When social media first started gaining traction, CMOs and other B2B marketing heads saw the value of the new marketing channels. Since that time, social media marketing budgets have increased substantially, yet a majority of businesses fail to deliver a quantifiable return on their investment.
What can marketers do to ensure their efforts are generating a true and effective ROI? They can take these seven steps:
1. Know your why and set a goal
This is the critical first step that is needed to explain why an initiative is important enough to spend money on in the first place. State upfront what you are trying to accomplish and why you’re doing it. It’s important to outline clear deliverables such as increasing the number of leads from a source or securing a specific number of email sign ups from a certain initiative, and communicate why it’s important.
2. Identify and target the right audience
Without knowing who the key customers will be, you run the risk of a scattered approach that may dilute your message and drastically increase your costs. Some sample questions to ask yourself to help: who in your current customer base is the right fit for your product or service? Who buys the most and why do they buy? What have they purchased from you before? Do their purchasing patterns suggest they might be a good target?
3. Develop specific content for the audience and determine the correct outlet or channel
Determine the best avenue and media format to communicate your content to an engaging audience. The answer is not typically a one-size-fits all approach. Will video communication work better than written content to better showcase your product? Should you write a 600 word blog post or are 140 character tweets more logical? Do status updates on Facebook make more sense?
4. Allow the product to market itself
Many businesses don’t yet realize it, but providing a great product experience allows customers to determine if your product really fits their needs. One simple way to do this is to offer customers the opportunity to experience the product for free. The freemium strategy of the 21st century has created billions of users and spawned tremendous new business opportunities.
5. Generate brand advocacy
Creating and amplifying advocates should be front and center on every marketer’s agenda. The blueprint for how to turn advocates and owned media into a powerful marketing force is the key. Get your brand on customers’ pages in social media channels and have them share information with their networks about the product or service. This generates word of mouth marketing, which is one of the most effective kinds of marketing.
6. Engage with people on social networks
Too many businesses lack this step too. If your product or service is mentioned on a customer’s social media page, engage with that person. Start a conversation directly with customers – it will make a huge impact of their perception of your product or brand. Engaging with customers on social media is one of the fastest and most effective ways to create brand advocates.
7. Track and analyze your success
Defining and determining a technology solution to track important metrics must be done proactively. You need to know what data you need to show, how to go get it, and then show it simply. There are a variety of services that can help you proactively gauge the impact of your strategy, so that in the end you have a tangible ROI that is defensible in front of any CMO or CEO.
Social media marketing is the biggest opportunity to marketers since the web, and it’s now time to develop a clear strategy, create advocates, and generate leads and sales.
Next time you have to justify your budget to implement a successful social media campaign and provide a tangible ROI, rely on these seven steps to get you there.