Practical Ways Businesses Can See ROI from Social Media

The term “social media” means different things to different businesses: Some organizations view social media as a vibrant pipeline of conversation and customer feedback, while others see it as a necessary evil that produces a negligible amount of ROI. Perhaps one of the most common factors that causes businesses to hesitate when it comes to implementing a full-scale social media campaign is the fear that their investment of time and resources will ultimately produce very little measurable results in return. But the truth is, the right type of informed and focused social media efforts can do wonders for your business. Below are some practical concepts to help you guide the social media efforts of your business in a way that will yield a positive ROI.

Likes, Retweets and Followers Are Important, But They Should Not Be the Goal

There’s nothing wrong with soliciting likes, retweets and followers from your audience, but if you make those things the only objective, you’ll essentially miss the point of social media interaction. There are tons of businesses that have thousands of followers on Facebook and Twitter, but their social media pages are little more than digital ghost towns. More than likely, these businesses use their social media pages as one-way broadcasting or advertising channels, but spend very little time actively soliciting and encouraging customer feedback.

The pursuit of likes, retweets and followers as an end unto itself may marginally boost social proof for your business, but it does little in terms of creating genuine engagement with your audience. Interacting with and responding to clients and prospects by way of social media should be viewed as a critical component of your business. You place high importance on setting aside time to answer emails and return calls – the same importance should be given to interacting on your social media channels.

Do More Listening Than Talking

It’s human nature to want to be heard; most people want to know their opinions are valued and their words do matter. Businesses that make a conscious effort to offer genuine responses to customer inquiries will gain and retain customer loyalty.

One of the worst mistakes a company can make is to assume that they know what their customers want without taking the time to truly listen to what their customers are telling them about their product or service. Social media can be an invaluable resource in this regard:

• Take the time to listen to the social buzz surrounding your company, and do your best to identify opportunities where you can engage with your customers’ questions, concerns and even complaints.
• Make sure to approach your responses with understanding, not immediately jumping to the defense of your company, but rather genuinely empathizing with your customers’ concerns.
• Develop a plan to implement changes when needed, and make sure to follow up with customers by way of your social media channels to let them know that their suggestions have been heard and acted upon.

When this practice of social listening is implemented with consistency, it can yield outstanding results in terms of garnering the respect and loyalty of your customer base, because they’ll feel as though they have a genuine connection with your brand. This emphasis on mutual respect and constructive interaction will ultimately make your business better, and you’ll achieve a solid ROI from your social media efforts in the process.