Contrary to what your agency or manager might have told you, an increase in your social media marketing budget is not the only way to get more value from it. Sometimes a simple reallocation is all that is required to make the biggest desirable difference.
While this post is not just about social media marketing ROI alone, it shows five specific ways to get better outcomes from your invested time and money.
Now if you think it’s just about creating and haring great contents only, think again.
But just what are the core values that can be derived from your social media marketing strategy beyond the vanity metrics? Below we’ll look at some specific examples and how to get more from it.
- Brand Awareness
Trust precedes all forms of successful purchases. This fact holds true whether you are selling online or offline. It matters even more in contexts where you are selling high ticket offers. So this is where brand awareness makes a lot of differences in purchase decisions.
There are two ways to look at brand awareness in the context of social media marketing.
First is looking at your existing customers and prospects who have engaged with your company online in one form or the other. How can you stay in front of them or induce recall in that moment when they are ready to make an immediate purchase?
The second perspective focuses on your qualified target prospects not currently aware of who you are, what you are selling or your unique value propositions.
How are you reaching, attracting and converting them? Note that some of these people could be on the final stage of the conversion funnel.
- Lead Generation
If you still spend your social media marketing budget to drive useless traffic to your home page or blog post without lead generation system in place, then that is a wasteful dumb mistake.
According to Marketing Profs, 94% of B2B buyers conduct an online research before finalizing a purchase.
What happens when these almost-ready prospects land on your site and you have no means of converting them to a paying customer or a lead?
Thus, consistent lead generation is one of the key measurable outcomes you can get from using social media to promote your business. Obviously, it is not everyone (100% of your visitors) that will convert at the first visit.
Finding cost effective ways to keep in touch with them via email, social media, phone or office visits give you an edge in the final purchase decisions.
However, your lead generation systems will be dependent on your business type and revenue model. Example, for B2C ecommerce businesses the approach will always be different. These differences could be seen in terms of content types, lead magnet, promotion cost etc.
- Sales Volume
Here is another basic performance metric understood by everybody. Unfortunately, when it comes to how much sales is being generated from social media marketing spend, a lot of brains go blank and dumb.
While social media marketing ROI attribution still pose a great challenge among thousands of business owners and marketing professionals, you can still leverage this channel to grow your traffic, lead generation and sales volume.
For ecommerce businesses with standard checkout systems, conversion tracking and ROI attribution is a little bit easier. But when it comes to B2B businesses, growing brand awareness trust level and loyalty will as well impact performance metrics like lead generation rate and sales volume.
In this instance, social media lead nurturing and sales attribution can be achieved through the set up a streamlined conversion funnel. This may include tracking offline touch points too.
The desire to get more value from your social media marketing budget puts you in one of these categories.
You are just starting out: At this stage, you just realized the importance of making a standard budget for your social media marketing strategy.
Inside your head right now, you understand the benefits of consistent social media posting. This data based infographic by Buffer provides more insights on social media posting frequency.
You are feeling demoralized: Truth be told, doing things that are not working repeatedly will deplete your mental resources required for clarity and sharp focus. Currently, if you are not able to determine your social media marketing ROI, then there is a problem.
Low ROI experience: This could mean you have tried something or currently trying some strategies, but the results you get out of it all are not proportionate to the invested time and money as expected.
Now you may be asking questions like, should it be more profitable to allocate subsequent budget to something else more profitable?
Remember, business is not always about concrete numbers only. However, if you have the ability to measure audience growth, brand engagement and targeted social media traffic volume, you’ll have something to win the ROI debate.
Five Steps To Getting More Value From Your Sociali Media Marketing Budget
- Pre-Selling With Blog Posts
Blog posts are one of the most shared types of contents on social media. On platforms like Pinterest and Instagram, sharing branded visuals of great blog post titles and links to your website increases traffic volume.
In one of the marketing conferences I attended last year, someone stated that products and services are bought and sold before the exchange of cash.
There I sat, wondering; how?
Isn’t marketing and selling supposed to be the exchange of goods and services for stipulated prices? Suddenly, the concept of value proposition popped out and aligned with what I knew before which reads like:
People don’t buy products and services. They buy solutions to their problems.
Bryan Harris of Videofruit.com has this case study of how they presold $10,000 of their product in 24 hours before even building it. Perhaps, beside the use of pre-selling as product launch strategy, it can also be used for existing businesses, products or services.
Now, if all you spend your time and money doing on social media is to push your products and services with contents that says ‘buy, buy, buy and buy’, here is how you can get more value by pre-selling with blog posts.
- Start a business blog: Yes, you are not serious about business blogging. Maybe your blog content is outdated. And you may not be getting all that you can from social media marketing. Do a search for the benefits of consistent blogging.
- Create pain point focused headlines: Show that you understand your target customer’s immediate pain points and challenges. All blog posts are not created equal. Sell me your value propositions.
- Write storified case studies: There are numerous great reasons why stories sell. Don’t tell. Show me the use case with my own language and I will understand immediately. By doing this, you could put your fingers on the viral content marketing button unknown to your competitors.
- Integrate Lead Generation System
Knowing that majority (60 -95%) of the website visitors you spend money and time to get from social media will not convert on their first visit, what would you do to get more value from it?
One of the reasons why online marketing is very hard is this – most times it is content and copy vs your target audience. Obviously, your target audiences often have different career aspirations, immediate pain points, interests and varying budget sizes.
Because of these core differences, their buying cycle – the duration from first visit to actual purchase – also varies a lot.
Without a lead generation system integrated within your website, you’ll continue to get low or zero value from your social media marketing budget. Getting targeted social media traffic is good. But what you get from that traffic volume is even more important. To get results in terms of lead generation, do the following:
- Add content upgrade to your blog posts: This is a specific type of content added within a blog post with the sole aim of getting contact information from prospects. Check this 30 content upgrade ideas for growing lead generation.
- Use page level targeted pop ups: I don’t know about you, but exit intent pops still work so well. Let’s say your ecommerce store has a category page for baby monitors. You can add mom targeted pop up that displays to only the people visiting that page.
- Do some A/B testing: Both for lead generation and direct online sales, doing some tests will reveal the best content types, headlines, value propositions, audience segment, best time to post etc.
- Automate Your messaging frequency
It is very obvious. We all live in an intensely distraction filled world. Even our personal media consumption and engagement habits cause serious distractions with regard to the goals set in focus.
Because of these reasons, getting real business value from intensely distracted and fragmented audience attention is a real big challenge. And it gets even harder when our social media contents are all about us and our goals alone.
Without increased brand messaging frequency, a considerable percentage of your social media marketing budget spent on content creation will continue to be wasted.
Yes, I know you post your contents once or twice a day on social media. But I want to tell you that you have not pushed your limit enough. Understand here that the biggest room in the world is the room for improvement.
If you are a business owner or marketing manager just starting out, trying to increase your messaging frequency manually won’t get you the size of results you desire. The best solution here is to use social media automation tools.
Assuming you don’t know how to put these tools to work, you may consider hiring a social media marketing consultant or agency.
‘To get the maximum results you desire, you need to think beyond ‘See’ metrics like reach and frequency. And think about ‘Do’ metrics like sales and ROI.’
Owen Charlebois, Head of Marketing Insights, Google Canada.
- Start A Remarketing Campaign
Here is another way of leveraging multiple touch points to stay in front of your target audience when they ready to make purchases.
Thus, the ROI on your social media marketing budget can be maximized when you start putting retargeting campaign to work. Among other things, it helps to maximize the benefits of messaging and promotion frequency.
And this happens both for traffic coming from organic and paid social media promotion.
Retargeting is simply a repetitive process of showing your products, services, value proposition or content marketing pieces to an audience that had visited your website.
For example, if 1000 prospects visited your service packages and description page, you can use retargeting to show them repetitive messages based on the specific page they visited.
Interestingly, if you have been spending money on Facebook ads for instance, this retargeting strategy will help to get more value from your budget.
With tools like PerfectAudience, Retargeter, Adroll and Bizo , you can start to implement retargeting campaigns across social media platforms like Facebook, LinkedIn, Twitter and Youtube.
The key benefit is that bringing back a percentage of prospects that has shown interest in your offers will increase conversion in terms of lead generation or sales volume.
- Shopping Cart Recovery
For ecommerce and other business that have standard checkout systems, shopping cart abandonment is one feature of the whole business and marketing experience.
Based on 2016 Q2 remarketing report by SaleCycle, over 74% of all shopping carts across North America gets abandoned. That is, people responding to marketing messages, adding something to their cart and abandoning it at the last stage of checkout.
Shopping cart recovery is a remarking process of reaching out to people who abandon these carts to attract them for purchase completion.
Without being told, you’ll already know that people and businesses that implement shopping cart recovery after a social media campaign often record bigger ROI than those that do nothing.
And if you don’t know your shopping cart abandonment rate, the very first step is to determine what your rate is.
There are many different reasons why shopping cart abandonment happens in the first place. Peep Laja of ConversionXL will show more of these on his post ‘how to recover baskets of money’.
Here is a shopping cart recovery case study of 10% increase in ROI.
To get more value from this, you need to put the recovery process in place before starting to spend your social media marketing budget.
This may not be part of usual social media consulting services, but you can’t afford to be generating targeted traffic and wasting it through abandoned shopping cart on your website.
To get started on this you can use tools like CartStack, CartHook, CartRescuer, Rejoiner etc.
Probably, you might have been thinking that all that matters is social media engagement, brand awareness and website traffic volume. Now, you know it’s worth it to push beyond that. And that’s the way to get more value from your social media marketing budget.
In other words, growing brand awareness and traffic volume from social media is good but not enough.
However, the social media marketing agency you are working with or intend to hire may not have the expertise to implement all of these. In that case you need to look outside your circle to find an affordable option.
Pre-selling with blog posts, business blogging, lead generation system, remarketing and shopping cart recovery, all these cannot yield any results if you don’t put them to test. And I’m sure you must have been missing one or more of these in your social media marketing strategies.
Just pick one or few of these, set aside some budget and swing into action.
You can as well join our Facebook group – The Search Tribe to discuss, discover and leverage working strategies to attract only the people in need of your products/services – Now.