How to get more ROI from your marketing budget
In good social networks, the time spent by the consumer on the network increases the brand’s income, so its return on investment in advertising on social networks is four times higher than on television. In today’s world, it’s always useful for brands to find out what new tools are and how to use them to expand their reach. From implementing the best and latest SEO strategies to maintaining a proper social media presence, there are many ways to spend your marketing money.
One of the best things about customer-oriented marketing is that your users are more than willing to tell you what they want. All you have to do is listen carefully to them.
What is ROI
This indicator means the rate of return on investment (profitability). With its help, it is measured how effective from the point of view of investments and profit-making marketing strategy and, in particular, contextual advertising. There are several variations on how to calculate this ratio. Which formula needs to be applied in a particular case depends on which marketing tool we are talking about.
Below we have prepared new tools for you that can help your brand get more ROI.
This kind of listening means researching and monitoring social media channels for your industry, brand, products, and related keywords. It also means that you must do the same for similar industries and your competitors.
Social network research needs more to gather information, and social listening makes this data work by taking action. It can range from something simple like contacting a satisfied customer to such an important step as changing the position of the brand.
The availability of listening tools is growing every year because people on social networks begin to interact more often with brands and expect it to be a two-way street. Customers will tell you clearly what they want from your brand.
Speaking of the reviews and information that you have been waiting for, they will always be there if you are ready to listen.
You should determine exactly where consumers are talking about your industry and you, and not just what they are saying. Your customer personas, their location, and other data will help determine where to find the best places to listen to this.
Such channels as Twitter, LinkedIn, Facebook, Reddit, and others are likely to be the first to find places where consumer research can be done. Over time, you will learn to listen better and discover more places.
Here’s what to listen to:
- Trademark of your business, slogans, and hashtags
- Product names for your brand, including common spelling mistakes
- Names of competitors in your industry, names of their products, slogans, and hashtags
- Industrial jargon
- Names of the main players of your company and competitors
- Keywords and marketing campaign keywords
- Unmarked hashtags that are related to your industry
If you want to learn how to create the best content, who influences your audience, and keep abreast of new ideas and current trends, then start listening.
Stories on social networks are no longer something new and trendy. According to estimates from the Block Party, 4 out of 5 businesses use the story format on WhatsApp, Instagram, Facebook, and other promising platforms.
According to a survey of trends from the Hootsuite platform in 2019, 64% of respondents said that they had either implemented the Instagram Stories feature in their social strategy or were planning to do so within the next year.
Instagram stories began to gain in popularity and became an integral part of life for people, and user behavior began to tend to just playful, low-quality, fast content with intensive use of functions in UX (polls, boomerangs, GIFs and so on). But, their fleetingness is not the only determining factor. Stories can also be edited using various filters, masks, color text, GIFs, and much more.
Because of these interesting additions, businesses have added a whole new strategy for creating and publishing ephemeral content that is different from their other social media content.
The new “stories” approach in digital marketing for marketers may mean that the growing popularity of such ephemeral content is a trend that is just beginning to take effect.
The content of the stories is available only for a certain period of time. On Instagram, Facebook, and Snapchat, this content will disappear 24 hours after posting.
According to information from Block Party, this content format has grown 15 times compared to other channels on major social networks. This is based on a comparison of the three most popular feed platforms – Twitter, Facebook, and Instagram and the three most popular platform stories – Instagram, Snapchat, and WhatsApp.
For this ephemeral instrument to work for your brand, you must create a quality story. Here are ways to create true stories for your business:
- Video of your services or products in action with real users
- Backstage stories of people involved in your business and your brand
- Memes that “poke fun” on some features of your industry or brand
- Images targeted at your brand’s culture, such as public relations programs
- Share customer reviews using their own words, for example, taking screenshots
- Start by creating a strategy for a specific purpose, such as highlighting the humorous side of your platform or its philanthropic efforts
Create campaigns with a clearly defined goal and narrow focus, publish a constant stream of genuine stories, and watch how your users share and participate.
Influencers play an important role in a wide variety of platforms in advertising, stories, blog posts, and more.
However, you should not be limited to dreams of cooperation with famous people when there is a constant supply of micro-influencers. Micro-influence occupies their niches in social networks, and they can help you connect, convert, and increase brand awareness.
Micro-influencers are a kind of promoter on social networks, but only with fewer subscribers than celebrities, usually thousands. They may have a smaller audience, but they have a higher level of engagement due to content.
According to observations, as soon as the number of subscribers to an account increases, the number of comments, likes and overall audience participation decreases.
At the same time, accounts with a smaller audience, but with greater involvement, are perceived by subscribers as more relevant and reliable. People trust them because they are more like them.
Here’s how to find micro-influencers for your business:
- Explore your network. Look for influential people at industry events, among customers and people you work within parallel industries.
- Analyze your platform and determine which subscribers are constantly interacting with it. Examine them and see what micro-factors they are interested in.
- See hashtags specific to industry keywords or your brand to pinpoint conversations that may help you identify potential influencers.
- Once you find a few possible candidates, look at their social networks and watch them see if they match the culture and idea of your brand.
As soon as you find your candidate, begin to develop relationships and establish mutually beneficial cooperation so that he shares information about you with his audience. This person should help create your brand, being yourself, and not through marketing or sales. Think of it not as a way of promotion, but as a representative of your brand.
In conclusion, we would like to note that communication in social media is not a one-day process. The audience does not engage in dialogue for the sake of buying a brand, but for obtaining more information about its properties, the human side, and answers to the cornerstone questions.
Trying to impose on the audience the sale or the provision of additional private information, you go against the user flow in social media. First, earn the trust of people, make friends with them, start speaking a simple and understandable language, make the territory of your brand in social networks comfortable for both them and your business.
We hope that this article was useful to you and in the future, you will use this information in practice. Stay tuned!