How to Increase Your Social Media ROI
In order to increase a business’ social media ROI, you must understand and effectively communicate it first. That includes defining, measuring, calculating, and reporting it. Social media ROI is the return on investment from one’s social media activities and expenses. It permits a better understanding of the value of a business and improves its strategies to increase its returns.
Such an important task, however, is often a concern to most marketers. The main reason? They don’t know how to exactly measure or increase it. The issue boils down to their understanding of social media ROI, therefore here is a quick guideline to follow in order to do so.
1. Define What Social Media ROI Means To Your Team
In each quarter and year, every business has a new yet similar goal. They take what they have learned and analyzed, and apply it to their new projects. Regarding social media ROI, a business may ask themself, “What does social media ROI mean to us this term?” Answering and figuring out what exactly a business wants from social media ROI will depict what their measurements will look like and how they are going to read the results.
Most businesses tie social media ROI to direct sales. Though it may be the traditional way to look at it, it is highly encouraged to tie the return to awareness instead. Expanding awareness allows businesses to tell their brand’s story and improves their name and trust between them and their customers. This will further develop customer loyalty which differs from focusing on direct sales that can be resulted from one-time purchase customers.
2. Calculate and Measure Social Media ROI
Calculating and measuring social media ROI is essential to creating and revising any marketing strategy. It allows businesses to see what exact strategies and posts are working and what are not. How a business calculates its ROI, however, will depend on its social objectives and business goals (e.g. direct sales, brand awareness, traffic). While some metric content holds obvious dollar value, others may be more difficult to define what the exact value is. The idea in the latter situation is that the metric content will generate real dollars in the long run.
3. Run Meaningful Tests
There is no limit to how many posts a business or person can create and upload on a social platform. Feel free to experiment with posts and run meaningful tests. There are many strategies to choose from and tweak to achieve the best results that are most satisfactory to your business.
As a partner of Parex USA, Bright Age has developed and established the business’ social media presence by creating new social media accounts for each of their brands. With careful and thorough planning, the Bright Age team created content and shared strategies that were showcased to Parex’s marketers. They tested short-clip videos, collages, and more, which resulted in an increase in followers by 134% and engagement by over 200% in the first year of the campaign. Based on the improved ROI, Parex USA continued to apply the content strategy within their brands’ pages.
4. Update and Refine Your Content and Strategies
Times change, and so does social media and what people like. The content and strategies that have prospered a connection between a business and its audience may fall flat in the next few months. Businesses should always update and refine their strategies over time by listening to what’s happening in the market.
It is also important to note that social media ROI goes beyond numbers and the marketing department. Social media can develop and improve the relationship between the customer and the business. Furthermore, it can strengthen relationships between employees and other businesses. There are many more tips to increase your ROI, but if you would like a deeper understanding, contact Bright Age and request a consultation today.
