Friday, September 13, 2013

ROI: Finding The Gold In Your Social Media Plan


Photo source: http://ow.ly/oDSwA
In our last blog post, we discussed the importance of a social media strategy and its execution (with a special focus on International Talk Like a Pirate Day). In today’s blog, we focus on the treasure chest of a social media plan – the ROI.

In order to have social media success, you’ll need more than just a strategy and execution plan. You’ll need to know whether or not your business is in fact benefiting from the strategy. If your business isn’t reaping the benefits of your social media strategy, then you’ll need to know how to improve your social media ROI.

The return on investment on social media can be difficult to measure. Since an ROI varies per business, it’s not clearly quantifiable. For your plan to be fully successful, a business should know how to evaluate their work on social media. The following questions should be kept in mind:

- Have you gained more visitors on your website since you’ve begun your social media execution?
- Have you gained additional clients or customers?
- Have you seen any generally positive or negative impacts to your business or brand?

It’s important to spend time analyzing your current social media strategy and execution with a social media audit. The mission is to find out whether your work is actually bringing you any gold. You want to avoid another pirate sinking your ship and you can do this by staying on top of your plan and customizing it to your business. Unfortunately, there won’t be anyone warning and screaming “fire in the hole” before a canon is fired to your social media strategy. This is why it’s necessary to continuously analyze and update your social media plan and efforts. We recommend a social media audit every 6 months (depending on your business/industry). Keep in mind that there could be new pirates crowding the waters around your ship, with new ones entering port year round.

If your current plan isn’t bringing you any gold, it means you haven’t got the right treasure map in your hands. A social media plan is only truly successful if there’s an ROI. The ROI of your social media strategy will help you find out whether you are in fact getting any benefits for your efforts. If you’ve been fooled by your current treasure map, which mislead you to zero buried treasure, then it’s time to careen the ship toward a social media audit and review those social channels for a better social media strategy. Book a social media audit with us today!

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