How To Check Your ROI On Social Media Marketing
ROI On Social Media Marketing, While it is true that potentially speaking, social media websites can serve as a great boon to your online business, they can also end up being siphons of time and money. Indeed, if you don’t go about it the right way, it will be practically impossible to produce any noteworthy results, leaving you with plenty of money and time completely wasted. However, it can be hard to determine how successful you really are on social networks, and so here is a look at a few statistics you can take into account to help you out with that.
ROI On Social Media Marketing
The Number of Sales
To start things off, it has to be noted that as an online business owner, your goal is to make as many sales as possible from your social media marketing campaign. You need to compare the amount of sales you were making on average per month before you started to the social media campaign, to the amount of sales you started making after implementing that strategy. If the sales haven’t increased, then you need to start looking for the possible cause and put your social media campaign on hold for the moment. You can easily find a number of tools online that can help you measure this statistics, with Google Analytics being the most popular one.
Some people, however, rely on social media campaigns not to make sales, but to drive visitors to their content.In other words, they are looking to generate as many leads as possible, and that’s the next statistic you’ll want to consult.
Creating New Leads
Generating leads via social media marketing isn’t that much different from making sales, with the only difference being that you are gaining future potential rather than money straight away. In any case, regardless of whether you are generating leads through a Facebook fan page or Twitter shares, there are certain tools out there that can actually help you analyze the amount of traffic you are getting from any given site as well as the amount of leads that have been generated within a certain amount of time.
How Far is your Reach?
The concept of social media marketing, amongst the many advantages it has brought us, can help businesses extend their reach far beyond what they could usually go. For instance, it allows you to go get the attention of people who prefer to get all of their information from the internet rather than newspapers and advertisements. In other words, there are some customers out there that cannot be reached via traditional marketing methods, and it is important to determine whether or not you would have been able to reach your customers via said methods. Unfortunately, measuring that is a bit complicated; you need to base your reasoning on your knowledge of your target audience.
Cutting Costs on R&D
Many people are using social networks because of the fact that they allow you to get into contact with your target audience quick and easy, potentially saving you a whole lot of money on research and development. After all, if you can directly ask what you want from the people who are probably going to purchase something from you, there is no real need to use various tools and analyze countless statistics. By saving some money on product research and development, you will increase the total return on investment of your social media marketing campaign.
Demonstrate Your Commitment
Even though some people out there may see social networks as being nothing more than marketing channels, the truth is that many of their users actually use them in order to communicate with the rest of the world and share their thoughts, especially if those thoughts are negative. It is very possible that someone will have complained about your product or service at one point or another. The good news is that you can actually find what is being said about your company, brand or product on most social networks, giving you the ability to directly intervene and solve the disgruntled client’s problem. This not only gives you a good chance of keeping that customer, but it also serves as a demonstration to everyone else that you are indeed committed to providing your clients with the best possible service, which can potentially net you even more visitors.