Many business owners are quite sceptical of spending money on social media because they can't see tangible return on investment that this brings, in other words money in their bank accounts. So how can you properly measure and quantify the returns you receive from your efforts on social media?
Divide your social media marketing into campaigns
The first thing that you need to do is to develop a campaign strategy for your social media marketing. Figure out what products and/or services you want to punt when and develop a campaign around this that has clear messaging.
“When designing your campaigns,” says Lisa Schneider: managing director of the Digital School of Marketing, “a good idea is to hook what you’re trying to say on significant days in the calendar. For example, if you have a product that’s focused on youth it would be a good idea to develop a marketing and sales campaign for this in June as this month is focused on youth.”
The reason why you divide your social media marketing into campaigns is that you want to strike an emotional chord with your audience members. This is because if their emotions are appealed to, and they literally feel the need to buy what you’re selling, they’ll be more likely to conclude their purchases.
Yearly calendar events, such as public holidays, are good hooks to hang your messaging on as these are top of mind for your consumers. This means that if you make the connection between your company and these events clear, your consumers will have less problems making this connection quicker.
Monitor your website traffic
If you know that in one month you’re conducting a particular campaign on a specific social network, make sure that you keep a close eye on your Google Analytics so that you can see what traffic is being generated to your site.
Monitor their journey through your website and see whether or not they navigate to your order form and complete the order process. “Likes and followers - that your get on your social media channels as a result of your social media campaigns – are all very well and good,” says Schneider, “however one of the success factors of a campaign on social media is the number of people you attract onto your own website.”
Do your sales increase?
To be able to definitively quantify whether or not your social media campaign was successful, you need to look not only at your website traffic but at your sales figures. When you conducted a particular campaign on a social media channel, did you see a corresponding uptake in sales? A good practice to follow to see whether or not a social media campaign was indeed successful in drumming up sales is to include – as a required field on your order form – where they heard about your company, product and/or service. In this way you’ll be able to calculate how much value the social media campaign brought you.
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