For every £1 spent in social media, a potential value of £3.34 can be generated.
According to a study by the Internet Advertising Bureau (IAB) into FMCG brands including Heinz, Kettle and Twinings.
Research found four out of five consumers would be more inclined to buy a brand more often in the future after being exposed to its social media presence, while 83% of consumers exposed to social media said they would trial a brand’s product.Continue reading here.
Anyway, the point the point of this blog is to study and showcase to businesses and people alike the benefits and ROI of Social Media.
If the concept of social media ROI feels rather large and complicated, you’re not alone.
So that’s made the challenge of designing a “appealingly short” guide to understanding social media ROI. Let’s get stuck in.
How to spot it?
ROI has its roots in business finance. Businesses use ROI to calculate the pounds and pence return on a Pounds and pence investment. Basically.
Its what you get back from all the time, effort, and resources you commited.
Of course thee isn’t a money tree hanging around on Twitter with likes and retweets for you to grab just like the other no cost marketing channels you could join the ROi could be amazing if you played it right…
So in order to track ROI, the key elements would be:
Identifying your monetary investment and end goals in social media.
Attaching a reasonable £££ amount to your social media goals.
Below is a infographic created by the guys at Quick Sprout showcasing what exactly you will need to know, consider, plan and measure to see your ROI. Read on and let me know your comments below.
What’s your thoughts? Want to discuss more? contact us today!
About Stuart Morrison
Stu Morrison's background in marketing, entertainment and web development has fused him into a guy thirsty for results in marketing. His regular talks on marketing and web conversion help others to gain more revenue from their websites. He also has a big moustache.
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