What are your social media efforts costing you? Are you paying a staff member to do your social media updates? Did you hire someone to do it for your company? What is your social media ROI? If you have never asked that question you should.
Do you have metrics in place to gauge social media ROI? If you aren’t sure or if you haven’t even decided what “social media success” looks like to you, you should take some time right now and make that determination. After all, if it’s not working, why do it? If it’s blowing up (in a good way) why aren’t you doing more of what is working?
What Is Your Social Media ROI?
Content is king, whether it’s on a blog post on your site or on your social media pages when you share updates. Your content will be different from the competition, simply because your mission and vision are likely different as are the metrics by which you’re judging social media success.
Before you can measure your return on investment you need to have a solid strategy in place. Some strategies include:
- Where is your ideal customer interacting? If they aren’t on LinkedIn, why are you spending so much time there? Your demographics and their habits are your best first step in knowing where, when and how often to post.
- Test your content. Test when you post as well as what you post. Track insights then determine what worked and what didn’t and change course if necessary.
- Consistency is as important as content. If you post on the first of the month then don’t post again until the last of the month, how will you build an audience? If someone else is giving them what they need and want, why will they need your inconsistent content? They won’t.
Know your metrics and what you consider success.
- Are you seeking newsletter sign ups?
- Do you want more followers on social media platforms? If so, why?
- Is getting more blog comments on your agenda? If so, what are you doing to make that happen and why?
- Do you need to make sales through your social media efforts? If so, are you?
You can’t measure what you aren’t tracking. Know what your strategy is and why then you can put success metrics in place and get an ROI on your social media efforts.