Measuring Social Media Marketing ROI: Are You Doing it Right?

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Measuring Social Media Marketing ROI: Are You Doing it Right?


17-Oct-2018

Digital Marketing

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Social Media Marketing is adopted to mainly give your business recognition and also create leads to your business.

Social Media Marketing rotates around understanding the business; test their opportunities across all the social media platforms like LinkedIn, Google+, YouTube, Twitter, Pinterest etc. Business needs to understand to keep abreast on social media. Correct use of this marketing helps business take over their competitors. The best strategies help wins competition hands-down since that is what brings the customers repeatedly to your business. Social Media Marketing is also been used by brands based on their fortes. Business needs to understand the social media platforms where they can market their products since all the social media platforms do not cater to all the needs of the business. Certain platforms like LinkedIn are for professional and hence business having professional requirements can hold an allure to them. Quora answers to the queries and is a good platform to resolve customer queries in a proper way. Misuse of any of the social media platforms tends to break the customer’s trust thus reducing traffic to your website.


Social Media Marketing is not about just creating noise about your products, it needs to help your business stand apart in this competition. People do not get attracted just by ads that showcase your products – they need to hear a story to keep them engaged and help you create your brand. So to reach your audience you as an entrepreneur need to have an art of storytelling. An interesting story has enough power to draw in customers and turn them into conversions. People need something that appeals to them and hence you can have visual stories and get people to read your content. Your storytelling should have certain key elements to make it work Social Media Marketing ROI is created only when you use marketing strategies correctly and effectively. It is not easy to measure the ROI generated since businesses can put in their lots of time in this and not get anything in return. How do we measure if our Social Marketing ROI is working for us?


Set your business Goals – Every business is different and hence not all can follow the same marketing plan. Businesses need to keep track of what they wish to achieve by making their presence felt on the social media platforms. What does ROI mean to your business? ROI can mean anything - increase in the number of customers or followers, Increase leads to your website, revenue generation and it all depends on what type of business you have. Apart from revenue generation Social Media Marketing helps create a bond with people and develop trust. Brand Awareness has become an important part of Social Media and people now are investing more in brands than just normal products. Every business flourishes on customer service and failure to do that would have a direct impact on the ROI. To understand Social Media Marketing ROI, your business needs to make the importance of its presence felt in the markets. It is essential for every business to identify its key performance Indicators and that depends on how social media is helping you're to advertise your company.


Match social media strategies with business requirements – Having plans for social media campaigns are not going to work unless you align the goals set with what you want to achieve. Companies have to decide on platforms of social media based on their business requirements. You have to find your audience and plan your marketing tactics accordingly on social media platforms like Facebook, Twitter or LinkedIn as each of these are preferred by a different set of people. Every organization should remember the costs spent on Developing Content, Ads, on social media team and tools. You can judge the effectiveness of these social media campaigns by traffic to your websites getting converted to leads. Having a standalone social media strategy without any targets will have lots of pitfalls and adapting them as per your business requirements will always add to your ROI.


A tool to use to track conversions – Once your goals are set and you have built your strategy surrounding it; the next step is to track records of the website activity. Social Media Marketing is adopted to mainly give your business recognition and also create leads to your business. The capability of your business to attract people and keep them hooked depends on how well you know your target audience and their behavior. For e.g. Facebook users can make use of the Facebook Pixel tool that tracks the users who visit your Facebook site thus enabling you to understand their behavior and nature. Google has come up with a tool Google Analytics and Adwords that help to know the exact set of individuals who have traced you using the keywords and Google Analytics tool is a free tool. There are few other tools that help to manage the Social Media Marketing ROI like Sprout Social – enables to track social media posts and Google URL Builder – assign links to the campaigns.


Monetary values – Next step is to take into account the monetary values of the campaigns. Here is your chance to look at the impact your marketing plans have made and compare KPI’s. It is important to look into the data received from trends been followed over a long time rather than short-term trends. There are various methods through which you can access the return value of your set goals – to know average earnings of a long-time customer, what is their average purchase and how much value does each visit give. Once you know certain information about your customer, you can also know the money value spent and received from them.


Know your competition – To make your social media marketing more effective, you should know your competition very well. Your social media efforts need to be compared with them and this will give you an opportunity to work on your weak areas. Studying your competitors also gives you knowledge about which section of the market to target. It also helps in understanding the results of your action.


Just because every other person is following the trend, blindly following the same is not going to help any business. Social Media Marketing is the most effective way for people to notice you. It can be compared to salt in Food. Social Media Marketing acts as a spice to the already existing advertising campaigns and also forms an important part of an affordable digital marketing service. We at Grepix, aim at building your business by spreading your network through social media platforms like Facebook, LinkedIn, Twitter and many more and hence are been counted among the top Social Media marketing service providers. Grepix helps you develop and plan social media marketing strategies that work for you and focus on adding value to the company.


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