10 Tips to Increase ROI in Social Media Marketing

24 Feb 10 Tips to Increase ROI in Social Media Marketing

10 Tips to Increase ROI in Social Media Marketing

So, maybe you have a social media strategy going on for you, and you are not getting results yet. 

Or maybe you are just in the process of figuring out what is the best channels that will reach your target audience. 

Or you are learning to figure out the content that your audience finds most engaging. 

If you are looking forward to boosting the effectiveness of your current social media strategy and improving your social media ROI, there are a couple of things that you have to pay attention to. 

But first things first…

What is ROI?

If you are still not entirely familiar with the acronym ROI, it stands for Return on Investment. 

It is a metric that shows you how much monetary value and revenue you have received from marketing and promotional efforts. 

Basically, in the case of social media marketing, it is a key performance indicator that shows the impact of your social media strategy on the goals of your company.

What usually counts as a return is dependent on what your company’s goals on social media are. 

As the need to be active on social media has grown, various metrics are utilised:

●     Generated income: Are you creating more income than you spend?

●     Brand awareness: Does a significant amount of people know about your brand?

●     Customer satisfaction: Did your social media presence influence how people view your brand or company?

●     Growth rates: Did social media affect your year-on-year growth in sales?

●     Conversion rates: Are you convincing enough for your audience for them to take the right action?

All of these goals should be communicated to you and your team. That way, you will be able to discuss realistic expectations. 

Now in this post, we are going to discuss the ten social media marketing tips that will help you increase ROI across platforms. 

1. Measure your social media performance

A lot of brands and businesses are on social media these days, but most of them are not getting an excellent ROI. 

The main reason why their ROI on social remains low is because most brands do not measure their social media performance.

In fact, according to a report, 1 out of 5 brands that were surveyed say that they never initiated conversations about social ROI. 

Therefore, you cannot improve on something that you have not measured.

You must know in your core why you are using social media.

Is it for lead generation, lead nurturing, customer retention, or boosting brand awareness? 

What specific goals do you want to achieve with your current social media strategy? 

Are you looking forward to nurturing your existing leads? Do you want to drive a particular audience to your website?

After answering these questions, you can utilise important social media metrics to be able to measure your success. 

Another study found out that if you identify your social media goals and the right tools are in place to measure your metrics, then your social media ROI triples. 

2. Understand the social platforms

After working on killer content, you have to pick a platform that is best suited for you to share.

Social media has a variety of platforms like Facebook, Twitter, Instagram, LinkedIn, Pinterest, YouTube, and so on. 

These platforms work differently, with a particular kind of audience.

● Facebook connects with users in an informal setting. It is a platform where you can discuss politics, moods, emotions, express one’s opinion, and so on.

● LinkedIn reaches out to a niche audience with whom you can connect professionally. 

● YouTube caters to video content, while both Pinterest and Instagram are highly visual platforms. 

3. Personalise your brand

Building connections with your audience and target customers is valuable at this time and age. 

And the best way that your brand can do that is through social media. 

Use social media as a way to humanise your brand. 

You can achieve this by using different social media platforms and implementing the top social media tips to interact with other people.

Use your campaigns as a way to engage your audience and get their questions, comments, and feedback. 

Every campaign that you do on social media should represent your brand’s personality. 

That way, you can give a face to your company that is often loved by many. 

Remember that an increase ROI comes from the people that you attain. 

Communicate with them on a more meaningful and personal level, so that they can start developing a relationship with your brand. 

That will make your interactions on social media a lot easier. 

4. Content is essential to Increase ROI

Want to increase ROI on social media? Then start generating better content.

Content marketing will get you three times more leads than outbound marketing. Not to mention that it will cost you less, too. 

Content has the power to boost your search engine rankings and increase ROI if done right.

Focus on creating content that is relevant and authentic, which will add value to the lives of your target audience and win them over. 

Create content that:

● Resonates with your target audience.

● Is engaging, whether it be videos, infographics, memes, and more. 

● Addresses your audience’s pain points via blog posts, FAQs, and how-to videos.

● Relevant and fresh through interviews and articles.

● Is regular and updated, sticking to a content calendar.

5. Partner with local or global influencers

Create relationships with both local and global influencers who will spread the good word for you. 

Also, customers that are happy and satisfied with what you have to offer could serve as one of your biggest influencers. 

Ask them to write feedback about your business or leave reviews. 

81 per cent of the total respondents from the US and the UK confirm that recommendations from their friends have significantly impacted their buying decisions. 

6. Consider paid promotions

A lot of social media channels will give you the chance to promote your brand. 

You can also push for particular messages that will give you quick leverage over your fans. 

You will see how you will significantly increase ROI all by just boosting posts, and doing quick social media campaigns. 

Also, long-haul ROI from followers that you have recently gained who generally would have never found you otherwise. 

7. Monitor your competitors

You need to research your competitors, as well as their strategy so that you can quickly identify what particular aspects they are successful at. 

Thus, allowing you to identify the areas that you can improve on. 

Their strategy could also spark an inspiration or idea within you, that with a little bit of improvising, could fit in your own social media strategy. 

Here are some of the things that you need to look for:

● Their total number of followers

● Usual posting time

● Posting frequency

● Social engagement

● Type of content (images, videos, infographics, GIFs, articles, and so on)

8. Include a clear CTA

Many people liked to be spoon-fed with instructions on what you want them to do, and that is particularly true on social media.

If you do not tell them precisely what to do, then chances are, they are unlikely going to do anything. 

So, create contests and giveaways, ask questions, tell them to go to your site, ask them for shares and retweets, ask them to check out your website, and even suggest they call you. 

Try to switch it up from time to time and provide a clear call-to-action on what particular action you want your fans to take. 

9. Invest in social lead nurturing tools

To increase ROI on social media, your marketing budget should be invested in how you can create better quality leads and sales.

Fortunately, you do not have to do everything on your own manually. 

There are a lot of marketing tools out there that will find leads automatically for you by matching your profile information and posts on social media with your ideal buyer personas.

For LinkedIn, some tools will visit thousands of LinkedIn profiles, tag the profiles, and place new contact data from LinkedIn into your CRM.

10. Have a retargeting campaign

Finally, you can increase ROI on social media by engaging with people who have already engaged and showed interest in your ads and products through retargeting ads.

You can target users who have visited your site, engaged with your past campaigns, or have left products in their respective carts. 

Because this set of users has already shown their interest, there is a good chance that you could convert them with a little reminder. 

Best Books on Social Media Marketing

Creating an effective social media strategy does not have to be overly complicated. 

You can start with what you think are your most important goals, then pick the best strategy to achieve these goals. 

You can also utilise social media insights to be able to learn more about your target audience, then use your performance data to improve your strategy over time so that you will be well on your way to increase ROI on social media over time.

So, it is high time to drive results in your business with proper planning and by using the tactics that we have discussed in this post.

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