All too often I am asked the question, “How are you able to measure my return on investment if I promote my business through social media?” Well…guess what? There is no magic formula or special way to measure your ROI through social media efforts.
So, why waste time and money investing in social media marketing since there is no concrete way to determine your ROI, right??? Not so fast…
If you are like me, a numbers person, I can understand the frustration. Believe me, it is frustrating having to answer this question! Which is why I figured I would create an official answer through my blog. So here it goes…
While there is special formula for determining just exactly “how much money” your social media efforts are making you, there is the following (and this is just the tip of the iceberg) to consider…which in my mind is preeettttttyy important if you are a business owner:
Building your brand – If you are a new business or expanding your product or service, social media is where you want to let the world know what you are offering!
Customer support – Social media is a great way to create two way conversation with your customers. They can post questions, concerns and/or praise and you can reply back instantly to them.
Become known in the community – Social media is a great way to show your followers you support the growth of the community. Share other small businesses posts on your page and promote any fundraisers and/or events your business is taking part in.
Manage your reputation – Know what others are saying about your brand. Ask for customer feedback on new products and find out what your consumers are looking for.
Connect with your customers – Social media is a great way to show your customers and potential customers what you are all about. Post pictures of daily routines at your place of business, a picture of a happy customer or the resident pet that oversees your businesses daily activities! People love seeing the “human” side of a business.
Bottom line, social media is a way to connect with other people and build relationships. We all do business with people we “know, like and trust,” right? Well, there is your ROI. Social media gives you that opportunity to let people find out more about your business (they’ll ‘know’ you),find out why your business rocks (they’ll ‘like’ you), and go to you for industry related answers to their questions (they’ll ‘trust’ you).
Community Pathway is here to help you manage your voice online through social media. Give us a call! We specialize in small businesses and are confident we will make you a business people can “know, like and trust.”