Social media marketing is a requirement for all businesses today.
It’s a simple fact that is true for businesses, whether small or big.
The problem is, are you generating value with your social media investments?
Of course, this will depend on your business objectives.
But do you get any monetary or non-monetary benefits from your social media marketing efforts?
If not, here are some best practices you can employ to increase your social media marketing return on investment (ROI).
1. Track Your Current Social Media Marketing Efforts
Measure your current social media strategies’ effectiveness to understand where you currently stand and what improvements you need to make.
How can you determine effectiveness?
Start by outlining your social media goals, then define metrics that can help you measure success. These can include reach, engagement, revenue generated, conversions, etc.
Then calculate the total amount spent on social media. These will include payments you made for social ads, content creation, time spent, and consultants.
Most importantly, include the amount spent on tools and platforms such as scheduling tools, social media monitoring tools, influencer discovery platforms, etc.
Calculating your profit, dividing it by total investment or amount spent and multiplying it by 100 will tell you whether you got a positive or negative ROI from your strategies.
What’s more?
Measuring will also help you identify areas of your strategy that need changing and those you can improve. It can allow you to identify tactics that delivered the best returns and focus on them.
2. Write Targeted Content
Does your content reach people who are likely interested in what you offer?
To make sure it does, understand your ideal customer, what they do online, what type of content they like, and their needs.
But how can you find this out?
Find influencers and competitors in your industry who are getting a lot of traction on their posts. Then find out:
- What do they post about?
- How do they drive engagement on posts?
- Who do they engage with?
You can also use social listening tools to find your target audience’s pain points.
Then analyze the insights from this research to determine what kind of content you need to start posting.
3. Collaborate with Influencers
Influencers can help you amplify your engagement, reach, and conversions, thus boosting your ROI.
However, this will only happen if you find an influencer who is the right fit for your brand.
They should have the same target audience, create content your audience relates to, and high engagement rates. They should also have the same values as your brand.
But how can you find great influencers?
You can search social media sites for people already championing your brand, or leverage influencer agencies. These agencies can not only help you find influencers, but they can also handle your influencer campaigns.
Need more tips on boosting the ROI of your social media marketing?
The infographic below offers more powerful tips. Check it out!
About the Author!
Shane Barker is a digital marketing consultant who specializes in influencer marketing, content marketing, and SEO. He is the co-founder of Attrock, a digital marketing agency. He has consulted with Fortune 500 companies, influencers with digital products, and a number of A-List celebrities. You can follow him on Twitter, LinkedIn & Instagram.