With the advent of digital media, the way businesses acquire new clients and revenue streams have moved into the digital landscape.
Social media helps turn your followers into customers and drive conversions, leading to more sales and increased revenue.
Did you know 7 in 10 Americans use social media and 77% of people buy from brands they follow on social media?
If you are not already leveraging social media for your business growth strategy, you are missing out on profitability.
Start with setting goals, choose the right social media platform, run ads, leverage influencers, improve content marketing, and measure ROI to improve your social media ROI.
From creating photos and video posts to developing marketing campaigns on sites like Facebook, YouTube, and Instagram, a social media marketing budget can yield a higher ROI than other paid marketing efforts.
Therefore, an effective social media strategy is crucial to improving your ROI and brand’s marketing.
Read on to learn the effective ways to improve your social media ROI.
Ways to Improve Social Media ROI
Studies also show that over 77% of marketers use at least one social media platform for marketing their business.
Unsurprisingly social media is now the preferred channel for digital marketers.
If you want your efforts to be considered and convince your clients and customers, nothing will work better than showing results through your social media ROI.
Setting your goals for social media marketing is a great way to envision your ideal future and motivate yourself to turn your vision into reality.
- Understand your business’s objectives
- Identify what business goals social media can help you achieve
- Discover the social media channel your ideal customers are using
- Identify your target audience
- Set SMART goals for success by making goals specific, measurable, achievable, realistic, and timely.
It helps to clearly understand exactly what is needed to execute your social media plan and where your time, resources, and money will be spent.
Make sure to set a goal that is realistic and achievable otherwise, you risk failing.
Choosing the right goals at the beginning of a marketing campaign could significantly impact your next campaign's success.
2. Choose the Right Social Media Channels
While Facebook and Youtube continue to reign supreme, Instagram, Twitter, TikTok, and Pinterest are expanding swiftly.
However, determining which platforms are the most effective for your brand and your audience is crucial.
For instance, if you have retail and lifestyle brands, you might benefit most from Pinterest and Instagram, whose image-focused feeds attract users to buy your product.
Below are a few points that can be a starting point for selecting the right platform.
- LinkedIn and Twitter incline toward B2B marketing, while Facebook dominates the world of the B2C market.
- Facebook has the most significant client base. More than 1 billion regular as compared to 500 million Twitter users.
- More than 7 million advertisers actively promote their business on Facebook.
- The second-biggest search engine is YouTube. It is a great marketing source to use. In addition, it will help you to increase exposure to other social media marketing campaigns and your videos.
- First, build an organic presence to support your paid campaigns to expand a new social media platform.
Utilizing a variety of content types on your chosen platforms can help ensure that your business is top-of-mind for customers throughout their entire buying cycle.
The networks you use to promote content should fit your target audience and marketing goals.
Choosing the wrong social networks will waste your valuable resource.
Check the infographic below for more information.
3.Use Paid Promotion
Since more than 4.26 billion people regularly hang out on social media, businesses must want to invest much in social media advertising.
Although creating a social network account is often free, most sites depend on advertising revenue.
Paid social advertising is the surest way to reach your target audience and bring in traffic if you struggle to gain on your posts.
According to research, Ads on social media had worldwide revenue of $153 billion in 2021, and it is expected to grow to over $252 billion by 2026.
Moreover, social media platforms offer various targeting choices to help you focus on business goals. Different ad formats can be implemented depending on business goals, ranging from increasing reach to driving traffic directly to your website.
Ultimately, no other form of advertising is as reliable and scalable as social media paid marketing.
According to research, 63% of people trust what influencers tell about a brand more than what the brand tells about themselves.
Influencer marketing is also an impactful way to elevate your social strategy. The Influencers are more relatable than celebrities, so their message touches people’s hearts.
Their bonds with their followers are sincere and substantial. As a result, the traffic they generate has a high potential for conversion.
Consider the following things while deciding to leverage influencers.
- Choose qualifying influencers who can bring increased recognition to your brand.
- Ensure the influencer you choose is an expert from the same industry or niche as your brand.
- Give your influencer creative freedom and encourage them to develop unique and original campaign ideas for your brand.
- Ask the influencer to use your product and share their honest and genuine feedback.
- Influencers can help you promote your brand through sponsored posts, reviews, contests, shout-outs, and account takeovers.
Influencers can help you accomplish all of your social media marketing goals. They can grow your reach and credibility as well as drive sales.
Therefore, collaborate with influencers to boost your ROI.
5.Improve Your Content Marketing
Since people always have access to their social media platforms, the need to publish fresh content daily and reach out to them is crucial.
Therefore, updating and sharing valuable content on social media channels can attract the interest and attention of potential customers.
The more the engagement, the higher your chances of getting noticed and recognized, and there are different types of social media content that you should use.
The content that works on one platform may not produce the same on the others, assuming it can be published there at all.
You can schedule your posts on multiple social media platforms to prevent wasted time on social media.
Hootsuite, Sprout Social, CoSchedule, and Post Planner are some popular social media scheduling tools to boost your marketing workflow.
This way, you will save time and have the opportunity to plan ahead and stay focused on other tasks.
6. Measure Your Social Media ROI
After implementing the plan, executing paid promotion, leveraging influencers, and investing in content, now is the time to track your activities and outcomes.
Take a look at your social dashboards to measure your performance.
Check the following things to measure the social media ROI.
- Identify the types of content has top performance
- Check the time your post is getting the most engagement
- Track your lead’s visits until they turn into customers
- Identify the total reach and traffic
- Track the number and potential customers generated by social media who become real customers
The more data you discover, the simpler it is to maximize your reach and get a better ROI for your efforts.
Google Analytics, Sked Social, Hootsuite Social ROI Calculator, and UTM Parameters are some popular tools to measure your social media ROI.
Using these tools can empower you to pinpoint what is not connecting with your audience so you can adjust your campaign planning accordingly.
More importantly, measuring performance over time can help you identify more opportunities and act on emerging social media trends to stand out.
Keep yourself updated on new platforms, technology, emerging trends, algorithm changes, and customer preferences and behaviors.
However, your business will miss the significant benefits if your brand lacks a social media presence.
Implementing the above strategies can help your brand get better social media marketing ROI.
To learn more, get in touch with Searchable Design, the best digital marketing agency in the USA.