A ton of articles have come out saying how your brand needs to be on Facebook or should avoid social media at all costs. Making a smart decision about what platforms your brand should be on can be difficult, but knowing which platforms to join and why can make social media for business much easier.
What Is Social ROI?
Social return on investment is the measurement for measuring the value (either based on financial values or not) relative to resources invested.
In the past, pre-social days, calculating ROI was easy. If sales outweighed costs, it was a success. But it can be more difficult to determine the successes from social media.
So Why Does it Matter?
Social ROI is can give you a concrete answer to the question “Is this working?” Not all conversations are equal on social media — nor are they relevant and valuable — and making sure you’re aligned on goals and expectations from the start can save you a lot of headaches later on. A quick social media audit — where you outline your mission and goals for each platform — will set you off on the right path.
A Social Media Audit: What to Look for?
Social media for business can be a tricky endeavor. If you’re not prepared, determining the worthwhileness different social channels can be tricky. To prepare, you’ll want to determine goals for each specific channel. To do that:
- Start with the Big Picture. A rookie mistake is starting your strategy on specific platforms. Instead start from a higher position, like your business mission or business objectives. Once you have these outlined, it becomes much easier to identify specific social media goals (be it brand awareness or engagement) and designate those goals to the most logical platform.
- Then Start on Tactics and Metrics. Once you have goals established, then it becomes much easier to set tactics and metrics to evaluate ROI. With every goal, you’ll want to have metrics and key performance indicators (KPIs) established. For example, if your objective is advocacy, then your KPIs could include the number of positive mentions or reviews. Or if it is customer service, then a KPI could be the number of social support inquiries that are resolved. The metrics you end up selecting will be crucial in helping you determine ROI.
4 Things to Keep in Mind.
Now that you have your goals and metrics outlined, you’re ready to determine your ROI. We do have some parting tips for you to help keep your social channels on the road to success.
- Have Realistic Expectations. Understand industry benchmarks and work from there. And always be researching any updates in benchmarks.
- Remember Your Target Consumer. While they’re interested in your brand (that’s why they became fans in the first place), that’s not the only thing they’re interested in. Test out new topics with your fans, and record their response. If they respond, keep the topic in your content repository. If not, ditch it!
- Keep Content Fresh. Are you updating your channels enough? (And if you’re not sure what constitutes “enough”, iScream can help with that!) Fans will see most of your content through feeds, so making sure your content is updated regularly is crucial to keeping visibility.
- Optimize, Optimize, and Optimize Some More. Set regular intervals where you’ll check in on your progress — and hold yourself to it. Evaluating your progress consistently is the only way you’ll get better.
Do you have a system to determine ROI set up? What are your tips and tricks? Let us know in the comments!