Social media is a great marketing tool and impacts every aspect of your brand, business, or service. In order to fully understand the value it could bring to your business, it is important to understand how to appraise or measure it. Businesses know when their marketing strategies are working in their favor by bringing in new clientele or selling more products. However, the value of comments, likes, follows, reviews, and clicks could be incomparable. Quantifying this value is important for your business and digital marketing strategies to succeed. Here are 3 metrics and how you can use them to value social media.
Return on Investment
Return on Investment with social media can be measured at the social media level wholly or with the campaign on each platform. The formula for social media ROI is (Earnings-Cost)x100/Costs. Earnings would be what is received from the campaign, more or less the success. These can be seen through clicks, sales, and more. Costs would be what went into the campaign like time, contributors, ad spend, and the tools needed to complete the campaign. ROI is the best to use to value social media. It puts dollar-related value to the money and time spent within your social media marketing efforts.
Brand Awareness
In the last decade, brands have evolved to become more present on social media and they are seeing the benefits through recognition and awareness. If you want more people to see your brand, brand awareness would be a great goal. It takes time to build brand awareness. However, through reviews, likes, recommendations, and reshares it can be done. Online reviews and recommendations are the foundation of brand awareness, customers are more likely to purchase products and services if they read reviews on social media. Brands build their credibility through their customers and their experiences, these could be shared and analyzed to see the potential boost in value on social media. There are many other ways to boost brand awareness that you can read here.
Engagement
Engagement is more than just customer service. It is likes, clicks, follows, reposts, messaging, and views. Social media engagement is vital for building a relationship with customers. A brand that leverages its social media engagement and presence, is a brand that will receive more ROI and maintain customer loyalty. Interacting with an audience leaves an impression and could result in more business. Engagement allows the brand or business to track, analyze, and quantify the value of their customers. Understanding the importance of engagement brings value to social media and the opportunities for enhancement.
How Can We Help You
If you want to take your brand to the next level, let us help! We offer digital marketing and social media solutions. We see the value in your business and social media. Contact us today at (512) 721-0333 or contact us here for more information.
