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ROI from Social Media – You just need to ask the right questions!

Social Media in some respects is still a untamed beast. Whilst its possibilities are endless it in turn makes measuring successes somewhat troublesome, so to help you out we have pulled together our tips on how to get the best ROI from social media.

In order to establish a plan for Social Media, you should ask the following questions:

Social ROI Step 1:

What are you hoping to achieve? Greater brand recognition? Cheaper and more effective lead generation?

Once you have established this you need to do a little maths: How much are you willing to spend to convert a potential customer into a confirmed one? This equation applies to the spending of money and time.

Social ROI Step 2:

In order to identify who your audience are you need to establish where they are online. If you have an existing audience, where are they? Facebook? Twitter? Your website’s forum? By establishing where to find your audience, you can determine where to dedicate your time and effort to reap the greatest ROI.

Social ROI Step 3:

Engagement is the fastest way to ensure customer retention. Captivate their attention, inform them with an interesting array of posts and then offer them something for free that they can tell their friends about. The Social Media service we provide at Tillison works on exactly this strategy and can work for you too. To find out more contact us.

Social ROI Step 4:

Like I said in the beginning Social Media is a growing beast with endless possibilities so why not think outside the box a little?

Traditionally you have Facebook and Twitter as a means of growing a social audience, but if your product or service is more niche, why not look into blogs, forums or websites dedicated to your product or service. Blogging is a great way of engaging with your target market if the product or service you are offering involves discussion.

Social ROI Step 5:

Now you know where your audience are and how you want to address them, it’s time to crack on. But 1st you need a plan… Who is going to do it? What are you going to say? And How often are you going to say it? The key to success here is to stick to your plan. Consistency gives you a constant to measure your success against.

Social ROI Step 6:

Success can be measured in many ways. You can simply keep a spreadsheet stating the number of followers you have, likes your have or posts you have received by noting them on the same day every week. From here you can produce spreadsheets and note changes in pattern. Alternatively you can use Google Analytics to track conversions through your website from the various forms of social media.

Social ROI Step 7:

Tried and tested!

The best plans are tried and tested. Our advice is to create and then trial a social media plan to assess your ROI. If results aren’t what you are expecting, change and try again. It may take a while to establish a full grown plan, but you will learn something valuable every time.

The one thing you always need to remember though is to have a specific goal. Without this you won’t know whether you are succeeding or not.

Good Luck!

Related Content:

Social Media for Business

Social Media Management

Social Media PPC Advertising

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