The Most Effective Ways to Increase ROI Through Social Media
As we all know, social media is an essential part of consumer’s lives, but social media operations are actually a huge part of a company’s return on investment as well. 90% of U.S. businesses are on social media for marketing purposes, however many of them are simply not getting a great ROI. A lot of this is due to their poor social media performance. A study found that only 1 in 5 of the brands surveyed indicated that they never had conversations about social ROI. It is a topic that gets looked over way too often. Out of the total worldwide population of 7.8 billion people, the internet has 4.54 billion users, which proves that there is an immense market online. In 2020, companies must take ROI into consideration in order for their brand to thrive as the world rapidly shifts. This concept is quite complex and takes time to incorporate it into your business plan. However, having a social media marketing agency, like Bright Age, will help your brand succeed in doing so, as our marketing specialists are experts in this concept.
Measuring what needs to be fixed is the first step in improving your social ROI. Ask yourself these questions: Why are you using social media? What is the main goal of social media marketing? Will this benefit my community? Really analyze these ideas and gather things that you want to measure. Identifying goals and measuring social media metrics will really help increase your ROI. Social media helps to amplify brand transparency. In fact, 86% of Americans say transparency on social media is more important than ever before. This makes it certain that consumers are willing to take their business to a competitor if there is a lack of transparency. This is one of the ways a company’s ROI can decrease through social media. Knowing your target market and developing an understanding of their consumer behavior will help you be more digitally transparent with them.
It is important to know the type of content that your audience engages with online. Low engagement on social media is a huge problem brands face. There are several reasons why engagement could be lacking, but one reason could be simply because they may not have the time to consistently keep up with all of the consistent posting, creative content, and community management that goes into every social media network. This is where a social media marketing agency comes into place. Social media is currently over 10% of the average company’s marketing budget. However, in order to actually increase ROI, that 10% must be generating useful and engaging content. Much of this incorporates the use of software that social media marketing agencies use in order to improve their performance.
Gaining more followers of course helps draw awareness to your brand, but keeping your existing, loyal followers is just as important. From a marketing standpoint, although it may be rewarding, it is more cost efficient to keep existing customers happy, than to get new ones. Follower retention is extremely important on social media. As previously mentioned, transparency will help increase follower retention and in the long run, increase ROI. A few top things to consider when posting content is making sure it is resonating with your followers, making sure it is engaging and interactive, reassuring your followers that your networks are a place of fresh, relevant content, and simply keeping up with regular market trends.
Developing a connection with global influencers is a huge plus if your brand is ready for it, especially in 2020. For Instagram, there are currently 500,000 active influencers on the network. Having people who inspire others everyday representing your brand is a vital use of social media marketing. Having the opportunity to incorporate influencer marketing is a great source of curating relevant content, relating it to current market trends.
Lastly, it is important to be authentic. Represent your brand in a way that is crisp and unique to the public. The culture of social media is revolved around modern, fresh content and your followers will recognize this. Don’t be afraid to break the mold and try new things. Experimenting through social media can be a great way to increase ROI.
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As we navigate through the ever-evolving technological world, it is easy to slip through the cracks and hurt your brand. Developing an effective social media strategy can be slightly overwhelming, but Bright Age has you covered with all things digital. Increasing ROI effectively through social media is somewhat of a new concept. With social media vastly growing, try reaching out to a social media marketing agency to help improve your knowledge on how to maximize social media ROI.
