4 Steps to get the ROI you want from your social media strategy
When implementing a marketing strategy, you want it to be as efficient as possible. This is the reason why you have to look at your return on investment (ROI), that is to say, what you earn compared to what you spend. In marketing, and especially when it comes to social media, it can be very difficult to evaluate this. So, it's important to analyse the benefits you receive from social media such as leads, clicks, followers, etc.
In order to make the most of your social media strategy, follow these four steps!
1. Audit your current strategy
Before even starting to plan a new marketing strategy, you should have a closer look at your existing strategy in order to spot what works and what doesn’t. Step by step, think of the content, the platforms, the posts and the reactions that come from them. Moreover, you should track which reactions converted into sales. Not every reaction is as valuable as another, so the first step is to observe which ones provide you with the best return.
2. Define your objectives
Once you’ve audited your existing strategy, you may be able to focus on what your objective is. Is it to raise awareness of your product? Is it to make more sales? Depending on your specific objective, you will be ready to design a strategy that actually fits. For example, if your goal is to raise awareness of your product in order to stimulate interest, you will focus on content that drives high engagement rates, whereas if your main goal is to create desire and thus improve the amount of sales, you should post content that will cause the click rate to be as high as possible.
3. Target a specific audience
It’s easy to get lost in the immensity of the Internet and end up wasting time and money by reaching an audience that will never become your customer. That’s why it is important that you know who you want to target. Your whole social marketing strategy will stem from your target market selection, so do your research!
4. Choose your platforms
Your social media presence should reflect your brand identity, so it’s absolutely necessary that you pick the appropriate platforms to convey your message. As you might already know, not all social media channels have the same reach and the same purpose. I would then recommend picking the 3 or 4 most relevant platforms in order to make the most out of them instead of misusing 10. For instance, not all businesses can use Instagram but lifestyle brands definitely should! Similarly, LinkedIn isn't for everyone.
And voila! In a nutshell, the most important element if you want to have a good social ROI is to be specific and to tailor what you offer to your audience, and your potential customers.
If you’d like to implement a social media strategy that will provide you a great ROI, contact us!
Elena Di Benedetto
Elena is a Marketing Assistant at Sierra Marketing. Joining the Sierra Team, Elena got to experience life at a marketing agency. With a strong passion for writing, Elena contributes to a range of blogs. At Sierra Marketing Elena has the opportunity to work across a range of clients and industries.