At www.mpi.digital we believe social media is an asset which if well harnessed can add value to your brand and organization. With its permeating ability social Media has given everyone a platform to say something. Here’s all you need to know: you and your business need to be a part of it. As it generates exposure for you and your business. The more people know about you, the better your chances of generating revenue.
In today’s world it is no longer a question of “if” your business will have a presence on social media rather it’s a question of “when” and “how.” However, while many small business owners may be actively participating on social media sites, if critical quizzed “why” or “how” they are using it to bring value and new customers, many do not even have a clue.
Companies must begin to intentional on creating conversations with customers and deliver useful content at the exact moment to the right client who need it. Mass advertising is dead! And with that marketers can no longer push products on people. Rather, they must begin from a point of Empathy by placing themselves on the same playing field as their prospective audience through creating two way form of dialogue that earns them the prospect’s trust.
Being a great and powerful tool social media, can transform sales. Sites like Twitter, Instagram, LinkedIn or Facebook enable your organization to find exposure to thousands of other possible connections through likes and referrals from friends and/or followers of the people you engage – all this by merely being intentional and creative on how you engage with strangers to turn them into potential customers.
It follows that these social media platforms can be instrumental in staying on top of what others are saying about your company, used for market research and also for keeping an eye and ear on what your competitors are doing.
With that said, it is evident that many companies are still not able to understand how their social media platforms and how to consequently generate more Return On Investment (ROI). This ROI is a performance measure used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments. For any assistance on ROI visit www.mpi.digital for assistance.
Social media works and can turn around the possibilities of your business; but this can only become apparent when it is taken as an investment which should give back to the business in due time.
What then should you do to harvest the dividends from your social media? Below are some pointers:
Learning To Calculate Your Social Media ROI.
To begin with in calculating your social media ROI, you will need to understand the math’s that underlie it. Social media is not peg on about bragging about how many Twitter followers you have. There is more that goes to it than the bragging, it demands for ample time.
As it stands today the future of social media is about math, metrics and monetization.
The starting point is to always remembering that the value proposition and monetization opportunities provided by social media is to reach prospects and customers where they are and in ways they want to be reached.
Often most companies do not do an effective job of measuring the value of their social media campaigns. In fact, about half of the customers surveyed by www.mpi.digital were not able to report whether their campaigns were working or not.
If you are among this group of people who are not measuring your social media campaigns on an ROI basis, you are setting yourself up for an assured failure.
In keeping with the context of the sales funnel, the key areas to evaluate and to measure brand awareness fall into three categories: social media exposure, influence and engagement.
You Have To Begin Measuring Your Social Media Exposure – This Will Answer How Many People You Could Have Reached With Your Message?
The secret of harnessing the value of Social media is about creating repeat customers, not acquiring first-time customers.
Similarly, the ROI analysis has to focus on your social media platforms ability to turn customers into fans. Ideal social media ROI calculations include:
Measuring revenue generated from customers whom you have engaged with in social media.
The longevity of the value. This measures with frequency your sales before and after your social media program was put forth. Here your team has to establish the baseline which marks the period before initiating your social media campaign; this will establish the data with which to counter check for growth and development. This takes note of how many customers left and also how much that number went down after using social media.
Operations: How much inbound customer service calls went down since you started social media?
You need to measure your “engagement,” or how many people actually did something with your message or information shared on social media.
The importance of this measurement is to show how many people actually felt enough “value” that it resulted in their engaging in some kind of action that benefited your brand.
Measuring your influence online.
In short, the basis of measuring your influence online is to allow you know whether the engagement metrics listed above are positive, neutral or negative in sentiment. What is the general feeling that people have and are left with after engaging with you through social media?
Last but not the least, the lead generation funnel is not just about brand awareness, but rather, where the ROI-driven action comes into play.
The Brand awareness the funnel is constituted of all of the above: awareness, influence and engagement, and it is in your understanding of each of your social media platforms that will give you the edge by allowing you interpret your web presence and impact.
Establishing the Dashboard. All the above information is of no value if you cannot “take away from it” meaningful information.
It is this information that enables you know just how much information can be gathered from social media and, thus assists in guiding you away from placing random information out there. The science behind this is that it may take a little time to get used to and understand it, there value ready to be tapped into for every business; but it begins by coining together a strategy for getting on board. As always help is also available, if you find yourself needing that “support,” just ask. Whatever you do, get involved in social media. Because once you use it, you will wonder what you ever did without it.