Can Social Media Really Produce Leads?
This is the big question on every marketers mind. Is the time you are spending in social media worthy and will it draw the appropriate attention you want to your brand? If it does, how will you measure it?
In terms of cost, the dollars behind most social media campaigns is in time spent. If you are paying an individual, even for a portion of their time, to interact in social media that becomes an allocated cost associated with your social media efforts. Other than employee time, your other costs will be with any give-a-ways or promotions that you do to attract a following and any tools or products you purchase to listen and post in social media channels.
Most of your time involved with social media should be spent on:
- Listening to conversations
- Identifying influencers
- Interacting with those that are engaged with you
- Providing relevant content (if your content isn’t provocative or relevant it can be a deterrent)
- Driving conversations to CTA’s (Calls to Action that turn a listener into a lead/prospect)
If you are doing these things, and doing them on a consistent basis, you will earn yourself a consistent following.
What measurements can you put in place to know if you are talking with the right people and it is working for you?
First let me comment that this is definitely a “build-it and they will come” strategy. Please don’t expect to start engaging in conversations today on social media and have a lead tomorrow. Consistency and relevance of your materials will be the true drivers of success. From a measurement perspective you will want to look at:
- Direct returns in terms of social media in terms of traffic – how many people are coming from social media to the content you have shared?
- Form fills that result from those visits – so that you can determine when you share content, how many people were compelled enough with interest to want to know more about you or the subject you are talking about.
- Leads to customers from social sharing – how many of your leads that came from a social media source are converting to an actual purchase of a product or service?
- Brand equity – are you receiving less returns? Are you able to engage with customers on a more intimate level? Are you able to develop more success stories and sharing from customer to customer? Are you receiving an increase in repeat business from your existing clients who are engaged with you on social media?
These may seem like no-brainer things to track from a marketing perspective – but you might be surprised by how many companies not only are not taking advantage of social media – but if they are they don’t have measurements set up to track its worth. If you need help measuring your social media activity, or developing a strategy around social media. Check out our Social Media Guide or sign-up for our free Marketing Evaluation.