Which Social Media Will Provide the Highest ROI?
As you work to build awareness, credibility and make more sales, you’ll need to identify the best social media investments for highest ROI for your business. The first thing to realize when trying to determine ROI is not to use profits to judge ROI of social media. Why? People aren’t on social media to make purchases. They’re on social media to be social. Instead, you need to look at engagement, traffic referrals and reach.
Understanding Social Media ROI Metrics
You can’t base return on investment on income or profit when it comes to social media. Instead, look at engagement, see how many times people are clicking through the links you share, and how far your social media posts are reaching. Are they shared a lot? What happens when they share your posts?
You Can’t Be Everywhere
There is no way you can be on all social media networks without hiring a whole team to get it done. So if you’re doing this alone, you will need to choose. The best way to do this is to choose the top three networks for your niche and focus only on those.
Advantages and Disadvantage of a Particular Network
Each network has its own issues and problems when it comes to using it to promote your business. The best thing to do is to learn all you can about each network. Conduct searches to find your audience, try to determine how many of your audience are there, and how friendly the network is to use.
Where Is Your Audience?
This is the most important factor of all before choosing which networks to place your focus on. Is your audience there? Are they there in large enough numbers for the work you have to do to matter? It all depends on your niche. For example, if you’re an accountant, it’s hard to imagine Instagram working out for you, but easy to see how LinkedIn may.
What Is Your Time Investment?
If you’re not going to outsource, the time investment is an important part of the equation of choosing which social media offers the best ROI. If you focus on three networks, you can bet it’s going to take at least three hours (if not more in some cases) a week to affect any sort of movement at all. Do you have that kind of time?
What’s Your Monetary Investment?
Even if you don’t outsource, you’ll have expenses if you want to use social media marketing fully. You will need to run ads, which will cost at least five dollars a day. You may also need to pay someone to help you, such as a social media marketing firm.
Give It Time
Once you’ve chosen a network (or three) to work with based on the information you’ve gathered, you’ll need to give it time. Social media marketing is a long-term marketing strategy. Don’t expect results overnight. You can boost the results by running ads, but getting engagement and activity on the network may take more than 90 days.
Once you’ve run social media campaigns over 90 to 120 days, take a look at your numbers to see if you’re seeing movement. If you are, keep it up for at least a full year. The trick is to have a plan of action going in, and then sticking with it for the long term in order to see the full return on investment you can have marketing on social media.As a reminder, please note that we are an affiliate of Amazon, ClickMagick, Coach Glue, Content Sparks, GetResponse, Kris Clicks, NOW Lifestyle, OptinMonster, Rebrandable Traffic, SiteSell (SBI! & Solo Build It!), and other companies where we may earn reseller fees and commissions if a visitor makes a purchase after clicking on one of our images, posts, or links and visits the advertiser's website.
Thank you for visiting our website, we hope to see you again!Mike Conkey