With the entire world thriving on digital interaction now more than ever, it’s easier for businesses to find lucrative opportunities. With changing times, comes changing expectations, and businesses re-evaluate their budget and strategies to meet those expectations. Demonstrating a return on investments isn’t easy at all when there’s so much competition.
In a world motivated by statistics, every brand is expected to show which metrics were justified with the outcome, how much was spent in a specific time frame.
For the longest time, social media marketers were making the most out of numbers and statistics that were enough to justify all their efforts. These statistics and numbers factored in the likes, shares, comments, number of followers and retweets the brand attracted, and somehow these metrics were enough to prove increased brand awareness and sufficient return on investment.
But now that times have changed and businesses have commercialized the use of social media, marketers are encouraged to redefine their strategies, budget, approach, and expectations. The digital and social ecosystem of today’s world is not what it used to be.
People no longer only rely on advertisements to make a purchase; Factors like brand reputation, quality, customer care, and content to name a few significantly affect the overall decision and the companies ROI lastly.
It doesn’t matter whether you’re a startup, an enterprise, or a growing business when it comes to increasing your ROI. There are a few things that you just can’t miss out on if you’re looking to improve your social media presence. Let’s list them out!
1. Measurement Is Key
You might be active on all your social platforms but cannot see a great difference in your ROI. This happens because you’re not tracking your social media performance. It’s impossible to change what you don’t know, and if you don’t know where you’re lacking in performance, you can’t improve it.
What’s your purpose of using social media exactly? Are you using it to boost brand awareness, stabilize customer retention, generate leads, or drive traffic to your website? How will social media marketing help you achieve your goals? Or are you looking to convert your existing leads? These basic questions will help you identify the metrics and measure them to double your social media ROI.
2. Identify Your Active Audience
Knowing your audience is important for content creation. The content you create for your audience should be interactive, relatable, and engaging. You should know who is actively engaging with the content you post. To make your content more accessible and optimized, you can find out what kind of mobile devices your audience is using. Supporting your metrics with context is important.
Explore different social networks and gather valuable insights and demographic data so you can create better and interactive content to boost social media ROI. With that said, it’s also important to understand how content resonated with your audience. One of the biggest problems for brands is low engagement. And most of the time the reason is irrelevant content.
If you want to reach potential leads across different social networks, make sure your content is well-defined, well-thought, and relatable. You cannot have an audience of teenagers and talk about grown-up issues since they won’t be able to understand or relate to it.
Just like using analytics helps you create better content, it’s just as important to use it to understand your target audience as well – their likes, dislikes, interests, wish lists, pain points, and motivations. Focus on using social listening tools to gather competitive data about brands, products, industry, etc. that can come to your advantage.
Once you’ve gathered valuable insights, you can reach out to people on different social media platforms with fresher and relatable content.
3. Be Consistent
One of the biggest downfalls for growing businesses usually comes from inconsistency. When you’re not consistent with your effort, you cannot expect to keep growing or gain traction. It is difficult to establish social media presence and grow a community when you don’t post frequently. Ideally, you should post every day, at least 2 to 3 times.
Not only will you increase the chances of the audience coming across your posts, but you will also understand what kind of content engages the audience. Keep switching between the kinds of content you’re posting I.e. images, videos, quotes, infographics, etc. If you can’t post every day, then share stories on Facebook and Instagram. Create fun and interactive stories using Instagram Stories stickers and have fun interactions with your followers.
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4. Use Lead Generation Tools
To improve ROI, you need customers, and to have customers, you need to generate high-quality leads. Now back in the days, this was a tough challenge. Advertisements and word-of-mouth marketing were enough to attract leads a produce long-time customers. Fortunately, we don’t have to go through the struggle of pushing out the right advertisements anymore. We have social media and most importantly, flexible resources and tools that automatically help brands find new leads.
Lead generation or lead nurturing isn’t as easy as it used to be. Staying ahead in a competitive market will have you using resources and tools you never thought of. There are several lead generation tools available on the market that can find profiles for you by matching profile details with your buyer personas.
Nurturing your existing customers is as important as finding new ones. Make sure you’re keeping your existing customers happy and building a loyal relationship with them. Listen to them attentively, answer their queries first and recognize their achievements. Social nurturing tools help you cultivate a stronger relationship with your customers.
To Wrap It Up
Creating a solid social media strategy doesn’t have to be a challenge. Measuring social media metrics and improving your strategies and approach accordingly gives you a competitive edge in the industry, tripling your social media ROI.