You no doubt work hard to build credibility, awareness, authority and to make sales on your chosen social media platforms, however to succeed you need to identify the best social media investments for the highest “Return on Investment” (ROI) for your business.
Unlike many ROI measurements with social media you need to realize that you cannot use profits to judge and measure ROI of social media. Why? Simply because people aren’t on social media to make purchases, they are there to be social. Instead, you need to look at engagement, traffic referrals, reach and influence.
Understand Social Media ROI Metrics
You can’t base return on investment on income or profit when it comes to social media. Instead, look at engagement, see how many times people are clicking through on the links you share, and how far your social media posts are reaching. Are they shared a lot? What happens when they share your posts? Are they liked a lot? What impact are your posts having are they increasing your influence in the eyes of your audience.
You Can’t Be Everywhere
There is no way you can be on all social media platforms without hiring a large team of people to get all the work done. So if you’re doing this alone, you will need to choose. The best way to do this is to choose the top three networks for your niche and focus only on those. In fact, three is perhaps too many… I’m a firm believer in working one or perhaps two social media platforms exceptionally well, rather than more than this average or poorly.
Advantages and Disadvantage of a Particular Platform
Each network has its own issues and problems when it comes to using it to promote your business. The best thing to do is to learn all you can about each platform. Conduct searches to find your audience, try to determine how many of your audience are there, and how friendly the network is to use.
Where Is Your Audience?
This is the most important factor of all before choosing which social media platform to place your focus on. Is your target audience there? Are they there in large enough numbers for the work you have to do to matter? It all depends on your particular niche. For example, if you’re an accountant, it’s hard to imagine Instagram working out for you, but easy to see how LinkedIn may. Oh and everyone should be on Twitter, that is a given in my opinion.
What Is Your Time Investment?
If you’re not going to outsource, the time investment is an important part of the equation of choosing which social media offers the best ROI. If you focus on three networks, it’s going to take a lot of time to affect any sort of movement at all. Do you have that kind of time?
What’s Your Monetary Investment?
Even if you don’t outsource, you’ll have expenses if you want to use social media marketing fully. You might want to run advertisements, you may also need to pay someone to help you, such as a social media marketing firm. You might need specialist social media tools which save you lots of time but they come at a price.
Social Media Automation
If you are time poor and don’t want to outsource your social media, they are ways to automate many social media tasks. For example, I run my own social media accounts, if your look on my Twitter account you will see that it is extremely popular and that content is constantly being shared, liked and commented upon. Further … every new follower is sent a message helping me to boast engagement. Different platforms allow for different levels of automation, take this into account.
Give It Time
Once you’ve chosen a social media platform (or two) to work with based on the information you’ve gathered, you’ll need to give it time. Social media marketing will not deliver results overnight; it is a long-term marketing strategy. You can boost the results by running ads, but getting engagement and activity on the platform could take more than 90 days.
Once you’ve run social media campaigns over 90 to 120 days, take a look at your numbers to see if you’re seeing movement. If you are, keep it up for at least a full year. The trick is to have a plan of action going in, and then sticking with it for the long term in order to see the full return on investment you can have marketing on social media.