There’s no debating the fact that social media has become a critical component of a brand’s marketing strategy in today’s digital age but it’s all useless if your social media ROIs aren’t justified.
A social media ROI (Return on Investment) refers to the measurement of the effectiveness of a social media marketing campaign in generating a return.
It measures various metrics such as brand awareness, engagement, website traffic, lead generation, sales, and customer retention.
Calculating social media ROI involves comparing the investment made in social media marketing to the revenue generated.
A simple example is if a company spends $10,000 on a social media marketing campaign and generates $20,000 in revenue as a result, the social media ROI would be 100%, meaning that the company made twice the amount of money invested.
Before we go into what a high return social media plan looks like, let’s quickly touch upon why we need a social media plan.
- It helps you define your goals and objectives: The goals can range between increasing brand visibility and increasing engagement, or sales.
- It helps you understand your target audience: A social media plan helps you identify your target audience and tailor your content to their interests.
- It helps you create a content strategy: A social media plan enables you to create a content strategy that aligns with your business goals and resonates with your target audience.
Let’s now look at what an aggressive and high return social media plan looks like:
Contents
1) Clear Objectives
A high return social media plan starts with clearly defined objectives that are specific, measurable, achievable, relevant, and time-bound (SMART). Divide your goals to ensure you have clear metrics to measure.
For example, increase in website traffic, increase in followers, increase in sales, etc.
Recommended Reading: 9 Reasons Why 80% of Social Media Marketing Campaigns Don’t Sell
2) Audience Persona
It is important to have a clear understanding of your target audience, their pain points, and what motivates them.
Creating an audience persona helps in identifying their interests, behaviours, and demographics. You can do this by using the MECE structure.
3) Content Strategy and Calendar
Creating a content strategy that aligns with your business goals and resonates with your target audience is key to a successful social media plan.
The content should be tailored to different social media platforms and should include a mix of visuals, videos, and text. Keep in mind the tone of the content going out based on the platforms they are going out on.
4) Social Media Audit
Conducting a social media audit helps in identifying what’s working and what’s not. It also helps in identifying the gaps in your social media strategy and opportunities for improvement.
You can use various tools for this. Check out Toolcano for a list of great tools!
5) Influencer Marketing
Collaborating with influencers who have a significant following in your niche can help increase brand awareness and drive engagement. It helps build trust and adds a human touch to your social media presence.
6) Metrics and Analytics
Measuring the success of your social media plan is critical to making data-driven decisions. Without data, success is just an opinion. Numbers never lie. Use data to make changes and adapt your plan to ensure you get your ROIs.
Recommended Reading: Zero Advertising Social Media Marketing – Facts, Myths & The Honest Truth
Here are a few examples of brands that have high return social media plans:
1) Zomato India
Zomato is a food delivery app that has a strong social media presence in India. Their social media plan includes creating engaging content that resonates with their target audience, collaborating with influencers, and leveraging user-generated content.
They also use humour to connect with their audience and have a strong customer service presence on social media.
2) Myntra
Myntra’s social media plan is focused on building a strong brand identity and creating a community of fashion enthusiasts. They use social media to showcase their latest collections, collaborate with influencers, and engage with their audience through user-generated content and social media contests.
Before we leave, let’s just discuss a few pointers to keep in mind while you strategize your social media plan to make sure you get the highest returns:
- Define the purpose of social media for your brand and choose the right social media channels.
- Create engaging and valuable content for your followers, don’t only rely on paid ads.
- Track, track and track your social media performance. Make changes when and where necessary.
- Test and experiment with different campaigns and strategies. The best way to improve your social media ROI is to learn from your successes and failures.
Creating an aggressive and high return social media plan isn’t easy. It’s highly formulaic and thrives on data. If you’re looking to take your social media strategy to the next level, leave us an inquiry and let’s discuss your next plan together!