ROI in Social Media – How to Make Money on Social Media
Does social media drive ROI? That’s a question heavily debated by marketers and brands alike. Since the emergence of social media marketing, the landscape for determining ROI has changed, and as such, brands are having a difficult time determining whether or not social media is worth the investment. While there are several theories on how to best measure ROI from social media, I’ll tell you this: with 73% of online adults now using a social networking site of some kind, brands can’t afford not to have a presence.
Measuring Social Media ROI
Measuring social media ROI can be complicated, especially when you consider that what you put in isn’t necessarily what you’ll get out. For example, when you invest in marketing efforts such as PPC advertising, SEO or even a traditional sales team, you’re investing money and making money as a direct result. Driving ROI through these methods is easily measurable – the output corresponds directly with the input. With social media, it’s bit different. You’re putting money into the service, but what you get in return isn’t a always a direct sale – it’s stronger brand/consumer relationships, increased brand awareness, and the ability to reach the masses with just a few clicks. Eventually, all of these things can drive consumers to make a conversion, but the road to get there isn’t as easy to measure. Social Media is a mix of sales, PR, customer service and advertising all rolled into one, so it makes sense that it would be more complicated to measure social media marketing ROI.
Tips For Driving ROI Through Social Media
There are several things you can do to drive ROI in social media. Below, we’ve listed some tactics that can be integrated into your social strategy that will help you move consumers to make a conversion.
What is the purpose of social media if not to be social? Make the most of what each social platform has to offer by engaging in conversations with your followers. Ask them questions, answer theirs, and show your appreciation for their support by giving them a RT, a “like” or a follow back. Social Media presents brands with the extraordinary opportunity to interact directly with their consumers, so take advantage of it by giving them a good reason to want to spend their money with you.
2. Be Original
Assess the social space. Think about what it is your consumers see from your competitors, and then what you could do differently. Figure out what they want to see and then give it to them. Being original doesn’t mean you have to reinvent the wheel – it means you should be strategic about what you offer to your consumer base through social media.
3. Cross Promote
This can be done in two ways – cross promoting within the scope of your brand, and cross promotion with other brands. Cross promoting within your own brand means driving your consumers to the other touch points where they can interact with your brand. For example, you could announce a sale via your Facebook page or promote a product or service that you offer. Chances are, you’re probably already doing this. The other way to cross promote is by partnering with other brands with an “I’ll scratch your back if you’ll scratch mine” approach. Whether they are brands you have an already established relationship with or not, having them push your content exposes your brand to their followers as well.
4. Integrate Social Share Buttons
Social share buttons give your consumers the power to spread the word about your products or site content to their friends. This is particularly beneficial for e-commerce sites. These social share buttons should be everywhere – each product, blog post, sale announcement, etc. should have the ability to be shared. Word spreads faster when you have help from your consumers, and these social buttons are a great way to amplify word-of-mouth promotion.
5. Reward Followers with Special Offers
What better way to entice people to spend money than with a special offer? Show your followers some love by offering them an exclusive discount. Post a link to a coupon or a special discount code that’s only accessible to those who are following your brand on social media. People love to feel special, so anything you can do to show them how valuable they are to you is a good thing.
By implementing the above tips into your social strategy, you’re making it easier for consumers to make a conversion as a result of interacting with your brand on social media. If you have any additional tips on how to drive ROI through social media, let us know by sharing below in the comments! Make money on social media today!