The question that almost every CEO and business owner wants to know about social media marketing is: What’s the ROI? Essentially, they want to know why it’s of value to them and why they should even bother with it.
You can find plenty of great articles that preach various analytics and ROI calculations. You can measure numbers of fans, levels of engagement, click through rates, conversion rates, etc. And while many of these are all great things to measure (and you had best be doing this), they aren’t the whole story.
The real ROI of social media marketing is that you get to stay in business.
Social media is not the future. It is the present. Social media is not a casual experiment. It is a business necessity.
Whether your audience is the 13-24 demographic or the 55+ demographic, they are all online. They are all using social media for a variety of purposes. And if you’re not there, you’re not getting their business.
Sure, you can give me some attempts at excuses, but that’s all they are: excuses. The reality is that if you’re not on social media and you don’t see the real ROI in it, you are setting your business up for failure.
Social media is a business reality. Much like staffing and payroll. A lot like paying your electricity bill. Social media is no longer an option, nor a choice. It’s a necessity in business today.
Why? you ask. Because your competitors are using it. And if you want to compete, you need to be there too. And because your customers are using it. And if you want to be in front of them, you need to be there too.
I’m not saying you need to be posting 10 times a day to every major social media site. But you should have a presence on the major platforms that your customers use. And a presence means regular posts and consistent interaction with your audience.
We are no longer in a time and place where you can “think about it”. People are looking for your company online. They want to connect with you. And if you’re not there, you’re telling them you don’t care. Telling them you don’t care is business suicide in today’s world.
Yes, you should be concerned with conversion rates and leads generated, but more importantly, you should be worried about the message you are portraying. Are you present? Are you open and honest with your audience? Are you putting your customers first? Are you handling customer service issues? Are you rewarding your fans? Are you concerned about issues beyond your company’s front doors? These are the things your customers want to know. And social media is your platform to answer these questions and gain their loyalty.
The real ROI of social media is that you are able to create brand loyalty and brand advocates. The real ROI of social media is that you get to stay in business in today’s online driven world. So, stop thinking about this as a chore or an inconvenience. Hire the appropriate staff to manage your social media presence. Without them and a good strategy, you could find yourself struggling to stay afloat.