The success of a business or a marketing campaign is often determined by how much revenue is generated. In this revenue-driven world, it’s difficult to determine a correlation between ROI and social media, but it’s not impossible. Chris Heuer suggests flows of attention, data, stories, labor and capital can provide a means for determining the value of social media. The flows can be identified, measured and converted into financial equivalents, enabling an organization to view returns in a more traditional manner.
Adam Popescu created a list for how businesses can use social media to increase their ROI:
- Engage – People want to have relationships with brands online.
- Be authentic – Your loyal followers will call you out if your putting out content that doesn’t reflect the brand. When in doubt, ask your followers what content they want.
- Provide quality content – Post consistently and make followers feel like their part of the brand.
- Integrate real-time apps – Incorporate social media into everything you do.
- Experiment – Text tone, style and content to see what works and what doesn’t.
I’ve never worked specifically with ROI, but I’ve already incorporated many of Popescu’s tactics into my social media strategy to increase followers and traffic, and improve my personal brand’s SEO.
For a brand that focusing on fundraising, social media can play a critical role. Social media enables businesses to drive awareness to their cause(s). Brands should use YouTube to create and share a video that shows their audience who and what will benefit from their donations. A good example of this is the “Kony 2012” video, (below). This video introduced social media users to Jacob, a man who survived the reign of Joseph Kony. The video went on to inform viewers of all the crimes Kony was committing, and at the very end it let viewers know how they’re donation could help make the world a better place. The video has been viewed over 98 million times.
Other ways brands can increase awareness for fundraising is creating identifiable hashtags and recruiting brand influencers to pass along your message.
Brands who ask social media followers to donate to a cause and promise to match a portion of the donations not only benefit from helping out a good cause, but they get free positive publicity. Brands that give to charity gain more exposure and have better connections with consumers.
Whether your trying to measure your brand’s ROI, or your fundraising via social media, there are many measurable business goals that social media can help a brand to achieve. These include:
- Increase brand exposure
- Increase traffic to website
- Receive better marketplace insights
- Development of brand advocates
- Improved organic search traffic
- New business partnerships
- Reduced marketing expenses
- Increased sales
Social media has changed the way consumers interact with each other and brands. Make sure your brand is a part of the conversation!
Questions to consider:
1. How does your brand measure your social media’s ROI?
2. What techniques have you used to increase your social media’s ROI?
3. Is a monetary value even important when measuring the value of social media?