This phrase always comes up and people like to ask the pointed question, “Is social media marketing worth the effort?” I really believe people need to measure social media like the they do with street billboards. Is there a way to know how many people viewed your billboard in a day? How many of those people came into your business because of that street billboard sign.
Now, the most important question you need to ask people is
“How did they find/hear about your company?”
This one phrase helps you understand how complex this notion of social media roi is. In addition, it may show you that social media is a small part of your marketing campaigns.
Social Media ROI
There is ROI from many standpoints:
- More outreach with branding – You can connect on a national level
- SEO – With GooglePlus you can see more or a return on your organic search results
- Keeping your name in front of people – Linkedin
- You can build your own professional brand and people will connect a person with your company.
The trick is looking in the right place to measure it. I used to look at ROI from number of likes, retweets, followers and such. However, I could not make the correlation to corporate dollars with this information. Instead, I focus on a new set of metrics which helps me see overall, (this is the key point) whether my traditional marketing approaches and newer marketing techniges are making a difference.
New Set of ROI Metrics
The new set of metrics for me are:
sales | new clients | current clients | customer phone calls
If your sales are falling, you need to find more clients quickly to reverse the trend. If sales are trending upward, you need to continue to be at the forefront of your industry. Your job never ends.
You need to insure that people are interested in your service offerings and they want to learn more about your company. Also, this is where you can easily ask the question, “How did you hear about our company?”
Take care of these people. Continue to engage them and be in contact them with them with visits, letters, emails, etc. These people are the lifeblood of your company.
I think it is critical to have your phone number on every marketing brochure, website, email, etc. People still want to talk to people. Track how many calls are coming in.
Each company needs to find a way to measure their return on investment. It can be done and you need to start somewhere. Find a process that works for you and start evaluating the numbers. It really is that simple.
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