Social media is a good investment for companies both large and small, B2B, B2C, and everything in between. Many people believe that a social media presence is costly but not having a social media presence could be costing your business more in missed opportunities.
The hardest thing about social media is learning how to leverage it effectively to build and extend your brand and generate revenue. But once you master social media, there will be no question of whether or not it brings value; the question will be: “How have we survived this long without social media?” According to MDG Advertising, “76 percent of businesses are using social media and social networking for their business objectives and 74 percent of CMO’s believe they’ll tie social media efforts to hard ROI this year.”
Proving ROI: Insights & Analytics
An important part of understanding the return on investment for social media is analyzing activity across platforms. This will also allow you to see what types of content were most popular with your audience. This allows you to curate and provide content that relates both to your audience and your brand.
Most social media sites provide free analytics and reporting for verified business profiles; there are also a number of services that offer both free and paid analytics. Twitter, Facebook, LinkedIn and Pinterest all offer insights to business users. They track post views and impressions as well as post interaction. Other free sites like HootSuite, Google Analytics, and Klout also offer analytics. There are also many services that offer analytics through paid subscriptions.
No matter your social media budget—whether it be high, low, or non-existent—there are viable options out there that can help you and your company track social media and eventually allow you to see the value.
While social media has its risks, it also has its rewards. A relationship that supports two-way communication will help you to build trust with consumers, and reach new markets and audiences not available through traditional media channels.