In times of tight budgets, more rigorous accountability and a changing view on the importance of importance of ROI formula in the marketing world, I just published a new article to help marketers calculate the ROI formula of improvements to their web experience in Retail Online Integration. Check out the piece and let me know what you think of it. A Simple roi formula to Build a Business Case for Web Investment
ROI formula
You are most likely using social media to promote your business. You’re tweeting, you’re Facebook liking, and you’re starting discussions on LinkedIn. The million dollar question is…Are you tracking? No, it’s not a new social media site. I’m talking about tracking your social media ROI formula .
If you aren’t tracking, you are not the only one. Statistics show that over 70% of businesses do not track their social media ROI formula. This is a crazy statistic when you consider that billions are spent on social media campaigns each year. You know you need to turn those social media mentions into an actual sale, but where do you start? Well, I am here to help and share with you the “secret formula”, so pay attention! ROI formula
What’s Your Return on Your Social Media Investment?
Yes, social media will likely benefit your business ROI formula , but you have to understand the beast first.
First Things First ROI formula
Before the Internet, the traditional advertising methods were television, radio, print, outdoor, retail, and mail. Let’s face it, there are tricks of the trade that every marketer knows uses to get a good return when using these mediums. Things like placing a print ad on the right edge of a page so people look at it when the turn the page or personalizing an envelope with the target’s name so they are more likely to open it. ROI formula Social media has tricks just like print advertising, but first you need to understand how social media works.
ROI formula
Start by creating social media accounts for yourself first. To better understand social media and the return you will get on your efforts, you need to experience the platforms first hand.
ROI formula
On Twitter, check out what’s trending and jump into the conversation.
On LinkedIn, join a professional group to network or start a discussion.
On YouTube, browse channels and make a comment.
On Pinterest, ROI formula peruse the boards, create a board and start pinning.
On Facebook, become a fan of a favorite organization or like a product.
It’s imperative that you experience social media firsthand so you can appreciate how different it is from traditional media and begin to understand its value.
Traditional Media ROI formula vs. Social Media ROI
In traditional media, communication is one way– content attracts an audience. To confirm the audience demographics, businesses use tools like Nielsen black box, subscription data, and survey responses. ROI formula Before placing advertising through traditional media, a business has a pretty good idea of who they are talking to, and the reach of their effort. To get that audience to respond, a business can include a special offer or a phone number that can be traced back to that ad. Figuring the ROI formula is a straightforward calculation. Right?
Now, enter social media. Social media is as incredibly complex as the millions of different personalities who log on to its networks every day. There’s not a clear direction of communication and the audience demographics are equally as fluid. For example, while a news agency may post a piece about your product on its web site, the real story may be the debate raging in the comments section. That then spills over onto other sites. While social media metrics include clicks, comments, follows, likes, pins, posts, and tweets, those actions may or may not translate to sales. In fact, if giving your sales an immediate boost is the only reason you’re on social media, then you’ve missed the point.
ROI formula
Set Social Media Goals
Once you understand how the social media platforms work, it is time to build your social media goals. You already understand that there is not a direct line to sales through social media. So what goals should you set?
ROI formula
Build Brand Awareness
Grow your Customer Database
Boost Sales
Make sure you know what your business baseline is before you begin marketing on social media platforms. When you add social media to your marketing mix, start with one network so you can better measure performance. ROI formula Don’t only tweet coupon codes. Social media is about engaging your audience. Share company stories, profile employees, initiate conversations, and thank customers. Don’t forget to make it easy for potential customers to click through to your Web site. Just like that!
ROI formula
ROI formula
You are most likely using social media to promote your business. You’re tweeting, you’re Facebook liking, and you’re starting discussions on LinkedIn. The million dollar question is…Are you tracking? No, it’s not a new social media site. I’m talking about tracking your social media ROI formula .
If you aren’t tracking, you are not the only one. Statistics show that over 70% of businesses do not track their social media ROI formula. This is a crazy statistic when you consider that billions are spent on social media campaigns each year. You know you need to turn those social media mentions into an actual sale, but where do you start? Well, I am here to help and share with you the “secret formula”, so pay attention! ROI formula
What’s Your Return on Your Social Media Investment?
Yes, social media will likely benefit your business ROI formula , but you have to understand the beast first.
First Things First ROI formula
Before the Internet, the traditional advertising methods were television, radio, print, outdoor, retail, and mail. Let’s face it, there are tricks of the trade that every marketer knows uses to get a good return when using these mediums. Things like placing a print ad on the right edge of a page so people look at it when the turn the page or personalizing an envelope with the target’s name so they are more likely to open it. ROI formula Social media has tricks just like print advertising, but first you need to understand how social media works.
ROI formula
Start by creating social media accounts for yourself first. To better understand social media and the return you will get on your efforts, you need to experience the platforms first hand.
ROI formula
On Twitter, check out what’s trending and jump into the conversation.
On LinkedIn, join a professional group to network or start a discussion.
On YouTube, browse channels and make a comment.
On Pinterest, ROI formula peruse the boards, create a board and start pinning.
On Facebook, become a fan of a favorite organization or like a product.
It’s imperative that you experience social media firsthand so you can appreciate how different it is from traditional media and begin to understand its value.
Traditional Media ROI formula vs. Social Media ROI
In traditional media, communication is one way– content attracts an audience. To confirm the audience demographics, businesses use tools like Nielsen black box, subscription data, and survey responses. ROI formula Before placing advertising through traditional media, a business has a pretty good idea of who they are talking to, and the reach of their effort. To get that audience to respond, a business can include a special offer or a phone number that can be traced back to that ad. Figuring the ROI formula is a straightforward calculation. Right?
Now, enter social media. Social media is as incredibly complex as the millions of different personalities who log on to its networks every day. There’s not a clear direction of communication and the audience demographics are equally as fluid. For example, while a news agency may post a piece about your product on its web site, the real story may be the debate raging in the comments section. That then spills over onto other sites. While social media metrics include clicks, comments, follows, likes, pins, posts, and tweets, those actions may or may not translate to sales. In fact, if giving your sales an immediate boost is the only reason you’re on social media, then you’ve missed the point.
ROI formula
Set Social Media Goals
Once you understand how the social media platforms work, it is time to build your social media goals. You already understand that there is not a direct line to sales through social media. So what goals should you set?
ROI formula
Build Brand Awareness
Grow your Customer Database
Boost Sales
Make sure you know what your business baseline is before you begin marketing on social media platforms. When you add social media to your marketing mix, start with one network so you can better measure performance. ROI formula Don’t only tweet coupon codes. Social media is about engaging your audience. Share company stories, profile employees, initiate conversations, and thank customers. Don’t forget to make it easy for potential customers to click through to your Web site. Just like that!
ROI formula
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