Social Media is growing rapidly and companies small and large know the importance of integrating social media into their marketing program. Case studies have shown that those companies which failed to adopt social media have sustained loss in the long run when their competitors snatched away a lion-share of the market.
Most of the small businesses initially assign their own staff to manage social media instead of hiring a professional social media agency. This can have a negative impact on the marketing strategy. Experts have proved many times that Social media marketing is not something to be entrusted to an intern or given as a minor assignment to an assistant. This is because it is impossible to measure the ROI without professional help.
The there matrices that are considered while measuring the ROI of social media are:
- Traffic generated from the social media sites - These are social media leads which can be measured by location, age group, gender etc. Leads can convert to subscription, sales etc.
- Popularity in terms of follower, likes, comments etc. - User engagement on social sites are measurable using various tools and the increase or decrease in engagement can be spotted and fixed accordingly. Loyalty can be built using the fan page/network.
- Social media mentions about the product/service - Brand mentions in social media sites can be evaluated for both positive and negative feedback (which can be changed by providing quick support).
ROI is calculated to meet the client's goals, budget etc.
Social Media Marketing is all about learning to listen and communicate with your audience over whatever channels you can engage them on.
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