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How social media can increase ROI

How social media can increase ROI

 

Social Media Can Increase ROI

Social media is becoming a common form of strategic marketing and the only one medium that can connect directly with customers and exponentially influence their network. Marketers have three strategic business motivations for using social media; financial, customer support and branding. The results not only affect engagement but ultimately ROI.

Traditional marketers still don’t have a grasp on how to use it and business owners don’t quite understand its potential. In here lies the problem and also the solution.

Building a strong social media strategy for your marketing mix. Millennial’s are graduating university with not only diplomas, but an understanding and use of social media that is changing the buying behaviours and influencers of our current and future generations. They are the fastest growing group of consumers and they are all on social media. This is an opportunity to captivate them, influence their purchasing decisions and brand loyalty. Perhaps you may want a Millennial on your social media team?

Main Benefits

Lets look at the benefits of using social media and how they affect ROI.

  1. Financial

When putting together a financial plan our goals generally fall under the following labels: Revenue, Leads, Referrals.

First thing to do is to track your social media campaigns down to the lead form. For example: What does a Facebook like worth? What is an email list worth? What is an influencer worth? We are able to track B2B and B2C transactions and calculate our sales. Ask yourself now, in the traditional sense how many relationships one must build to attain the same results? Social media can work for you even when you are not working and exponentially increase your sales results.

  1. Customer Service

By using Twitter and Facebook for customer communications companies have made a solid case for good social media ROI. The ability to interact in real-time with customers allows for immediate feedback on what they want and how to give it to them.

Millennials are also naturally becoming brand ambassadors on social media by sharing their favourite products and shopping experiences with friends and family. Facebook and blogs are determined to be the top social media platforms to influence purchases. More presence and engagement means increased ROI.

  1. Branding

Building brand awareness is the strategy of companies and agencies alike. Instead of selling you a product, they are making you think of their product when you are in need of it. For example, you may want to buy a car, suddenly Volvo comes to mind, why? Perhaps because they are top of mind due to their presence online, their Facebook ads and cool viral video’s that they share. Volvo is now COOL and you want it. This is why social media presence is the perfect opportunity for brands to socially engage with Millennials and make them even more loyal customers. 

There is no more room for traditional marketing strategies alone, get with social media or get left in the dust. Using social media boosts financial gain, helps customer support and improves brand loyalty. These end results ultimately influence a businesses return on investment.

The question is how social media savvy are you?

Social Orra offers consulting services that can help you enter or improve your social media presence and ROI. Contact us if you need any help and please do share your thoughts about social media in 2015 below:

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