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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.
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”.
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
Here are some reasons why you should double down on social media for the year 2022:
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:
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.
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.
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%.
Here are some tips to include visuals in your social media posts
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.
While tracking, ask yourself questions like
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.
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.
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.
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