Measuring return on your investment can be complicated, but it doesn’t have to be.
Do you want to increase customer loyalty, customer service, or generate revenue? Decide the goal for your investment on social media. After you’ve done this, develop reasonable targets for each channel to achieve your goal. Once your targets are established, determine a budget for advertising on those channels to develop campaigns to reach them.
For customer loyalty, you can measure your investment by your organic reach. Your reach is identified by how vast your content reaches within your followers and outward. Identify your target demographics and create content and offers that will be used to reach followers of similar interests and ultimately turn those who view the content into followers. Your loyalty will grow as your reach is extended, and continue.
Customer service can be measured on responsiveness to your followers’ needs and wants. Encourage your customers to have conversations with your staff to acquire information on your offerings. Followers may want to know how to get your product or service, how to use it, and how to fix it. Encourage positive communication and publish success stories. Your investment is measured on the ease of access to your company knowledge, timeliness of responses, and quality of information provided during the experience. Use customer satisfaction surveys to measure the effectiveness of customer interactions.
Generating revenue sometimes seems unnatural with social media. The key to converting followers into customers is building trust with your brand. Publishing content that is meaningful and informative will turn future opportunities into sales. To see immediate results, offer promotions and discounts to increase your sales. Building a strong online reputation will make customers into repeat customers who will advocate on your behalf.
Create a unique experience for your customers. Identify with your customer and deliver products or services that will have them coming back for more.
Create a goal for your social media initiatives and derive reasonable targets. With your goal and targets in mind, develop an appropriate budget to grow your presence. Your return will be defined by reaching your target within your defined budget.