When you put a significant amount of time and money into your social media marketing strategy, you want all of that effort to be worth it, right? ROI, or return on investment, is a measurement of your overall gain in relation to the amount of resources or money you have invested in a project. Therefore, social media ROI can be easily understood as the net gain of every social media initiative you have taken to reach your defined objectives. In Part 1 of our Social Media Return on Investment series, the digital marketing gurus at Zest define social media ROI and explain its importance in your social media marketing strategy.
Social Media Marketing is Beneficial for Every Business
Social media’s unwavering popularity makes it is a wise tool to implement as a part of your marketing strategy. No matter your business, and no matter the size, you can benefit from being active on social media and defining a consistent social media strategy to see ROI. It is no secret that social media has a significant impact on consumer behavior—77% of consumers say they are more likely to purchase a product from a brand they follow on social media compared to their competitors who do not have a presence on social media. Even businesses who offer services, such as law offices or accounting firms, can experience an increase in clientele as a result of a boost in brand awareness courtesy of social media. If you were already on the fence about creating an Instagram or Facebook page for your business, these points should make it clear to you how important social media is for increasing brand awareness, driving traffic and boosting sales. Ultimately, whether you are marketing a product or a service, social media can help you reach your goals and see a positive ROI.
You Can’t Track ROI Without Knowing Your Objectives and Metrics
In order to understand your ROI, you must first have defined a specific objective for your business that can be achieved with a strategic social media plan. If you are a small business that is just starting up, your objective might be to increase brand awareness. If you are already well-established and trying to grow, your social media objective might be to increase revenue and drive traffic to your site. You get the picture. No matter where you are on your path to success, you can experience growth through the utilization of social media, and your definition of growth and success will vary depending on your objectives. For example, if your goal is to spread brand awareness, you may define your metrics as audience impressions and engagement. If you want to grow as a business, you might value conversions over audience engagement. No matter what your current goals are, social media can help you reach them and your ROI can give you a clear understanding of how successful your initiatives are.
Tracking your ROI is a Necessary Part of the Process
If you are truly struggling to nail down social media ROI, you are not alone. In fact, 44% of businesses on social media struggle with measuring their social media ROI. While you may struggle to initially decide what success will look like for your social media initiatives, it is still essential to prioritize this step. If you are going to put time and effort into creating a rock-solid social media strategy, you will want to have a way of knowing what you’re getting out of it. Just a few of the many key performance indicators (KPIs) you could use to measure your success are the amount of social media followers, clicks, likes and shares you get, or maybe even your audience growth rate or overall impressions—whatever you are using to define your growth on social media, the marketers at Zest can help you optimize the process and target your goals.
Learn More with the Team of Digital Marketers at Zest Today
It is normal to struggle with initially defining what you want out of your social media strategy and what your social ROI is, but by taking the time to define your metrics and analyze your results, whether that be a boost in sales, an increase in followers and email subscribers or more engagements, you can be well on your way to defining what success means to you—and that is where the social media marketers at Zest come in. Our digital marketing professionals know all of the ins-and-outs of social media and can help you develop a comprehensive strategy that works for you.
Maybe the concept of social media is still new and foreign to you. Maybe you have had a Facebook page for over a decade. Wherever you are in your social media journey, there is a way to take advantage of its many benefits to grow your business. Keep an eye out for Part 2 of this ROI series, “Measuring Social Media Return On Investment,” coming soon. Contact the Digital Marketing gurus at Zest Social Media Solutions to learn more today.