Many organisations turn to social media for a large part of their marketing strategy simply because the costs involved are incredibly low when compared to traditional marketing media. What they don’t realise is that the pay-off for this relatively low cost is a significant investment of time and effort. So how can you tell if your social media campaign is worth the effort? And what alternatives are available to you?
To find out your ROE (Return On Effort), you need to examine how your strategy measures up to the goals you want to achieve. There are plenty of tools available to help you get accurate measurements of your social media success, but you have to have a clear idea of what you were aiming for in the first place. For example, if you’d like to increase lead generation, you can see exactly how many followers you’ve acquired and how many of those followers have generated leads in any given period of time. You’ll be able to see where your customers are located, who they are and what they are interested in. Even if you didn’t get as many leads as you wanted, you have gathered some useful marketing information.
Most of the data you analyse will point to whether you are investing your effort effectively or not. Through this type of regular analysis, you’ll know where to change or adapt your social media strategy in order to make it more effective – then the time investment you are making will be put to better use, making it exceptionally worthwhile.
As for abandoning your social media strategy, it’s really not an option as there are no real alternatives out there that will put you in touch with as many potential customers as effectively. In fact, according to a 2012 report from Gartner, Inc, “By 2014, organisations that refuse to communicate with customers by Social Media will face the same level of wrath from customers as those that ignore today’s basic expectation that they will respond to emails and phone calls”.
This means that in order to get the ROE and customers you want, you need to commit to making your social media strategy as effective as possible. By streamlining the process, setting goals and evaluating your performance, your social media campaign will be able to compete effectively while giving your potential customers the attention and dedication that they are demanding.