The Value of Social Media to your Business
With so many social media channels active how do businesses differentiate and prioritize what social channel will give them the most relevant ROI.
The two most dominant identifiers are;
- What is your Social Value?
- What is your Social Success Metric?
Identifying your Social Value and Success Metric are the foundations prior to even considering what channel(s) to dive into.
Social Value can be; Likes, Retweets, Mentions, Fans, Followers, Shares, Comments just to name a few. Ask yourself what will give my business the best Social Success Value?
Social Media is all about content and gaining your SSOV (Social Share of Voice), if you don’t identify this prior to creating a social page and choose the best suitable channel your content and goals will be of little value internally and externally e.g. (I better post another photo as we need our three pieces of content this week) NO!
Now let’s align our Social Values to our Success Metric.
Success Metrics can be; Clicks, Conversion, CPL (Cost Per Lead), CPA (Cost Per Action), CTR (Click-Through-Rate), Traffic to Website or a particular landing page or promotional page, Engagement Rate, Page Views, Video-Plays etc. There are many to choose from, but if you ask yourself what Social Action is worth more to my business the rest will fall into place.
Here is a handy Facebook Metric Tip to get you started:
Remember be strategic with your Social Investment, you don’t need to have presence on every Social Channel, think about the Value and Potential it will bring to your Business.
