What’s The Real ROI of Social Media?
What every business owner or CEO wants to know about their social media marketing campaign is: What’s the Return on Investment (ROI)? What they want to know is what’s the value to them and why they should even bother with it.
There are many articles about various ROI calculations and analytics. You can measure click through rates, the numbers of fans, conversion rates, levels of engagement etc. All these things counts but they aren’t the whole story.
The real return of investment of social media marketing is that you will get to stay in business.
Social media is not the future. It is the present. Social media is not a casual experiment. It is a business necessity.
Whether your audience is the 13-24 demographic or the 55+ demographic, they are all online. They are all using social media for a variety of purposes. And if you’re not there, you’re not getting their business.
Sure, you can give me some attempts at excuses, but that’s all they are: excuses. The reality is that if you’re not on social media and you don’t see the real ROI in it, you are setting your business up for failure.
Social media is a business reality. Similar to payroll and staffing. It’s like paying your water bill, Social media is also no longer a choice or an option. It’s considered a necessity in today’s business world.
Why? you ask. Because your competitors are using it. And if you want to compete, you need to be there too. And because your customers are using it. And if you want to be in front of them, you need to be there too.
I’m not saying you need to be posting 10 times a day to every major social media site. But you should have a presence on the major platforms that your customers use. And a good online presence means consistent interaction with your audience through regular posts and updates.
We are no longer in a time and place where you can “think about it”. People are looking for your company online. They want to connect with you. And if you’re not there, you’re telling them you don’t care. Telling them you don’t care is business suicide in today’s world.
Of course, you should be focused on leads and conversion rates, but also be worried about the message you wish to have. Are you present? Are you open and honest with your audience? Are you putting your customers first? Are you handling customer service issues? Are you rewarding your fans? Are you concerned about issues beyond your company’s front doors? These are the things your customers want to know. And social media is your platform to answer these questions and gain their loyalty.
The real ROI of social media is that you are able to create brand loyalty and brand advocates. The real ROI of social media is that you get to stay in business in today’s world. So, stop thinking about this as an inconvenience. Hire the appropriate staff to manage your social media presence. Without them and a good strategy, you could find yourself struggling to stay afloat.