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3 Ways Social Media Can Help Your Business

As a business owner, you have probably considered using social media to help you get the word out about your business. Building a strong social media presence may take a lot of time and hard work, but the pay off can be incredible.

Social media can be extremely beneficial to companies of all sizes. Here’s how social media can help grow your business.

Reach new audience

Sharing content to thousands of people at once is one of the biggest benefits of social media. But instead of trying to reach everyone, you need to find the right people to engage with. Social media provides the perfect opportunity to help you reach your target audience. Plus, it is one of the fastest and least expensive ways to connect with your audience.

Identify who your target audience is, and then determine which social platforms they spend most of their time in. If you share really interesting and engaging content, you are likely to reach thousands and thousands of people in no time.

Create meaningful relationship with your customers

Social media encourages two-way communication. It’s not enough that you share your knowledge or provide some updates about your products, services and upcoming events; you also want to communicate with your fans and followers.

Social media allows you to communicate with your prospective and current customers. Once you have earned their trust and goodwill, they would be much more willing to recommend your products to their family and friends.

Customer service

Providing stellar customer service is likely already a top priority for your business. Since most customers want immediate response, many of them would post their questions or concerns via social media. If they do, it is important that you respond and address the issue in a timely manner.

If you acquire positive feedbacks, ask the customer if you can share it on your page. People will trust and appreciate you when people say good things about your business.

 

BIMS_11.10We all know what ROI stands for. Unfortunately, not everyone understands its meaning and importance.

If your company is spending money on social media marketing, you want to measure your ROI. This is important so you have an idea what exactly it is you’re getting out of the time, effort and resources you commit to your campaign. It helps you measure the efficiency of your social media marketing efforts.

To show you how you can track your social media ROI, here are the steps you should take to help you gauge the effectiveness of your social media marketing campaign.

Identify your goal

Different organizations will have different goals. Before you can track and measure your ROI, you first need to identify your goals. Is it to generate more product trials, get signups for your newsletter or increase traffic to your site?

Track your goal

Each of your goals can be measured using specific metrics such as traffic, engagement, reach, lead generation etc. It all depends on your goal.

There are certain tools that can be used to measure the effectiveness of your actions. You can track follows, likes and share in Buffer. Website actions such as signups, downloads and sales can be tracked in Google Analytics.

Quantify social media return

Add up all the expenses, including the cost of boosting a Facebook post, running a promoted ad and everything that go into generating content and maintaining social media presence.

Determining how much you have spent will help you determine whether you’re getting a positive or negative return on your social media marketing efforts. Now, calculate your ROI using this formula: (Earnings – Costs) x 100 / Costs

Adjust tactics

Monitor the impact of your social media efforts using the formula given above and then adjust your tactics as needed to improve your social media ROI.