HOW TO Measure Your Social Media ROI (3 of 5)
HOW TO Measure Your Social Media ROI: Part 3 (If you missed it, check out HOW TO Measure Your Social Media ROI Part 1 and Part 2)
Let’s face it, most business owners starting to utilize and leverage social media want to know what the return on investment is with social media. Honestly, social media lacks easily and clearly measurable characteristics of other investments, but it IS very much possible to see and track the monetized return from engaging in social media.
Tip # 3: Use Special Promotions
If you want to know just how many people really care about your products and services, try doing some free promotional giveaways! If you sell products online try offering a discount, free shipping, or a bonus product to customers that interact with you digitally. During the checkout process, use a promotional code like “twitter” which provides the FREE addition to the order (or discount); this will provide information about how many people that you interact with actually want/use your products. What could make this process even better would be to restart the process using different social mediums to track your value on each of them.
In his book, Crush It, Gary Vaynerchuk provides a wonderful case study about his marketing efforts. He put up a billboard, purchased a TV spot, and tweeted about free shipping on purchases of wine from his company. You’ll have to read the book to see how monumentally more successful his social media efforts were compared to more traditional means of marketing. The best part of the whole case study is the amount that he spent compared to the return on each of them – needless to say, social media is FREE so the ROI on something that didn’t cost a penny is pretty colossal.
[...] ROI: Part 4 (If you missed it, check out HOW TO Measure Your Social Media ROI Part 1, Part 2, Part 3, Part [...]