While most marketers now use social media, it doesn’t necessarily mean they generate high social media marketing ROI (return on investment) from it.
But social media, when used effectively, can help businesses turn followers into customers and drive conversions. It can lead to more sales and increased revenue.
You need to develop meaningful relationships with your audience and build trust. Become their go-to person for reliable solutions and incredible experiences so that they trust you enough to buy from you.
But how can you achieve all of this?
In this post, I’ve listed some crucial tactics that you can employ to increase your social media marketing ROI.
Check them out!
1. Set Achievable Goals
The first step when trying to boost social media marketing ROI involves setting goals for your campaigns. You need to identify your main business objectives to get a clear direction on what you want to achieve.
Do you want to improve your revenue, become an influencer in your niche, or drive website traffic?
Once you’ve got clarity, set realistic goals that your team can achieve and track within a given timeframe.
For example, to increase brand awareness, your goal can involve boosting your share of voice by 5% in three months.
Finally, once you’ve set your goals, identify key performance indicators to track the performance of your social media campaigns.
For example, if you want to increase brand awareness, you can track reach, impressions, engagement rate, the share of voice of your brand, etc.
2. Create Quality Content
Low engagement with content is one of the problems that lead to low social media marketing ROI. However, you can change this if you’ve got a good understanding of your audience and their pain points.
Use social listening tools to discover which solutions your potential buyers need and what their expectations are from your brand.
Secondly, closely observe influencers and competitors in your niche to discover the types of content they post and why it gains traction.
Then, using this data, create content that speaks to your audience.
But what are the best practices when creating social media content?
- Ensure your content resonates with your target audience.
- Make your content engaging. Include interactive elements like GIFs, infographics, memes, videos, etc.
- Address pain points. Provide solutions to your audience’s problems with how-to guides, explainer videos, infographics, etc.
- Remain consistent in your posting timing and frequency.
3. Work with Influencers
Should you invest in influencer collaborations for better social media marketing ROI?
Yes, you should.
Marketers who partner with influencers find their strategy to be more effective.
Image via Mediakix
However, to get better results from your social media marketing strategy, you need to choose who you partner with and the campaigns you run carefully.
Leverage influencer platforms to discover influencers whose content style and messaging aligns with the interests of your audience. They should also have high engagement rates, greater reach, and more influence.
Next, choose campaigns that can help you increase your social media marketing ROI. These include:
- Sponsored content
- Coupons or Giveaways
- Paid shoutouts
- Product collaborations
- Product reviews
- Content collaborations
- Affiliate marketing campaigns
4. Include Referrals and Consumer-Generated Content
Referrals and consumer-generated content are great options for marketers who want to generate better social media marketing ROI.
And guess what?
This type of content works.
Consumer-created content influences 79% of shoppers to purchase.
So, how can you use user-generated (UGC) content to increase your social media marketing ROI?
- Run a UGC contest where participants have to provide their contact details to register. Then, share good content created by users across social platforms for social proof.
- Include UGC in your social media ads to influence more purchases.
- Reshare testimonials and reviews on your social accounts.
On the other hand, you can ask customers to refer your brand or products to their friends against a discount, bonus, etc. This way, more referral customers will get to discover your products from the people they trust, which can increase their chances of making a purchase.
5. Leverage Retargeting Ads
With retargeting, you remind people who’ve viewed your products already and encourage them to purchase them.
Though seven in ten consumers use advertising avoidance strategies, seeing a picture of a product they viewed earlier can make them pay attention to your ad.
But how do retargeting ads work on social media?
When potential customers view a product on your site or add it to the cart, the retargeting partner reports this action using cookies. These cookies then inform the partner when a bounced visitor appears on social platforms like Facebook, Instagram, and Pinterest.
You can then leverage the various retargeting ad formats on Instagram and Facebook to serve ads to visitors based on purchase intent or previous engagements with your brand. To learn more about advertising on social media, you can read this post on Facebook ads.
Pinterest also lets you retarget people who’ve visited your site or engaged with Pins from your site.
6. Track Campaign Performance
Tracking campaign performance can help you get valuable insights into how your social campaigns perform and how to attract people and convert followers into customers.
It can also help you:
- Come up with better social media marketing strategies.
- Get measurable returns.
- Identify tactics that drive the best returns.
- Discover resources and efforts that fail to bring returns.
Most importantly, measuring campaign performance helps you identify more opportunities to stand out, grow your business, and increase your social media marketing ROI.
7. Provide Customer Support
If you’re looking to boost your social media campaign ROI, you can’t afford to have poor customer service. This is especially true if you want to generate sales from your campaign.
Your audience may have several questions about your products or services. If they’re not addressed quickly, you might end up losing them.
That’s where live chat comes into the picture. You can offer live support to your audience on social media and your website.
Through it, you can seamlessly answer the questions that they have and drive them towards conversion. This, in turn, will help provide a boost to your social media marketing ROI.
Alternatively, you can leverage a variety of call centers to provide support to your customers in real-time through phones. This would also help you ensure that you’re able to resolve their issues at the earliest.
And if real-time support isn’t your cup of tea, you could still ensure that your customers are satisfied with your service. You can do so by leveraging a customer service system through which you can address all the problems your customers are facing.
Are You Working Towards Better Social Media Marketing ROI?
Implementing the strategies listed above can help your brand get better social media marketing ROI. However, remember to track the performance of each of the strategies you implement to analyze whether or not they work well. There are several marketing automation tools that can help you track your marketing efforts and automate a lot of your campaigns to drive better results.
Doing this can help you invest your efforts and resources the right way to increase your social media marketing ROI.
Do you need help implementing any of these strategies? Share your thoughts in the comments below.