What's This ROI Thing, Anyway?
In short, return on investments. However, most people know that, already. What it is in regards to online marketing, however, sort of hones it, shaves it back into something a bit more specific.
This is actually a key component of online marketing, particularly as it pertains to the time used in setting up social media marketing- many people don’t address that issue. When you’re talking about ROI in regards to the use of free sites like Facebook and Twitter- how do you measure the actual investment that you’re giving? How much time will you be spending on these sites to market your business? If you’re not spending a daily amount of time- you may not be utilizing them to their fullest potential, but how much is too much?
The choice to go with social media marketing as a means of improving ROI, it’s not one that is an instant no brainer. It may seem like it, with how excitedly some of us talk about how beneficial it can be, but remember, your time is also money. The best way to make the most of that time is going to be in making sure that you’re not only doing things the right way, but that you are committed to it as much as you should be. The truth of the matter is, nothing in life is free- and social media networking is no different. Yes, social media marketing is a powerful tool in the online marketing game, but it’s not one that you can just pick up, use, and sort of allow to run itself. It is defined in cost, but time and effort- and those two things have to be in place, for a longer term, better result. Once you have your social media marketing rolling, then, you have to be able to track statistics and trends, and bring them all together to figure out what you’re Social Media ROI really is.
If you have not seen Oliver Blanchard’s Basics of Social Media ROI, you should. Not only is it pretty entertaining, it brings some very good points to the table, as well.
I’ve mentioned how you measure the impact of your social media marketing, before, but the way that Oliver Blanchard broke this down was excellent. While it may seem like an impossible thing to measure- it is not. There are tons of programs out there now with many options that will help you along, and once you have that information- you combine it with your sales, and you’ve got a reasonably good idea of what is working for you, what gets a “needs improvement” grade, and what you need to just scrap all together.