What is the ROI of my social media?
Great question! We at Eustace Consulting get this one a lot, and with good reason: social media’s increasing popularity means companies are beefing up their marketing budgets for pins, tweets, and timeline posts. You may have even hired a specialist to manage your platform! The problem is, the answer to this question is often abstract. Experts will tell you that social media has an immeasurable, but highly valuable, ROI of reputation and presence. While this is true, it can be frustrating to hear when money continues to be spent on Facebook ads. One way to think about the benefit of social media is to liken it to company charity work–spending money and man hours for charitable causes may not directly result in more sales, but it gives your company a more likable reputation, and establishes you in your community and industry. Likewise, social media involvement shows customers that you’re a legitimate, technology-savvy business that has a compassionate ear, ready to listen to customer thoughts and concerns.
Additionally, new technology allows companies to actually measure their social media ROI. Our partner Hubspot’s software allows users to link social media activity to specific customers, and therefore to specific sales. Additionally, any links you post on social media that bring users to your site are highlighted, and those that turn into sales are later distinguished. Hubspot’s powerful analytics break each tweet and post down into measurable ROI, allowing you to see which campaigns, sites, and posts are most effective in your channels.
To get the most mileage out of your social media, remember these tips:
- When posting to Facebook, always use the picture+text+link format–research has proven that this is the most effective way to speak to users!
- Jump on the news bandwagon! Post about relevent, talked-about topics such as news events, local happenings, or industry breakthroughs. If it is being discussed by users as you post, you will be recognized as a source of up-to-date information.
- Optimize your social media updates with targeted keywords to keep your SEO performance solid.
- Check online research for the best times to post to each site–they vary widely by time of day and day of the week!
- To get more followers on social media sites, incorporate links to them whenever possible, including in blog posts, on your home page, and even in your email signatures!
Keep those questions coming!
The Eustace Consulting Team