During a normal week I talk to many people at FREE Social Media events about introducing or enhancing social media in their business. During these regular sessions, there is usually one person who asks me the question, “Is social media marketing worth the effort?”
How do you measure your advertising on your motor vehicle or the advertising on your wind vane. How many people view this in a day? Then, of those that view your marketing media, how many people actually become customers of your company? I believe people should measure social media in a similar vein.
At most business I work with I normally ask the question, “Do you know where all your new customers have originated from? Do you ask the question, where did you find out about us?”
This one question helps you understand how complex this concept of social media Return on Investment (ROI ) is.
The answer to this extremely important question may identify that your social media networks are only part of your complete marketing campaign but yet perhaps an vital part of brand identification, awareness and authentication .
Social Media ROI – let us look at some less tangible elements
- More outreach with branding – You are connecting with a wide audience on a national or international level. There is also the indirect brand support provided by friends of fans of your social media business network page.
- Search Engine Optimisation (SEO). Search engines promote and like websites that actively show a social involvements.
- LinkedIn – connecting with business referrals via your personal networks and keeping your name, business name and brand at top of mind.
- Building a brand and engaging with your targeted audience. They feel like they are “getting to know you”.
There are many social media support tools on the market that can assist you with the measurement of ROI however let’s consider the following.
A new set of ROI metrics
The new set of metrics could be:
- Sales
If your sales are falling, you need to find more clients quickly to reverse the trend. If sales are trending upward, you need to continue to be at the forefront of your industry. Your job never ends.
- New Clients
These people have connected with you and want to find out more about your services. Remember to ask the question, “How did you hear about our company?”
- Current Clients
Your existing customer base. Look after these clients and continue to engage with them and connect with them via visits, newsletters, general correspondence or events. These people are also part of your referral network.
- Phone Calls
How often do we neglect to ensure that our phone number is visible on every promotion item or online media or social network. People want to connect with people and the first method of doing so is to call you. Again, remember to ask the question,
Summary
As with each Social Media roll-out, every business is unique. Find a way to measure your return on investment. Start somewhere. Find a process that works for you and start evaluating the numbers. It really is that simple.
My next free social media event : TNG Parnell – Wednesday 25 September – 7.00am
Cathy Mellett – Digital Marketing and Social media consultant and coach | Net Branding | Auckland
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