How do you measure ROI in todays Social Media world?

That is a very tough question – so I will start with questions for you.

How much do you spend on the printed phone book?
Consider moving that money over to Social Media – because (almost) NO ONE uses the phone book anymore, and you should stop killing trees.

Because of the way Social Media interacts – your old way of measuring ROI (with the phone book) is obsolete – just like the phone book. How can I be so harsh? Well, I am just being blunt. Our story starts, long ago, when the printed word was king and the internet was just a “fad”.
Back then – You placed an ad in the phone book – your phone either rang or it didn’t – simple right?
OK – put your memory to the test – how many other mediums did you use to to support that phone book ad?
Did you use TV? Maybe a local cheap cable channel.
How about radio? FM stations were awesome up until the iPod could work with your car radio.
What about all the other print? Newsprint in the local paper, community paper, billboards, flyers on the windshields of cars in parking lots.

SO really – think again how much you used to spend and REALLY think of how you measured your ROI. You more than likely just figured that you got more calls, made more business and that you made more than you spent – which is just as silly as saying I spent $2000 on Social Media and I got nothing for it.
Reality check – Social Media takes time and participation. The best Social Media Expert in the world still has no idea about your interaction with your clients. So if you are not participating in your program you have no one to blame but yourself. With that in mind…

A good Social Media program will have your Marketing Specialist coordinating your efforts with:
Your Employees
Your Clients
Your Prospects
Your charities or community involvement

This should include
Facebook
LinkedIn
Blog
Twitter
Email

Yes, you have more places to check and respond – other than just the phone. Here is another thing to remember – more people use Text, Email, Social Media to communicate than they do the phone.
Think about it – when was the last time you tried to call on the phone and was put on hold for more than a minute?
You more than likely: hung up – sent a text, email or tried another number. I would be willing to bet an internet search was involved also.
So if you did it – why would you think for even one second your customer wont?

Everyone talks about measuring ROI and my 2 cents is to measure Y.A.P.  – Your Active Participation. If your YAP is the best it can be, then you will know that when the time comes – and your customer needs you – you will be available, no matter which way they try to contact you.
If they can’t talk to you today and get a response by the next business day, you can bet they will find and talk to someone else.

 

Identifying your Target Market: Who are you talking to?

I updated have updated a few items.

WilliamHard

Every businessperson knows one must identify their potential market.  That is what demographics is all about, right?  Not so fast, my friend.  In today’s ever-changing world, we now need to incorporate a new factor, the generation.  The lines blur between generations and two people 5 years apart may identify themselves with the older or younger generation. A person born at the end of Generation X might identify with Y and
a person born at the beginning of Generation X might identify with the Baby Boomers.  Everything plays a factor now including where they grew up, if their parents were divorced or not, how much they and their parents make. Let’s take a look at the description of each generation, not their actual age, although I do reference what years each is most likely born.

The Greatest Generation

Born between 1901 and 1925, this generation also has been called the Depression…

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Are you connecting with your clients? Or are you just making noise?

I keep saying this over and over, whether you have been in social media for a few years or you are just getting started – you initial connections are your framework.  Lets see if you can answer this question easily – if some unknown company asked you to “like” or “follow” their product , would you?  Even if you did, would you interact with them just because you saw some post?  Maybe if it was funny or cute, but seriously, would you buy a certain tire for your car just because they had a cute kitten playing in a tire?  If you won’t do that, what makes you think anyone would?

 

 

 

 

 

 

 

 

 

Photo courtesy of Puppies are Prozak

Let’s start over.
I am going to use another tire shop example.  Suppose you see a post from a local company that your friend likes.  You friend has commented that they got a good deal on the tires, the salesman was helpful and they were in and out in a reasonable time.   Now if you saw that post and you happen to be needing to replace your tires, would you look up the company and give them a call?  Much more likely.  This is what I am driving at.  Engagement is needed to produce an action.  Getting your current customers to like your page takes nothing more that a specialist (such as myself) who can connect YOUR social media pages to YOUR customers.

Once you find them, then you seduce them.  Get your customers to write about their deal.  Get them to comment on you post about your store or product.  Build your framework then ENGAGE your customers.  Then, and only then, can you start with the cute kittens campaigns.