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November 25, 2014

Developing Social Media Marketing Strategies for Businesses

Developing social media marketing strategies from WebChanakya

Social Media is a very sensitive part of digital marketing, Every like, tweet, share, plus is a part of sense the fellow people have on our status, picture, or “product”. Social Media is not just a social platform anymore. It is a marketplace that helps online shops sell products on social channels!

Table of Contents

1 Why your Business Should Go Social ?
2 Know the power of Like, Follow, Plus on Social Media
3 ROI Social media
4
5 Measuring Social Media ROI: Financial and Non-Financial Metrics
6 Non-Financial Metrics
7 Financial Metrics
8 Integrating Metrics for Comprehensive ROI Analysis

Why your Business Should Go Social ?

Many businesses are still aware of being social, social media platforms aren’t just place to converse and its and digital world were every single account is a sales executive of its own brand. Reasons for going social, as we all know you get unlimited no. of people with whom you can connect and make them listen your business pitch with a smile. Trust it’s the trend now that people brag about brand’s ! I have liked Amazon page do you !? Lots of people search brands on Facebook and like them ! Social Media Presence creates a trust in consumer’s mind, it makes you live on social media they message you, converse with you, comment about, you mention you and a happy customer “Review You “. Brand Awareness

Social media also helps to increase reputation of brand ! Making aware of your brand through social media is not only easy but also cheaper than other sources.

Developing social media marketing strategies

Best part Social media marketing is your consumer is following you, you can keep updating him with your product, you can re-target your product with updates and conversation.

Know the power of Like, Follow, Plus on Social Media

A like means simple they like you , now with like to your page their expectation is to get some feed from you ! Give them that make a content which can engage them. Be on their expectation run contest, reward them ! Catch their personal opinions make pitch on their sensible side. Wish them on their festivals, wish birthday on their festival.

Remember that :

ROI Social media

Measuring Social Media ROI: Financial and Non-Financial Metrics

Social media return on investment (ROI) encompasses both financial and non-financial metrics, providing a comprehensive view of marketing effectiveness.

Non-Financial Metrics

Non-financial metrics focus on engagement and reach:

Visitors: Unique users accessing your social media profiles
Page Views: Total number of times your content is displayed
Fans/Followers: Audience size across platforms
Engagement Rate: Interactions (likes, comments, shares) divided by reach
Brand Mentions: Frequency of brand name appearances in social conversations

Research shows that non-financial metrics can predict future financial performance. A study by Kumar etal. (2013) found that social media interactions led to a 5% increase in customer lifetime value.

Financial Metrics

Financial metrics directly tie social media efforts to business outcomes:

Sales: Revenue generated from social media-driven conversions
Revenue: Total income attributed to social media activities
Transactions: Number of purchases resulting from social media campaigns
Customer Acquisition Cost (CAC): Expenses incurred to acquire a new customer
Return on Ad Spend (ROAS): Revenue generated per dollar spent on advertising

Metric	Formula	Example
ROAS	Revenue / Ad Spend	$10,000 / $1,000 = 10x
CAC	Total Marketing Cost / New Customers Acquired	$5,000 / 100 = $50

A study by Goh et al. (2013) revealed that user-generated content on social media had a stronger impact on purchase behavior compared to marketer-generated content.

Integrating Metrics for Comprehensive ROI Analysis

Effective ROI measurement combines both financial and non-financial metrics:

Set clear objectives aligned with business goals
Choose relevant KPIs for each objective
Implement tracking tools and analytics platforms
Regularly analyze data and adjust strategies
Calculate ROI using the formula: (Gain from Investment – Cost of Investment) / Cost of Investment

Research by Hoffman and Fodor (2010) suggests focusing on consumer motivations for social media use when measuring ROI, rather than solely on company-centric metrics

Leveraging both financial and non-financial metrics, businesses can gain a holistic understanding of their social media marketing performance and make data-driven decisions to optimize their strategies

So, step in new stream of Social media marketing for Businesses ! Consult social media marketing agency Today !