ROI On Social Media
People love social media, its all about networking and branding and it is important that you periodically review the ROI of your social media efforts.
Here
are seven ways, useful to some degree or another.
1. Money: Yes, there are indicators
(below), but a prime and main one should be the bottom line.
Its called social networking for a reason, and the point of networking is to meet new people and get new business.
2. Traffic: One way to know if your social
media efforts are paying off is if you can see a significant uptick in
traffic, and, even better, conversions.
Traffic can mean , It can be unique visits to your website, page views, actual
traffic in the store, increased sales, more blog readers and more
comments on your site. but most important is that, however you measure
traffic, your social media efforts can elevate it.
Some tools to check out for measuring your online traffic patterns:
· Google Analytics: Allows you to track incoming links, sites, etc.
· WordPress: You can add Google Analytics to your dashboard with a plugin.
· TweetMeme: If you have re-tweet buttons on your site, TweetMeme Analytics are very useful.
3. More followers: Having
Facebook fans and Twitter followers is great but heres the but ? those
followers better be doing more than stroking your ego for you to say
that your social media campaign is a success. Are they re-tweeting your
links?
4. More real relationships: By tweeting smart, you create relationships with people you otherwise
would not have met, and, as a result, boostr business with 34 percent at least a year.
Looking to just create as many Facebook fans as possible, no . do it by engaging people online in such a way that they wanted to do
business with you instead of just create numbers that do nothing.
5. Increased brand awareness: Social
media is fantastic for building a brand and getting your
business better known so this is one area where getting more followers
for its own sake is in fact OK cuase the more people who learn of you by
following you, the better.
Measure your brand awareness?
1. Followers, fans, and connections. As indicated, for this purpose, more is better.
2. Re-tweets and similar links: People
re-tweeting your tweets or linking to your blogs and sites is the
ultimate compliment online and means they like you and promote you.
3. Positive online mentions: Viral Heat and Twendz can help you analyze online mention
of your business and where those mentions are coming from, so you
will be able to see, for instance, if all of your tweets translate into
positive online buzz.
6. Budget savings: Your social media efforts may lead to a reduction in other
marketing expenditures. If your social media efforts cause you to spend
less on marketing, that is a tangible and valuable ROI.
7. Better customer relations:
It is no secret that companies are turning to
Twitter in a bid to handle online complaints in a better and more timely
manner. So if your social media efforts mean fewer complaints and
happier customers, congrats. Thats real ROI.
While it may seem as
if the ROI on your social media is difficult to calculate, in reality
its just like the rest of your business. You need to track it, analyze
it, and tweak it when necessary.
|