In today's business model, most every decision revolves around ROI (Return On Investment). It would not make sense to spend money and time for any aspect of your business if the return is less than the initial investment. ROI is at the core of every business decision even if smaller businesses or mom and pop shops don't initially approach their business decisions with ROI in mind.
When businesses start to become more ROI cognizant with their decisions, they often start to trim off the unnecessary elements of their business. Cutting programs and decisions that are sucking up time and resources makes complete sense. Unfortunately, many social media programs are neglected or completely abandoned because a brand cannot distinguish a proper ROI in a sea of reports and analytics.
Tracking Your Growth
Social media would be normally considered a brand awareness channel only. So, how can we start to create some sort of a parameter to measure social media growth and its ROI impact? Simply put, analytics.
Social media analytics is one of the single most helpful ways you can track the progression of your brand's social media growth and ROI. In terms of brand awareness and social media channels growth, the major social media platforms such as Twitter, Facebook, Instagram, and even Snapchat have functions that allow businesses to track important numbers like reach and engagement. When it comes to demonstrate ROI, there are ways to track the monetization of the time and money invested, which include:
- Promotions valid only through social media platforms
- Code identification at time of redemption
- Social media check-ins campaigns
- Social media referrals to your website and conversion rate through Google Analytics
Incorporating analytics into your social media strategy gives a legitimate reason to validate the time and money spent to keep up a social media account across several platforms.
It is important to keep in mind that social media is one of the marketing channels that marketers are constantly questioning and analyzing whether the ROI is positive. This is no different from TV, radio or even a website. It can be very hard for any businesses to see a 1 to 1 correlation of a customer seeing an advertisement and then deciding to make a purchase. Yet, most every company still advertises through these various marketing channels. They are similar to social media in the sense that they also carry analytics systems that help justify the price to run an ad on a popular channel or during a large event.
It is understandable to shy away from social media as it is far more of an indirect marketing channel with far more convoluted internal systems than traditional media. Also, it can be hard for many brands to come to terms with how social media is designed to be pay to play just like other forms of traditional media. Just do not be intimidated of the unknown. Social media can be a wonderful place where your brand can grow, interact with customers and even cooperatively work with social media influencers to build your brand.
There is plenty of opportunity on social media that comes with a lot of management. Use the tools at your disposal to track you brands growth analytics over quarterly and yearly accounts to better understand patterns, trends, and even if the investment is worth the return.
If you are still feeling uncertain about where you stand in comprehending social media analytics, the marketing team at Kulture Konnect is always available to help. We even offer a a free diagnostic of your social media footprint to assess your strengths and areas of improvement. Click below. For more information about our social media service visit our here.