As a marketers who deeply believes in the power of social media, we have to say that the question “What is the ROI of Social Media?” is by far the most asked question. The answer however, is not so simple…
The truth of the matter is this…the answer to this question is not always quantitative – the answer is based on sentiment and engagement.
Ask yourself this:
What is the value for your brand to have customers engaging daily with you, sharing their feedback, spreading their excitement and organically sharing your message with their network? The answer is “priceless”. No form of traditional advertising can offer an ROI nearly as impactful or effective as building a positive sentiment for your brand on social media.
What other form of advertising provides you a platform to genuinely talk to you customers and potential customers?
Where else can you share your expertise through casual conversation?
Social Media is a forum where as a brand you can showcase your expertise and content without feeling like you are “selling” your brand. This is not to say that Social Media can or should replace traditional media, only that it can amplify your traditional marketing strategies using messaging that engages your audience and motivates an immediate response and action.
A recent study by The Business Insider revealed that 90% of customers will recommend brands who they interact with on social media. The voice you create for your brand can turn your customers into loyal brand advocates. Think about your experiences with brands – the ones you trust, value and believe in. These are ultimately the brands you buy from time and time again. Social Media transforms a customer who “likes” you into a customer who “loves” you. This might sound corny but a customer who loves your brand will buy from you – each and every time.
So the next time you are questioning the ROI of your social media efforts consider the following:
- Do your Facebook posts receive likes, shares and comments?
- Do your posts evoke an emotion with your followers?
- Are your tweets getting retweeted?
- Do your blog posts receive comments?
- Do your followers initiate conversations on your social media platforms?
If the answer to any of these questions is YES then you should consider the ROI of your social media efforts to be a success!