It’s safe to say that these days, social media holds a place alongside print and broadcast as an essential marketing channel for businesses and professionals. As such, social media now should be held to the same standard as those channels: your social media ROI needs to contribute to your bottom line. To get on the right track, first we need to understand what you may be doing wrong:
You forgot about pre-event activity
Pre-event activity includes creating an event page (or website); sending an email to your target audience; kickstarting pre-event social activity including choosing a unique hashtag; creating pre-event blog posts; and if possible, using SEO on your event page so that the event catches the attention of everyone. Pre-event activity is very important to get ROI because it enables the target audience to get information about the event. By following these strategies, we can make sure the right people are attending the event
You didn’t connect with sponsors
To ensure significant ROI for events, sponsorships are always helpful. The key to getting sponsors is the perceived value of the event. Sponsors can be in the form of a wi-fi sponsor, charging station sponsor, paid blog sponsor, VIP lounge sponsor, post-conference party sponsor or sponsored tweets. We wrote a previous post on how to connect with sponsors here.
You don’t have a sales funnel
We know we said social media has become an essential marketing tool – but your sales funnel shouldn’t be on social media – it should be on your own website or an other structure you can control completely. It should be capable of capturing qualified leads and turning them into sales. Of course, social media is one way to push new customers towards your sales funnel, but if you try to do a hard sell on social media you will usually just kill the social aspect and lose followers.
You’re doing metrics wrong
Either you don’t track your metrics at all or you track the wrong metrics – At this early stage in social media, the metrics we use are still fairly unreliable. If you have a great sales funnel set up and your product or service is well marketed on social media then you are much better position to track social leads, conversions and sales. However, just like real-life relationships, not everything can be reduced to numbers and for many businesses, social media is about building good will and can still be measured through lifetime customer value, engagement and referral rates.
So, now what? Adjust to improve!
Once you’ve identified what works and what doesn’t work on social media, it’s time to adjust your strategy. The point of tracking your social media ROI isn’t just to prove your social campaigns are valuable, it’s to increase their value over time. Due to the short lifecycle of social media campaigns, a failing campaign should be changed and improved as soon as possible. Remember – social media is never static. To meet your social media ROI goals, you’ll need to take your analytics data into account and constantly update and adapt your strategy to stay ahead.