Generating ROI from Social Media
Social media is increasing in popularity for business use. If used correctly it can be a revenue earner but it is always important to track how it is working for you.
When setting up a social media campaign you need to think about the cost of return on investment from the beginning. Measuring how much a campaign is likely to cost you in man hours is an important first stage of doing this.
You can measure this by looking at the salary of the person who mainly posts on social media and tracking how much time they spend on posting per week. This way you can work out basically how much your social media activity is costing you.
There are also some basic rules to remember if you are going to make profit from social media activity. When managing your posts, you need to make sure they are regular and consistent.
Posting inconsistently can mean you can alienate people by either bombarding them with a lot of updates or only posting occasionally so that people don’t take you seriously. Either of these activities could mean you could be ‘un-followed’ by people and use potential customers.
Two way communication is important too if you are going to generate ROI from social media. You need to address feedback and encourage interaction to get more followers and become popular online.
It is also best to align your social media strategy with your main business objectives in order to get a good return on investment. For instance if you are currently promoting a particular product or service then your social media posts should reflect this.
Following these basic rules will mean that your social media is effective and consistent, ensuring you get more followers and potential customers. An effective social media policy will mean you get a good return on investment for the effort that you put in.
Published on 09/10/2012
