The most common mistake most companies make is to rush headfirst into digital marketing, with zero strategy and a let’s see what happens approach.
Now, while a culture of experimentation and being nimble is necessary, because of how fast things change in our Digital World, we believe Knowledge is Power and having a Digital Strategy Blueprint that is based on trend data, actionable insights and global best practices, is better for you business. That’s if you plan on winning with customers and outrunning your competition.
So if you’re one of many Caribbean businesses that rushed ahead without a digital strategy and are now asking where is my return on investment, ROI? Well, there’s your reason right there. You jumped in before setting goals and developing a strategy. This probably means you’re not measuring the right things and now 3, 6 months later into it, you’re questioning your digital marketing spend and you want to know – what have you really achieved….where is your Social Proof?
No need to be upset with yourself or your team, because for many Caribbean businesses going Digital and being Digital, is still new a world to learn and conquer. Therefore let’s pause and let me walk you through a process on How to Measure Social Media ROI for Your Caribbean Business?
In this article I’ll share tools + tips to measure the ROI of your social media efforts.
Why Measure Your ROI?
ROI, is proof that your social media marketing efforts are working and therefore it’s important for you to know. The thing is, that in measuring ROI, the biggest challenge is keeping up with the many changes in algorithms, new platforms, tools coming to the marketplace and determining the proof that you are getting the most out of your investment. That said let’s get to it.
Here are the 5 steps to your ROI. A measurement strategy.
#1: Set Social Media Goals
Always begin with the end in mind… always ask yourself, what does success look like for me and my business. As once you are clear about your goals, then ROI can be measured in a variety of ways: through online community, customer acquisition, lead generation, clicks, revenue, contest entries, email newsletter sign ups, online purchases, filled-out contact forms, link clicks, PDF downloads, social interactions, video views, reach, website traffic, customer conversion rate and more.
It really does depends on your goals. Then remember, everything is a process and not because social media is 24/7 means that your results will be instant.