Both SME and industry giants have increasingly turned their attentions (and investment) towards Social Media. Social Media Marketing (or SMM) has become a strategy of its own as a bi-product of marketing itself. Businesses are convinced that Social Media will eventually deliver monetary results, this is often the case, there’s no disputing that SMM has extraordinary potential to attract revenue but importantly the strategy has to be delivered correctly.
In recent years businesses were reluctant to invest time and money in an SMM strategy, now even the most stubborn “old school” business man or woman will find it hard to dispute its potential.
Statistics show only 6% of businesses believe SMM is a waste of time that will not result in a Return on Investment (ROI).
In this post we’ll look at businesses attitudes towards social media in 2013 and what exactly makes a successful SMM strategy.
For example 64% of businesses are confident that their current SMM strategy will deliver a return on their investment. This means that the majority of businesses in the twenty first century believe in the potential of social media to market their products or services, they also believe that the strategy they are currently utilising will result in revenue.
Clearly most businesses out there are confident, but how exactly can you measure the “success” of a social media strategy? You’ll have to take many factors in to account including;
- Sharing, forwarding, retweeting and commenting
- Visits to your page
- Increases in Sales
- General Brand awareness
Luckily for you we’ve got some tips to find out how effective your strategy really is.
- Try measuring the effectiveness of your different social networks collectively and individually to see what medium is helping you the most, what’s generating the most traffic, revenue and interaction. Perhaps you’ll get more interaction from your 1000 Twitter followers than your 5000 Facebook followers for example.
- Track how many visits to your site actually come through Social Media and how many lead to any sort of conversion.
- Monitor the behaviour of your isolated social media traffic, explore how social media “leads” enter, explore and spend time on your page. Are they simply passing by or researching what your business actually offers.
- What content on your web page gets the most traffic, try tailoring your SMM strategy to what’s getting the best results.
For more information on Social Media, how to implement your SMM strategy and the benefits social media can bring in traffic and revenue, take a look at some of our previous entries on the blog.
By Richard Owen