20 Jul Is your social media ROI paying off?
Is your social media ROI paying off?
Ever wondered how valuable your social media efforts really are?
Unlike sales, it may seem hard to measure. It’s easy to see it as one of the least important elements to your business. (How often have you heard people say we’ve had to cut our marketing budget?!).
Of course, you can use UTMs to analyse where your clicks and conversions originate. We want to show you how important social media is and how you can measure its success in different ways.
Get more traffic
Social media has driven a 11% increase in traffic in just three years. Consumers are increasingly using social media for news, as 61% of people worldwide rely on it for their daily information.
And the best part of driving this traffic through social media, is that it carries brand awareness with it. Unlike other marketing tools, ads allow you to click, get information, and move on easily. Using social media, you can easily follow and interact with a company simply by clicking the follow button.
Keeping to the forefront of consumers’ minds is invaluable. It is the easiest (and cheapest) way to keep in touch with consumers, whilst gently remaining fresh in their memory. This helps to generate a potential sale or lead.
Social media is beyond invaluable when it comes to helping build your brand awareness. Having a website has multiple benefits. It makes your company trustworthy and allows potential customers to learn more about you and your business before making a decision. 66% of consumers are willing to pay extra for products and services from companies committed to social and environmental causes.
And even better, social media makes it so much easier for people to tell their network all about you in a tangible way. An easy and effective word-of-mouth strategy.
Drive leads or sales
As we’ve already mentioned, social media is great at driving traffic to your website. But it’s most effective when they arrive at your landing page, as social media buyers are willing to make purchases. 57% of users are more likely to purchase from a brand they already follow on social media. Do not overlook this important statistic.
Retain current customers
Understanding your target audience’s needs is crucial for knowing where to focus in your business and how to meet their expectations. And this is where social media lends itself well. Product feedback, service reviews, tweets about your business and products-in-situ photography all go a long way, not only in gaining new customers, but also by continuing to inspire your current customers.
It is also a platform to let your customer service shine through. Social media is the number one place that customers turn to talk directly to you or resolve a problem. Keep your customers happy by keeping up-to-date with your engagement!
Ultimately, social media ROI will look different to each and every company, so it is important to set your goals (KPIs – key performance indicators) beforehand, to help you measure success. The value of social media doesn’t have to be an elusive mystery your brand struggles to solve. Shift the way you think about how social benefits your company from a transactional viewpoint to more relational. You’ll get a much clearer picture of what social media ROI means to your brand and how to measure it.
If you need more information or assistance, you can schedule a free 45-minute consultation call with us. During this call, we can discuss your social media marketing goals. It could be the best move you’ve made all year!