Understanding Return on Investment for Social Media
Developing an online presence takes a serious investment of time and money, and not everything you do on social media will translate back into a measurable dollar amount for your business. Though results can sometimes be hard to track, growing your brand’s online following can lead to big returns in the long run.
What is the value of social media for your brand, and how will you measure success in the social space? Whether your goal is to increase your profile or simply generate profit, clear goals and accountability are key to seeing return on investment for the time your business spends on social media.
Have a Plan
Like any aspect of your marketing strategy, you will need to have a goal in mind for your efforts on social media. Perhaps you want to shape audience perception of your brand, or simply elevate awareness. Maybe your goal is to utilize paid ads on social to isolate sales leads. Whatever the case, setting a clear expectation from the beginning will help you gauge the success of your social campaigns and avoid wasted time and money on unproductive efforts.
Track the Metrics
Your brand is active on social media, but are you doing any good? Depending on your goals, success can be defined in numerous ways. There’s no one-size-fits-all indicator for success in the social space, but some common types of interaction any brand should track include:
Likes, shares, and comments
Contact form submissions
Reviews of your business
Click-rate on paid ads
Again, the priority you place on each of these elements will vary depending on your stated objectives for the time you invest on social media. Whatever the case, tracking the metrics on the various forms of interaction online will yield insights into what works for your brand across the various platforms, as well as where your efforts could be better focused. These metrics also give you a clear picture of your audience’s growth and behavior over time, allowing your strategy to respond accordingly. There are also numerous analytics platforms available to help you track and examine almost any aspect of your audience’s interaction with your social accounts.
Keep an Eye on Expenses
To have the full picture of ROI for your social media efforts, it is of course essential to keep track of the effort itself. Carefully log the time your team is spending generating content for posts, as well as any expenses such as the cost of management tools and paid promotions. If the results of your social strategy aren’t in balance with the time, effort, and funds you’ve invested, it may be time to reconsider your approach.
Return on your social media investment is a complicated matter with many variables to consider. If you would prefer to remain focused on your core business, let the social media marketing experts at TriAd manage your online presence.
From detailed analytics reports, deep knowledge of paid promotion, and a holistic approach to content creation, the Social Media Team at TriAd has everything your business needs to stand out online. For years, we’ve helped brands in Central Ohio and beyond thrive in the digital space, and we’re ready to do the same for you. Contact us today to learn more about our social media management services.