- Want to grow your social media ROI without breaking the bank?
- Realistic goals and accurate KPIs will help you stay on-track with your marketing and keep up your team’s morale.
- You can’t improve what you can’t measure.
Social media is a tough battleground for brands. User attention is volatile and platform algorithms are unpredictable. It’s hard to plan a strategy that stands the test of time. That said, it’s now easier to earn tangible ROI from social media. Why so?
Most platforms have introduced shoppable features to help businesses monetize their accounts. Eager to extract returns from their marketing spend, social-savvy brands are crafting innovative monetization strategies. To beat the competition, you need a robust strategy of your own.
How can you get started? Let’s take a look…
Step 1: Define Your Goals
To give direction to your marketing strategy, you need to identify the goals and KPIs of your campaigns. Ensure that your goals are SMART (specific, measurable, attainable, realistic, and timely).
Realistic goals and accurate KPIs will help you stay on-track with your marketing and keep up your team’s morale.
Step 2: Sharpen Your Targeting
A spray-and-pray approach doesn’t work with social media marketing anymore. You need to target the right people with the right content at the right times. When your content is tailored to your target audience’s needs and interests, it produces the desired results.
To understand your audience better, you can use analytics tools like Hootsuite and Buffer. These tools provide you insights about your audience, such as their ages, locations, professions, marital status, and brand affinities. Using these insights, you can create detailed buyer personas for the next steps.
Step 3: Create Targeted Content
The next step is to create authoritative, unique, and relevant content for your audience. Ensure that your content is optimized for each platform you are targeting. Creating on-trend content is equally important since social media users tend to ignore stale content.
It also helps to create a content calendar with a mix of different content formats. This way, you can cater to people with diverse content-consumption habits.
Step 4: Optimize Your Profile
Keep your social media profiles accurate, complete, and keyword-optimized. Include all pertinent business details and select a memorable username. Don’t forget to add links to your website/blog and other social media accounts in your bio.
Step 5: Leverage Influencers
You can piggyback on influencers and put your brand in front of their engaged followers. When influencers vouch for you, you earn credibility, industry authority, and even sales.
There are many ways to leverage your influencer’s clout. Product reviews, video testimonials, sponsored posts, and expert interviews are some of them.
Step 6: Track and Measure Your Performance
You can’t improve what you can’t measure. So, keep analyzing your campaigns against the KPIs identified in step 1. Try to calibrate your performance in concrete numbers like engagement rate, website traffic, brand mentions, and follower growth.
That’s it. Increasing your social media marketing ROI is no cakewalk, but it’s not impossible either. The strategy outlined above will give you a great start. To read about the process in detail, check out the below infographic.