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How to Determine Facebook and Twitter ROI
Social media has become an integral marketing tool for many businesses. But many make the mistake of just posting update and tweeting randomly, without considering the exact return on investment these social media activities bring to the company.
There are different metrics involved in social media such as sales, social mentions, lead generation, website traffic, and the number of fans or followers. All of these metrics are important to some degree and can give various insights to a business, but the main one that matters when it comes to determining ROI is of course sales.
Yet many marketers concentrate on social mentions or number of followers. This is the social media equivalent of concentrating too much on company turnover. As they say, “turnover is vanity, profit is sanity”. Consider the actual conversions to get a real idea of how effective your social media campaigns are running.
Social media has proven to be a great way of increasing sales and revenues and the overall customer base of a business. But this is just a general statement. You need to make sure your Facebook and Twitter activities are bringing in new business and clients.
There are many different conversion monitoring tools available for your websites. Google analytics is one such tool that has a specific social media feature. Use the social value feature to find correlations between traffic from sites like Facebook and Twitter to actual sales made. These statistics can give you an accurate measure on your social media return on investment.
With a method in place to measure the effectiveness of your social marketing campaigns, you need to increase the number of fans on Facebook and followers on Twitter.
There are many things that motivate someone to follow a brand on a social media site. The chance of getting discounts and other promotional deals is one of the biggest reasons. This extends to getting freebies and samples. Other users simply wish to show their support for a company. So it is your job to inspire such interest and loyalty.
Staying informed and up to date about the company is another factor. So posting the latest news is essential. Gaining access to exclusive content and offers is another great way of getting people’s attention.
Recommendations from friends usually end up with the person following the particular company. Encouraging an active community is the best way of rapidly growing your Facebook and Twitter community.