Why would your business want to use social media? Because if it’s done right, it works.
You can generate leads through all the major social networking sites, helping you to attract more customers who you can impress by providing a personal touch, building relationships and driving loyalty. All of this can be accomplished at a low cost without sacrificing quality.
Still not convinced? Here are four reasons social media marketing should top your to-do list, and four ways to measure social media ROI .
1: Ignite Digital Exposure
Handling a strong social media presence is an efficient way to build your company’s reputation and showcase your business. By regularly updating your prospects for all the brand and social happenings, businesses start to view your company as an authority – interacting social media networks even 2-3 times per week can significantly increase your online presence in both the traditional and digital market space. Once you define your business objectives, you can easily cross-promote your social media channels using
Once you define your business objectives, you can easily cross-promote your social media channels using Hootsuite or a similar social media management platform.
2: Boost Search Engine Ranking (SEO)
Social media channels are major generators, constantly bringing high volume of traffic to your web page. The more channels you participate in, the more the traffic to be reached online – Google loves social media! Businesses can easily use that privilege by optimising keywords in the title and description in a way that reflects the search queries. Combining SEO efforts with social media will become a powerful mix to help maximise your marketing efforts.
Combining SEO efforts with social media will become a powerful mix to help maximise your marketing efforts.
3: Enhance Company Trustworthiness
People enjoy being part of a business that is proactively building a lively community, an emotional connection with your prospects will vouch for your positive business reputation. Community strength is a very powerful branding force, and social media offers exactly this kind of relationship-building opportunity that is virtually limitless. From a marketing perspective, it delivers the best chances for brands to create a massive community of loyal and active customers.
Social media channels are proactive tools when it comes to increasing your company trustworthiness. By closely communicating with your clients on a social media level, you become a trusted source of information which makes it a great asset when creating company awareness and brand credibility. Social media can be a great source of customer service, transforming negative customer’s experience into a positive outcome for your business. Customer satisfaction is the key to retention and in the long run it is loyalty awarding to your brand.
Getting speed access to consumers’ feedback will jump-start sales. Prospects are more likely to become customers if you respond to their specific requirements in a prompt and personal manner. Social media helps you easily discover your customers’ preferences so that you can focus on meeting their special needs and expectations.
4: Cut Marketing Costs
Social media marketing is one of the most affordable ways to brand your business. Promoting your products on social media platforms will increase your return on investment (ROI). With a strong social media strategy you can achieve business miracles in the market. Using social media lets your advertising opportunities grow, while energizing your PR efforts without a huge money and time commitment.
Social media has become an imperative for all brands looking to be a part of the digital market and create a buzz around their business. Although the importance of social media in today’s business landscape is indisputable, businesses are still not making the most of its full potential. It simply takes creativity, passion, and consistency to keep your social media campaigns ruling and rolling. Regardless of the serious competition, there are millions of people waiting to be reached.
But wait, what about Return On Investment?
So what metrics should be used to calculate ROI? While followers, reach, traffic and lead prospects may be the metrics that marketing agencies will promote, the metrics that matter are those that relate to business productivity and efficiency. As such, engagement is an obvious metric for success of any social media strategy.
1: Direct Results
Impacts of your social media tactics directly on your KPIs. Your website has a conversion value of $50 and you convert 2% of traffic. Every 100 visits equate to $100 in sales. You double your content output on Twitter and increase your traffic from Twitter from 500 to 1000 visits. The ROI is $500 less the cost of that tactic.
2: Impact of Social Analytics on KPIs
These are more fluid and difficult to measure. Taking the above example, but this time we also implement the tactic of increasing our engagement levels with followers on Twitter by 200%. This results in 1500 visits and an increase of 1% in the conversion of this traffic. Now every 100 visits (from Twitter) equate to $150 in sales. The overall ROI is $1750 less the cost of the tactics. So theROI of engagement increase is $1250 less the cost of that tactic.
3: Engagement Value
The most important difference between social media and traditional media is that the conversation is two-way. But as with share of voice metrics, more does not necessarily mean better. If engagement is low level (e.g. likes, retweets and favourites), it is of lesser value than more sophisticated, conversational engagement. Conversation that is limited to idle banter is of lesser value than conversation that leads to a purchase decision or positive endorsement in other channels. So engagement should be measured hierarchically, with an aim of converting an engagement to lead conversions.
4: Overhead Savings.
Social media marketing is one of the most affordable ways to brand your business, in the past, it was traditional print marketing and advertising – now, promoting your products on social media platforms can increase your return on investment (ROI). With a strong social media strategy, you can achieve business growth within your marketing niche.
Simply put, social media marketing is about getting out the word, engaging in conversations, taking suggestions, problem-solving, educating your audience, and promoting your company, product, or service. If your business isn’t already active on social networking sites, now is the time to start.
Don’t let your competitors beat you in the digital space. Your next sales prospect might come from social media.