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Why your Business Should Go Social ?
Know the power of Like, Follow, Plus on Social Media
A like means simple they like you , now with like to your page their expectation is to get some feed from you ! Give them that make a content which can engage them. Be on their expectation run contest, reward them ! Catch their personal opinions make pitch on their sensible side. Wish them on their festivals, wish birthday on their festival.
Remember that :
ROI Social media
Measuring Social Media ROI: Financial and Non-Financial Metrics
Social media return on investment (ROI) encompasses both financial and non-financial metrics, providing a comprehensive view of marketing effectiveness.
Non-Financial Metrics
Non-financial metrics focus on engagement and reach:
- Visitors: Unique users accessing your social media profiles
- Page Views: Total number of times your content is displayed
- Fans/Followers: Audience size across platforms
- Engagement Rate: Interactions (likes, comments, shares) divided by reach
- Brand Mentions: Frequency of brand name appearances in social conversations
Research shows that non-financial metrics can predict future financial performance. A study by Kumar etal. (2013) found that social media interactions led to a 5% increase in customer lifetime value.
Financial Metrics
Financial metrics directly tie social media efforts to business outcomes:
- Sales: Revenue generated from social media-driven conversions
- Revenue: Total income attributed to social media activities
- Transactions: Number of purchases resulting from social media campaigns
- Customer Acquisition Cost (CAC): Expenses incurred to acquire a new customer
- Return on Ad Spend (ROAS): Revenue generated per dollar spent on advertising
| Metric | Formula | Example |
|---|---|---|
| ROAS | Revenue / Ad Spend | $10,000 / $1,000 = 10x |
| CAC | Total Marketing Cost / New Customers Acquired | $5,000 / 100 = $50 |
A study by Goh et al. (2013) revealed that user-generated content on social media had a stronger impact on purchase behavior compared to marketer-generated content.
Integrating Metrics for Comprehensive ROI Analysis
Effective ROI measurement combines both financial and non-financial metrics:
- Set clear objectives aligned with business goals
- Choose relevant KPIs for each objective
- Implement tracking tools and analytics platforms
- Regularly analyze data and adjust strategies
- Calculate ROI using the formula: (Gain from Investment – Cost of Investment) / Cost of Investment
Research by Hoffman and Fodor (2010) suggests focusing on consumer motivations for social media use when measuring ROI, rather than solely on company-centric metrics
Leveraging both financial and non-financial metrics, businesses can gain a holistic understanding of their social media marketing performance and make data-driven decisions to optimize their strategies
So, step in new stream of Social media marketing for Businesses ! Consult social media marketing agency Today !
