Solving ROI Dilemmas through Social Media
Questions regarding return on investment (ROI) are some of the biggest hindrance to social media. This is because people do not entirely believe that social media is capable of producing a good ROI.
In order to answer questions like how to generate leads with social media or how to translate followers or fans into customers, understanding the role of social media in your business is crucial. The following are steps that can lead to the solution of the problem.
It is important to evaluate first what your company is generating from the efforts made by social media websites. Remember that it is quite difficult to determine the ROI if you are not properly setting up the tracking. A list of rules is presented below to ensure optimisation of campaigns to generate leads and to measure ROI.
- In order to easily rack behaviour in Google Analytics, it is needed to add UTM tracking to your campaigns.
- To measure calls from social media, it is required to use tracking/call forwarding software.
- Determine that when customers visit your shop, your business will be aware they come from social media by using unique offers.
- Use tracking on Facebook to determine the customer base your page is reaching, which posts are performing, as well as engagement on a monthly basis.
Converting Facebook Followers or Fans as Paying Customers
It is often quite difficult to translate Facebook fans as paying customers. The sad thing is that your business will not be able to convert a huge part of the fans in your social media site into customers that are going to purchase from you.
Rather if you want to get these fans to be converted into paying customers, you need to go after them to purchase from your shop. In this case, you must use the robust ad targeting tool of Facebook and try to reevaluate the strategy of posting that you have to get more focus on your products.
In other words, you need to post something that should be related to what you are going to sell. Likewise, try to post that which will be appealing to people with potential to buy your product. For example, if you are selling cars, try to focus on industry content, media, and news to engage potential customers. They should be interested and focused on buying a new ride.
On the other hand, if you are promoting by giving a way for visitors to win, chances are you will earn new fans who are going to like your Web page. By doing this, you will eventually earn more fans with greater possibility to generate leads. However, this is not entirely true at all times. Simply remember that people or visitors only like pages giving them a possibility to win prizes. The sad thing is that they will no longer visit the page after the contest period will end.
One of the most effective ways instead of hosting a contest is to allow people to test your products by giving discounts. This will give you two results in return: 1) getting a new fan and 2) getting this fan to be a qualified lead as he/she aims to get the product incentive or discount.