A big misconception about social media marketing is that an update by itself can expand business reach. While it is true that companies need to update their social profiles often; there is more to the story. Below are three important factors you must consider in measuring your social media ROI.
- Not all branding metrics can be tracked down. The lack of clear social media ROI objectives has been a significant issue in the past years. Business owners want to know if the social media campaign is driving more customers. Yet, it is important to remember that not all factors that influence a business decision can be mapped out. Perhaps that status update was not the main driving force behind a customer making a buying decision. However, a status update might have been the gentle reminder for a client who already wants to visit your business.
- Google Analytics can help you understand your brand impact. Although you might not see a huge number of people accessing your website straight from social media, this does not mean that people are not visiting your site “because of social media”. Perhaps your social media reach is helping more and more people become aware of your business. Look for an increase in organic visits from search engines with “branded queries”. People searching for your company name on Google might be a good indicator of your social media success. Maybe they are aware of your brand because of a Twitter post and they later search your business’s name on Google.
- Social media can help you increase offline word of mouth marketing. Although businesses would like to separate their marketing campaigns with clear “straight” lines, the reality is that marketing efforts are ever more fluid in this digital age. One of the biggest challenges for business is to keep loyal and satisfied customers engaged with the brand. Perhaps you provide a fantastic service, and your customers are euphoric with what you offer. Nevertheless, if they do not tell their friends about it or if they forget about you, you are not maximizing your full business potential. Social media is an excellent tool to remind your most satisfied customers about your product or service. And this gentle reminder can help them recommend you to their friends. The line of “online” and “offline” marketing is becoming thinner and thinner. Your marketing efforts can benefit from this trend by staying relevant in your customer’s life.
The actual value of social media cannot adequately measured with clear-cut objectives. You need to take a holistic approach to understanding the role of social media in your customer’s journey. Social media is a fertilizer in your customer’s path. Sometimes it takes several weeks or even months to see the real impact of your efforts.
Increasingly, an investment in social media is no longer a luxury exploratory marketing technique. Nowadays, an investment in social media is the entrance fee small businesses need to pay to stay relevant.