DataCaptive » Enhance » Top 8 Strategies That Will Increase Your Social Media ROI

Top 8 Strategies That Will Increase Your Social Media ROI

February 21, 2022
11:53 AM

Social media marketing has now become the most essential part of the marketing campaigns for both B2B and B2C industries all over the world. Digital marketing is the most crucial segment of your company’s total outreach strategy. In 2019 alone they were over 3.48 billion social media users in the world, which is almost half the world’s population. Social media marketing is one of the best ways to promote your brand quickly and cost-effectively.

Some studies also show that over 77% of marketers use at least one social media platform to promote their business.

These numbers show how capable social media is of growing any brand. Which is why many marketers are now joining the social media bandwagon to grab attention and stand out from competitors. Posting content on all social media platforms has become rudimentary now.

However, one common problem that all marketers face is the ability to measure and improve the ROI of social media. In fact, it is one of the biggest concerns over 55% of marketers face, according to Sprout Social Survey. Measuring social media ROI can be done by setting the right goals and tracking them with the help of analytical tools.

However, increasing the social media ROI is not as simple. There is a lot of research that goes into planning and executing a social media campaign.

This blog will help with tips and strategies to accelerate your social media ROI. But first, let’s get a better understanding of “social media ROI”.

What is Social Media ROI?

ROI stands for Return on Investment, which is a metric used to show the monetary value and revenue your company has received from its marketing and promotional efforts.

Social media ROI is the key performance indicator of the campaigns, activities, and expenses you have implemented. It is usually tied with direct sales, generating leads, revenue or income, conversion rates, customer satisfaction, bringing awareness and traffic to the brand.

Social media ROI was earlier focused on creating purchase-oriented content, instead of increasing awareness. However, consumers nowadays prefer educational, informative social content, instead of click-and-buy posts. It is also important to measure the ROI of all your social media platforms because you can understand the performance of the campaign and refine your strategy to get better results.

Understanding and effectively communicating social ROI can also help you grow your social budget and expand your strategy. So, in simple terms, social media ROI helps you calculate the tangible return for your business, after all the time, money, and resources you have invested in it.

Here’s a simple formula to calculate social media ROI:

(Value achieved – investment made) / investment made X 100 = social media ROI

Why should social media be included in your 2022 marketing strategy

Everyone in the marketing world knows how important it is to include social media in your marketing campaigns. When used with the right marketing strategies, social platforms can help you reach millions.

Here are some reasons why you should double down on social media for the year 2022:

It helps you generate a high number of new leads and convert them into customers. You should make sure that your content is convincing enough for your audience for them to take the right action.

Social media is also very effective in boosting your traffic and generating more revenue. Generating traffic especially in the early stages of marketing on social media platforms is much easier than on search engines like Google.

Since you are in direct connection with your leads or customers, getting feedback becomes easier. It will help get more valuable insights such as brand mentions, recommendations, and the type of content, product, or service that your audience is expecting from you.

Having a strong social media presence will influence how people view your brand or company. Social media platforms will help promote different kinds of content to a wider audience and increase brand awareness.

Brand awareness campaigns are the key to solidifying your products or services in the minds of your target audience. Improve your brand reach and get more leads with these strategies

Top 8 strategies that will help accelerate your social media ROI

1. Set your goals

Setting your goals for the social media campaigns is the first thing you should do. Setting goals will identify the metrics that you should use while checking the performance of your campaign. Make sure to set a goal that is realistic and achievable otherwise you can fail.

You should understand why you are starting the campaign, as you cannot take your first step to your objectives. The goals don’t necessarily have to be for the sole purpose of generating traffic or making sales. Here is some point you should keep in mind while setting your goals.

Be specific

Narrow your goal down to one specific thing and then go to the next one.

Your goal should be measurable

You should be able to get measurable outcomes from your campaign. Quantify the elements of your goal to measure it.

Make it attainable

Your goal must-have resources, the right amount of capital, time, and skills should be attainable.

Be right on time

While setting a goal for a social media campaign you should be on time. So, make flexible and realistic deadlines to achieve your goals.

2. Choose the right social media platforms

When you are planning a social media campaign, choose a social media platform that will be the perfect option depending on your goals, industry, or niche. Pick a platform that is best suited for your target audience and concentrate on the platforms that your target audience is most active on.

You should understand where your B2B or B2C business fits within the social media world and use it wisely. If you are a B2B firm that provides products and services related to website development then LinkedIn, Twitter, Quora, and Reddit would be the best choice for you. Whereas a B2C brand that caters to women’s needs would use Facebook, Instagram, and Pinterest.

Some platforms can be used to promote products and services for different segments of the population, while others can be used to gain social presence. Only based on these factors should you allocate your money to a particular platform. You can’t spend money on a social media platform where you will not see conversions or engagement. These are the kind of content that works on these social media sites:

Curated content with videos and images.

Upcoming or latest news, blogs, memes, and gifs.

Engaging content with high-quality images or short videos.

Caters video content to different audiences.

Professional content, content related to jobs, news content on different industries and niches.

Vector images, illustrations, highly visual content, and infographics.

3. Target the right audience

The first step to creating any kind of marketing campaign is finding out the right target audience. Especially while making social media content, you have to keep the target audience in mind. Attracting the right audience on social media is important because they have the chance of turning into prospective customers. You can do this by creating tailored content and using organic social media reach tools.

Make sure to select your target audience which is from the segment of the population that has the highest chances of actually making any engagement with your brand. If you create content for the wrong audience, your company will not have context behind your metrics. You would also not get any conversions and no return on your investment.

Here are some tips to define the target audience:

Define your target audience persona

What kind of user are you creating content for? Find out their wants, expectations, social media habits, where they live, etc.

Conduct surveys

Conduct surveys with your target audience and build engagement with them.

Use social media insights

You get a lot of insights about your audience on their social media pages to have an overview of them.

Besides knowing your target audience, you should also try to find out what types of devices your audience is using.

For example, audiences that use mobile phones tend to glance or skim past posts very quickly, requiring you to make eye-catching content. Once you know your target audience try to engage with them and create a personal connection so they trust your brand while purchasing its products or services.

4. Make the use of Influencer marketing

One of the best ways to improve ROI is by using influencers, as they help boost your brand reputation. Look for influencers that not only have a huge following but someone who caters to your audience. Make sure to keep a relationship with both local and global influencers who are more likely to spread the word about your brand. Even if they don’t advertise your brand, you can ask them to write feedback about your brands, products, and services or even leave reviews.

An influencer can help you amplify your content reach and engagement, thus giving you better results for your marketing efforts. Besides that, influencer marketing will grow your reach, credibility, authority, and even drive sales.

Influencer campaigns have become popular over the years because with them you will get more brand mentions and followers on your social media pages as well as give a lasting impact on the target audience.

According to a report by The Freeman online, over 71% of consumers rely on social networks to guide purchase decisions. Another research also found that 63% of people trust what influencers say about a brand compared to what the brand says about themselves. People think that influencers are very expensive, but you can go for a micro-influencer that has a few thousand loyal followers that engage regularly with their content.

Here are some tips on choosing the right influencer:

Select influencers that are an expert from the same niche or industry as your brand

Encourage influencers to come up with innovative and unique ways to promote your brand

Make influencer share their honest opinion or feedback on your products and services

Collaborate with influencers that follow the same identity and values as your brand

Make them promote your brand through sponsored content, reviews, contests, shout-outs, and account takeovers

5. Include video-centric content

Adding visual elements to social media posts is an absolute must. Most marketers now add high-quality visuals such as images, videos, gifs, memes, illustrations, etc. Many researches have proved that the human brain was created to consume video content. According to eye view digital, just adding videos to your social media posts can increase your conversion rates by 80%.

Matthew Fritschle, (a social media expert from Aumcore) says, “The mobile revolution has made great strides in updating technology and highly defined visual displays, thus making pictures and videos that much more clear and perceivably appealing.”

Adding illustrations with data, vector images and clip arts or videos animations and informative data can engage customers more.

Here are some tips to include visuals in your social media posts

Add shorts, interesting and informative videos – If your videos are too long your viewers can lose interest

Capture leads within videos – Add a lead capture in the first 10-20% of the videos

Use video testimonials- Add videos of customers giving first-hand experiences on your products and services

6. Track your ROI and perform analytics

Once you launch your social media campaigns the first and foremost thing you must do is track it constantly. Until and unless you check your performance, you will not know if you are getting it right. By checking the analytics, you can understand which social media channel works the best with your target audience.

You can also determine the specific areas you would need to put in more effort. Tools such as Google Analytics, Google search console, Falcon, Statusbrew, etc can be used to monitor your social media conversion rate and overall performance easily. After you set your social media goals and start the campaign, you can set the right tools are in place to measure your metrics.

Many marketing tools will help you by matching your profile information and posts on social media with your target audience (ideal buyer personas).

While tracking, ask yourself questions like

Which types of content are performing well?

What is the best time to post content?

What kind of posts gets the most engagement?

Does this metric align with my bigger business objectives?

Do I have the right tools to measure it?

If you get answers to these questions, it will become simpler to maximize your reach and increase ROI based on your marketing efforts. Align the metrics with your objectives, so that you tell whether or not you’re meeting your goals.

Metrics you can track to improve ROI:

Reach

Audience engagement (Number of comments, likes, shares)

Site traffic

Follower counts (number of followers)

Impressions

Mentions and re-shares

Leads generated

Click-through rate

Sign-ups and conversions (number of downloads)

Revenue generated

7. Add user-generated content

User-generated content is another popular and effective way to increase conversions. The user-generated content can be anything from posting customer photos, feedback, reviews to videos. Remember to ask for permission and tag them in your posts. Adding user-generated content is great for increasing engagement and improving awareness. In 2018, over 61% of shoppers say user-generated content encourages them to engage with brands.

UGC also helps customers make better purchase decisions and the best part about user-generated content is that it is free. You can also add negative user feedback because customers appreciate honesty in both B2B and B2B brands. A great tip here is to start creating hashtag, giveaways or contests and ask your customer to posts pictures of them using the products or services. Besides UGC you can create content that is relevant, authentic, and something that resonates with your target audience.

Add content that addresses the pain points of your leads with the help of FAQs and How-to videos, etc. Adding content such as blogs, newsletters, webinars, and white papers and post consistently will help in brand promotion and lead generation on social media. Implement other content marketing strategies like recycling and optimizing the past content.

8. Add social media contests, promotions and give discounts

The one thing that any kind of customer loves is sales, discounts, or a chance at winning something exclusive. And a good way to get your customers excited is running a social media contest or providing them with coupons or limited period discounts. Adding these marketing strategies will help you grow brand awareness, grow your email lists, and jumpstart engagement.

While setting a social media contest, make sure to add specifications to qualify for the contests like following a specific profile. Many marketers feel that discount-laden posts are an untapped business opportunity. This way you can grow your audience and generate leads. When it comes to discounts, coupons, and sales they are a great way to entice first-time buyers and retain the existing repeat sales.

Conclusion

Creating an effective social media strategy but increasing your ROI can be a difficult task. This is why you can start by implementing these 8 strategies to drive organic traffic, engage followers, improve your authority, and sell more efficiently. You will be able to boost your ROI in no time.

Remember that with proper planning comes execution and tracking! Just use the tactics that we have discussed in this post and see the change for yourself.

Happy marketing!

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Amberlynn Adam

Blogger, Content Developer & Editor. Amberlynn is a Content Marketing Professional and is an integral part of DataCaptive since its inception. She holds a passion for tracking new changes in the ever-evolving business world and putting them down in the form of blogs to encourage intelligent discussions & thought exchange. Apart from writing, reading fiction and thriller novels are her major interests.

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