With the rise of various social media platforms nowadays, almost everything, including business, use this as another way to make their venture popular and also to gain more clients and stockholders. In fact, social media has been another determinant of any business’ promos, offers and even its reputation. This is why most of the business exert efforts in making a presentable yet catchy social media accounts as another way of promotion, gaining more customers, and also in encouraging their previous customers to provide feedbacks.
These efforts, however, does not always guarantee that business will always be good. Customer engagements does not also assure that it can promise more profit as well. Generally, every activity happening on the social media does not guarantee money always. Yet, social media account is another important criterion in building the accountability of any business, making it an essential ingredient of an established and legitimate business in town.
Importance of ROI in Social Media
It has become an expectation that businesses must have a definite and accountable social media account and must have a good and respected social media presence.
Social media has been another way to provide awareness about the business-what it can offer, promos and packages, among others.
The reputation of a business is also determined on how the customers share their experience on the business, and the customer service it provides.
Through social media, businesses can be able to see areas that needs to be improved.
Ways to Have an Established ROI in Social Media
Identify the objective of social media for your business.
Social media id not just for the purpose of attracting money for the business. There are other reasons why social media must be done, and that depends on the type of brand your business has. Some of it are:
Awareness of the brand
Meeting certain services needed by customers
Community building purposes
Answering the “why” your product is existing is very essential before putting up your social media platform. With this, decisions on time frame and money to spend is also determined.
Make social goals that are attainable
Having specific and measurable goals must also be done before making social media account and waiting for its ROI. Having a specific goal provides an easier way to make definite actions and strategies in establishing and maintaining social ROI, in fact, making a confused customer who just clicked the link to the product to a paying customer. It is not enough to check those that clicked the links on any social media accounts.
Calculate the goals
After determining the goals, tracking is another thing to do.It can be done in various ways, like using Google Analytics. Aside from helping to know about the social traffic and the channels that contribute to social traffic, this Google application helps to determine and assess the financial social media ROI.
Be aware of the social media expenses
Another way to determine the present social media ROI of a business is to keep track of how much is already spent, and this is not just the monetary matters. The time spend in tracking the social media account for the product, the content posted describing the product, social media tools and advertisement costs are some of the things that needs to be updated as well.
After knowing the total expenses, using the formula (Earnings – Costs) x 100 / Costs the total social media ROI in every campaign will be finally determined.
This will help to know which of the social media platforms can work best for the business, and which one is not.