Can your business justify its social media presence?
It’s a harsh question, but does it?
Do you get value from all your social media actions?
If not, then the following are ways to improve your social media return on investment (ROI).
Set Up Goals
Have a clear understanding of what you want to achieve from your social media campaigns.
Do you want to improve engagement, drive sales, amplify traffic, etc.?
With a clear objective, you can define tactics and channels you will use to achieve your goals. It also makes it easier to determine metrics that will help you measure performance.
Partner with Influencers
Influencers have become quite impactful when it comes to influencing purchase decisions. Social media users look up to them and consider their opinions authentic.
Collaborating with them can lead to increased visibility, improved reach, and better ROI.
But there’s one small catch:
Not every influencer is the right fit for your products or brand. That’s why you need to find an influencer your target audience looks up to and one who will be perfect for your brand.
To solve this problem, you can hire an influencer agency to help you strategize and launch your influencer campaigns. These agencies take charge of the whole campaign, including influencer recruitment, onboarding, monitoring, etc.
Tracking performance can help you know where you currently stand, what you need to change, and what improvements you need to make.
But how do you track social media performance?
Most social platforms provide you with analytics that help you track each post’s reach and engagement.
But it’s not enough to help you track ROI.
It’s why you need to leverage UTM parameters that assign tracking data to all links you publish on social media. They can help you track traffic sources, how the links perform, and more.
But what of influencer performance? How can you track their contribution to your goals?
For this, you can leverage influencer discovery platforms like Open Influence, Captiv8, The Shelf, etc. These platforms allow you to track influencer performance in real-time and identify which one delibers better results.
Need more tips on how you can improve the ROI of your social media activities?
Check out the infographic below.