Not surprising that ROI was the number 1 concern for Marketers (Source: The State of Social Marketing 2017 Annual Report)
Top 3 Challenges Facing Social Marketers in 2017:
- Measuring ROI was listed as the biggest challenge.
- Tying Social to Business Goals
- Securing Budget and Resources for Social
Why do Social Marketers struggle with Social Media ROI?
A typical problem statement Social Media Marketers deal with is trying to figure out how to effectively engage their audiences.
Engaging audiences on Social media requires one to be abreast of the latest and greatest happening in Social Media Networks.
Each of the Social Media Networks keep evolving.
Whether it’s Facebook, Instagram, Snapchat – the one thing common amongst all these social networks is that they keep changing and adapting to users requirements.
Organic engagement on FB is literally dead. So you need to think of new ways to engage your audiences.
A lot of social marketers are finding video content to be more engaging on FB, some are experimenting with private groups.
This list goes on.
The quest for engaging their audiences is never ending.
Social Media Metrics?
However, social media engagement metrics are very different from business metrics.
On Social Media you might track share of voice, measured as the likes, comments, and shares of your posts. However, this is meaningless from a business perspective.
The solution to social media ROI?
You need to really examine the word ROI for the solution.
Return On Investment – by definition it means the amount of return you’ve got in monetary terms on the investment made.
In short how much money has your Social Media investment made for your business.
If this has you stumped you’re in the right place, as now you’ve understood the key problem.
In order to solve the problem of Social Media ROI, you need to be able to show that the investment you’ve made in your Social Media program has generated a tangible monetary return.
Another way to look at Social Media ROI
There is another way to look at it as well.
It’s either making you money or it’s saving you money in some way, that’s also another way to justify the ROI.
So if x was the amount of money you spent on engaging or reaching new customers and x-100 is what it costs you now via Social Media that’s a cost saving and hence is a valid way to show a return on your investment.
Breathe. Seriously. That could have been a lot, or not for you.
Breathe again, I’m having to do that while I type this out myself.
More easy guidance…
I know some of you might need a little more guidance on this.
I’m putting TOGETHER a quick guide on how to do this.
It’s going to be an absolute breeze to go through. It has just three steps.
What the guide will will help you with is:
- How to Measure the ROI of your Social Media
- How to tie social to business goals
- How to secure budget and resources for Social
Sound Interesting? If Yes, GIVE it to yourself NOW 🙂
Have any queries post them below.