Determining ROI for your Social Media Marketing Strategy

The issue raised by the person holding the purse strings in the company is how to determine the ROI to justify expenditure on marketing. What does your accountant say about your social media marketing campaign?

Determining ROI for your Social Media Marketing StrategyIt is relatively straightforward to demonstrate the ROI with some aspects of internet marketing and online advertising using proper tracking procedures for cost per sale, or increased sales as a direct result of a particular action. But with social media marketing, it is not so easy, as investment does not necessarily lead directly to sales. Instead, social media marketing has to be looked at as a long term plan and an investment in the future of the product or brand by influencing the marketplace in favour of your company

It is important to have a clear goal set out for your online marketing plan before you start. It is not enough to ramble on without direction. Obviously, if you do not set out specific goals, how can you achieve any measurable return on investment. Try to determine a target that has a measurable outcome, and use this to guage the performance of your social media marketing campaign. The targets you set may be a value placed on increased product awareness based on responses to online surveys, savings made in customer support as a result of using social media tools, or having greater numbers of positive results appear on the first page of search engine results for your brand or product name.

Choosing the right social media strategies for your business is a very important part of your campaign. It is not easy for the marketers to know where to start. Often companies need to talk to someone with experience to guide them in setting targets, creating a strategic social media marketing plan, and getting it set up and running. Training is often a key factor in avoiding the most common mistakes in social media campaigns. Furthermore, running your social media campaign correctly from the start will save valuable time and errors that may come back to haunt you at a later stage.

While more and more organisations are seeing the potential benefits of developing and implementing a social media marketing plan, they do not always have the resources and knowledge required. It does come down to experience with various social media platforms and taking advantage of the opportunity to join the conversation. Providing information is a great way to start. But it is certainly not enough to keep up a one-sided conversation, the dialogue must be in both directions. Consider how useful this is as an internet marketing opportunity to assess the return on investment for your online marketing and to judge how successfully your other marketing areas are performing. With social media, you are getting the response direct from the audience. Let them provide you with the advice you need to improve your product, your service or your marketing.

  • Where are you going with your social media marketing campaign?
  • Do you have a plan?
  • Have you set targets that you can measure for ROI?
  • Do you know where to start?

At Success Online Marketing we work with you by providing assistance in training, monitoring and management in social media marketing. As much or as little as you require. so why not give us a call? – 051-330579



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