All businesses around the world operate in different ways and have different objective but, they all have one very important goal in common; ROI.
ROI is a question you hear everywhere and almost by everyone; but in different shape and form of course.
Businesses adopted almost every new technology and platform to ensure they are seen by their customers and prospects at all times. This is particularly true when it comes to social media. However one thing has remained vague since adoption of social media, in 2009, by businesses; and that is ROI!
According to Javier Burón, Founder and CEO of SocialBro, 88% of marketers want to know how to measure ROI of their social media activities. Javier presented an interesting slide in which he broke down different channels (most used by marketers for advertising); and Twitter clearly stands out!
As it is evident above, every channel is pushing ROI; and of course deployment of a specific channel would depend on type of business and target audience. Thus, it is critical for businesses and marketers to know their audience well before spending money on any channel; in particular on social media where everything is all about conversation and content.
Good social media content has to be a combination of relevancy, reach and quality. Needless to say, no-one can guarantee and even achieve ROI in social media unless they are relevant and meaningful to their audience; which begins with listening. This is possibly why Twitter is constantly improving its usability and accessibility; to be easier for people to use the channel.
According to some anecdotal research, well over 65% of Twitter users are more likely to buy from brands they follow. So you can guess what would be the case if brands don’t interact with their followers on Twitter and mobile has a major role in converting Twitter followers to actual business customers. Therefore having an attribution model in place is very important; something can substantially help measuring ROI.
So, unlike many brands competing for more followers on Twitter or more likes on Facebook; numbers, including number of posts by brands, are to some large extent irrelevant to success in social media, proactive engagement and meaningful conversations are the way forward. So, don’t worry about ROI, just try to make sense; and remain transparent and authentic at all times. this way people trust you and happily spend their money with you; then ROI in social media will no longer be vague.
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