Using social media for marketing is, on the surface, a simple concept. You open a channel, build a community or following, and lead them to your product or service. And then they buy…
But the key word in that last paragraph is ‘marketing’. That implies there’s an anticipated return on those marketing efforts. And therein lies the challenge. If you’re not doing social media just for the sake of doing social media (and face it – that can be a huge time-suck without direction), what are you getting out of it?
People often look for the payoff in sales, which is an excellent goal of social media, but it doesn’t have to be the only one. As indicated in the infographic below, some concrete components that can be accurately measured include not just sales, but also leads, traffic, click-through’s, followers, engagements (likes, shares, retweets, etc.), and more.
Think about all the processes that comprise your sales funnel. Chances are, many of those processes can be supported using social media, but they must first be defined and then measured in order to help you determine how well (if at all) your social media efforts are paying off.
While the following infographic may not show direct equations for measuring ROI, it presents some ideas and example that may help you define your social media strategy. After viewing the chart, tell me what activities or actions you can measure in your own social media efforts that could support your business and help you confirm whether social media is ‘worth it’ for your business.