Social media ROI is attainable, and you don’t need a big office space of well-supervised hipsters to do it. Here’s the short and fast of getting a return on your social media investment.
- Have a product or service
- Monetize immediately
- Post quality trust-building content every day
- Offer more than 1 product
- Offer your product or service frequently
Calculating ROI on Social Media
Is it even possible to calculate this? How on earth do you put a number on somebody dropping a like, a comment, and a meme that you’ve already seen and didn’t like the first time?
Yes, it’s possible. And you don’t have to look at that guy’s meme again to do it. You don’t have to live on social media constantly. You don’t need to become a total addict. Just a mild, acceptable addict.
The thing about ROI is that it’s calculated. Always.
Here are some tools to help you out with keeping track of your social media ROI:
- Analytics and Project Management
- Tweetbot – (iOS) Organize How You Monitor and Engage
- Flow for Instagram – Perfect for IPad
- Other Useful Tools
- Dropbox – Share or access files from anywhere
- Evernote – Keep track of all business and personal tasks
- Nimble(iOS) – Social contact manager
How to Get the Most out of Social Media
At this point, you might not be sure if social media is even a good investment.
You’re on the right track of thinking. It’s all about your personal or business goals.
First, I’m going to drop an ancient-wisdom knowledge bomb on you:
Time is money.
I know…it’s heavy. You probably haven’t heard it before…
What I mean is…figure out what you’re selling and how much time and energy you’re willing to spend. Don’t think of social media as this big nebulous timesink(it mostly is, but don’t think of it like that)
Social Media is a channel that offers the ability to give customer service, create leads, engagement, and market your thing. Selling always involves some kind of medium for connecting the business to the consumer.
Is Social Media Dying?
In the long run, is social media an actually good investment by comparison to other media?
Yes. Depending on your product or service, it’s essential. Social media is growing. That means you’ve got a solid distribution channel with seemingly endless potential.
Here’s a breakdown of which age groups are most prevalent on different social media.
Do I Need to Hire a Social Media Manager?
Sound like a lot of money for questionable results?
Don’t hire a social media manager until it makes sense. You wouldn’t hire a salesperson if you didn’t have something to sell, right?
The great thing about social media is its potential for scaling. You don’t need to go all in out the gate, it will show its value later on.
And once you’ve set up some basic calculations and started getting a handle on your audience, you can see how much time$ it’s taking up versus what you’re bringing in from people who engage on social media.
This way you can show your SMM (social media manager) exactly what you need and know the exact cost. Hence, your ROI.
Knowing Your ROI Allows You to Scale
You got a return on your investment of some kind. Now what? Same thing?
Rinse and repeat. Then invest some time and attention in how you might do more, with more products and services.
Start with baby steps. Track what’s happening. Use your time$ responsibly, like a grown-up.
Here’s a simplified version to give you an idea that it can be done:
How to Choose a Social Media Platform and How to Use it
Ready to get started? Here you can learn about the top social media platforms and how they are best used for marketing: Social Media Platforms – Targeting Explained