There are many individuals out there who believe that the value of social media handles for a business is confined to number of likes, people following each other, retweeting and some other proofs that signify popularity. And there is a basic reason behind that- Numbers and statistics. Via numbers and stats, we can analyse things and see for ourselves whether they are growing or not. They are the litmus test that help us reach the conclusion of whether results are happening or not. That is good so far as these are the metrics you should be tracking. However, this doesn’t necessarily mean that you are getting at the real worth of your time and efforts invested on social media campaigns. And missing out on the true value of social media surely means that you are missing on some important opportunities as well.
In addition to that, keeping a track of Return on Investment (ROI) from social media is a daunting task to perform. And value cannot be assigned if someone visits your website via a social media promotion but this visit doesn’t convert to sales. Perhaps they may do it sometime later, or maybe never. Also, there are those times when customers or potential customers mention your product’s (or say service’s) name. How can that be tracked by any means? Thus, it simply comes down to the conclusion that we need something more significant than ‘likes’ and ‘follows’ to get a better measure about the true value of social media and its impact on businesses.
The first and foremost question that arises in this scenario is that how does the fraternity of customers and businesses interact on social media. It is very crucial to be enlightened about the minute details of how companies and customers are using it. According to recent research, it was evident that approximately 70 percent of people were following businesses on social media for attractive promotional offers and discounts. Two third of the total customer were eager about the information of the latest products. And a little less than 50 percent were interested in the customer service aspect. The latter is usually ignored by companies as they feel like the first two aspects carry the most value.
If you truly wish to see the real value that social media can give your business, then all you should focus on is what the customers are looking for. And it is a well proven fact. Almost half of the business owners believe that social media does have a significant role to play and they have not brought it into the fold just because everyone else is going for it. And not only that, the modern day market is widely influenced by social media. According to a survey, approximately 60 percent of the customers agree to the fact that social media does influence their decision to buy a particular product or service. And talking specifically about social media handles, Facebook rules the charts as 67 percent of the people consider the product on Facebook (including descriptions and reviews by fellow Facebook users) before making a final decision. These are surely some mind boggling statistics and those who believe social media carries a very low value for their businesses should totally consider them before making any final decision regarding their social media marketing strategies.
There are a few aspects that can help to track whether these statistics go up or down. Let us have a look at them.
- Social Analytics: There are a plenty of elements that can be tracked in order to keep a tight check on the social media campaign. This includes key aspects such as the performance of the posts that are being uploaded, a check on whether the advertisements are driving sufficient traffic to your website (or business) or not and last but not least, whether the people following you are sharing your content on various social media handles or not. Almost all of the social media analytics come down to the final numbers and stats that we discussed above. These numbers sure are helpful but they should not be the only driving force in determining the success of your social media campaigns.
- Social Momentum: It may sound as a difficult (and confusing) term but actually, it has a very simplified meaning. It is an excellent indicator of your social media efforts. In social momentum, you keep an eagle eye on the happening on social media handles you are using for promoting your business. A deep analysis of what is happening helps you to discover which parts of your strategy are working and which ones are not. Consider this example- You published a blog recently targeting a specific keyword and fortunately, it got ranked. On the other hand, there is this other blog which is trending the social media and has created a buzz among the followers. Which one is bigger? Obviously the latter one. You can see the clearer picture of social momentum when you analyse this on a regular basis (page by page, month by month). It helps you to learn the aspects that are going to influence the audiences and as a smart webmaster, you can make changes to your website, for the benefits obviously. Last but not least checking out the social momentum of your business rivals is another good idea. It helps you to stay updated and learn what kind of strategies they are using to interact with the audiences.
- Return on Investment: This can present a challenge as figuring out the exact ROI can be a tough thing to do. Aa mentioned above, there is literally no way to determine whether someone is talking about (or referring it to others) your business or not. You do wish to know where to start from. Well, for starters, keep an eye on the conversion rates and if you see a hike in conversions after a new social media campaign (or even a post), then the correlation can be established. Another way to do this is by testing how different types of posts can influence your sales and rate of conversion.
On a concluding note, it all comes down to what you want to achieve for your business. Your primary focus should be on the organization’s goal as a whole and not only the goal you wish to achieve on social media. Everyone likes to see their likes and followers increasing day by day but it is of no use if it is not making any significant rise in your profits. Be smart and use the analytics wisely. Good luck with your social media endeavours.