Trend Identification: Another ROI from Social Media Marketing
For most businesses, the question of determining the ROI for social media marketing comes down to tying the results of those campaigns to a monetary amount, and then balancing it against the time and money spent to run the campaign. However, there are many other returns that you might not be aware of that, while difficult to tie in, should be accounted for in your overall ROI. One of those is the value of trend identification.
What You’re Doing Right and Wrong
Business owners and decision makers often struggle to understand what motivates customers to take action or not to take action. Why does one customer purchase a product, while another goes elsewhere without even thinking twice? Social media marketing can help you dig into this area and identify trends before they become serious issues with dramatic implications for your bottom line. Need some examples?
The same question, multiple times: If you notice that you get the same question from different social media followers time and time again, it’s a good sign that you’re missing something elsewhere. Perhaps your website needs more content. Perhaps your “about” section on your profile is lacking. Maybe you need to expand your website’s FAQ section.
Complaints: Are your followers or fans complaining about something tied to your business? Listen up. This information can help you make essential changes within your business to better serve your customers. Maybe you need to make changes in your customer service department. Perhaps a sales rep was short with a customer. Maybe pricing wasn’t clear. Whatever it is, these complaints should be taken for what they are – valuable feedback that should be analyzed and, if warranted, acted on. Comparisons to other businesses: Are you finding that your followers or fans prefer a competitor’s product to yours? Don’t chalk it up to price alone. Perhaps the other product has a better form factor. Maybe there’s a better warranty involved. Maybe your competitor is offering that product bundled with something else. Use this information to better position yourself in the marketplace in comparison to your competitors.
Relevance: Like it or not, all businesses must eventually iterate, or they become irrelevant to the market. Even giants like Apple have been faced with the question of relevance to the market, and Microsoft is beginning to experience this now. By following the trends highlighted in social media results, you can determine your relevance to the market and take steps to ensure that you remain an integral part of your customers’ lives, rather than being relegated to history. Trend identification is just the first step. You’ll need to analyze the information gleaned from your campaigns and then decide how (or if) to act on it. However, make no mistake. While this type of result cannot be tied to a monetary value, it is still incredibly important, perhaps even more so than seeing the hoped-for increase in direct sales that probably prompted your foray into social media marketing in the first place.
Trend Identification: Another ROI from Social Media Marketing by Chris Tomlinson