually lead to more potential customers, shorter lead-to-close rates and, in turn, bigger profits.
Share incentives to buy
Social media marketing not only keeps your brand at the top of the mind of potential buyers, it’s also a great too for you to share incentives to buy from you like offers and promotional codes, which is another neat way for you drive the social media following to your website or business to buy.
The right social media marketing strategy
Social media is king when it comes to “newsjacking”.You might be lucky enough to have your brand mentioned in a positive light in the news and this is, of course, a great way to jump on the bandwagon and make the most of the attention. But even if your brand isn’t mentioned in the news, that doesn’t have to stop you from jumping on the opportunity to redirect a news story to your business. Twitter and Facebook are great platforms to keep you up to date on the news that is going viral at every single moment, and all you have to do is capitalize on it at the right time and BOOM extra media attention is coming your way!
EXAMPLE: The best example is the year there was a power outage during the Super Bowl in the US. A very clever marketing executive for the biscuit brand OREO quickly made up a graphic with the tag line “you can still dunk in the dark” and posted it on Twitter. It was retweeted 10,000 times within the hour and it was the most talked about happening during Super Bowl that year. Now that’s how you “newsjack” a current real life event and turn it into an advert for your business.