What is the return on investment from social media? This is probably the number one question I get from any prospective or current client. And you're probably wondering it yourself, hence the reason you clicked on this blog.
What is the benefit of paying someone (like us) to manage your social media for you? Well, obviously if you have a business, the goal at the top of your mind on any given day is to increase sales and have more money coming into your bank account. That's what we all want. But it's not that easy!
Marketing is all about three things: know, like and trust.
For example, you have a friend who's a realtor. You know her, you like her, but the problem is you don't trust her. Are you going to list your house with someone you don't trust? Probably not. Building trust takes time and if you have a product or service that comes with a larger investment, guess what? Trust is going to rule your sales. The majority of people aren't just going to find you on Facebook and think, "wow, I really like their Facebook page. I am going to invest all of my money with them today." That's not how this works.
Yes, in some circumstances Facebook or Instagram is "easy" to convert sales, but it all depends on what you're selling and who you're selling to. In my opinion, the number measurable ROI from social media is brand awareness. What magazine or flyer is going to reach hundreds or thousands of qualified people in your target audience? The answer is not many. Another perk of social is that unlike that fancy magazine ad that you just paid way too much money for, social media is a fraction of the cost. The wonderful part is that you can see in real-time whether or not the ad is successful. If it's not, pull it. If it is, add more budget towards it.
The best part about brand awareness is that it can lead to engagement. Engagement on social means that you not only post, but you actually respond back and cultivate a community around you. It takes time. If you want a quick fix or an easy sale, perhaps social media isn't for you.
The engagement piece is vital. Engagement is where trust starts to build. People start putting a face to a name and think that maybe, just maybe this company cares about me. And yes, you guessed it- people like to feel like people care about them. It builds trust and trust builds sales.
The important thing when determining the value of investing in social media is to think about what your goals are. Yes, sales are one piece of the puzzle, but what do your other marketing goals look like? They could include anything from getting people to sign up to your newsletter or download your latest white paper. The possibilities are endless.
Get clear with your social media goals going forward. Know that sales are one objective, but you can't convert a sale without people knowing you exist. A great social media strategy is like wine, it gets better with time. Be patient!
Have questions? Reach out to us directly!
Until next time,