Have you started to measure your Facebook results? It’s called Facebook ROI. Simply put, you invest in your business everyday, and in its simplest terms, you want to measure the resuts. That’s called your ROI or return on investment. This is the basics of many financial choices, but it’s not so simple and its very complex with social media. But even just getting started out simply is vital. Here’s some steps to getting you on your way.
First, throw out the idea that Facebook ROI is simple, and embrace the truth that maketing ROI and Facebook ROI itself are very complex. Your first goal may be to just get some idea of your ROI and make this a work-in-progress. In addition, you must obtain some idea of your Facebook ROI or at least a big-picture perspective. Is anyone on your Facebook page, how often, do they stay and continue interaction, or do they ‘bounce’ out quickly.
Second, often you will need to predict how the combination of marketing actions result in purchases. The biggest mistake is trying to make things too simple and to only count the final action that results in the purchase or buy activity. For example, the last step is often to use the internet to purchase or to drive to a store to buy an item. Yet, what action or action caused that final step to ever occur. Was it a great TV ad or plug from a close friend? Often, if only the final actions are considered, the true value of TV ads or ‘word of mouth’ is lost.
One way to get incite into the types of drivers of buying decisions is to use focus groups, online or in-person as well as customer surveys. For example, when a customer buys from your site, selective post-purchase surveys can help you find out what factors made the choice happen.
Third, once you have survey results, use these results to create predictive models, then test these models to see how accurate the model works. Often, you will need to use an outside firm to do this, but if you can find some internal marketers who have statistical background, in-house can be achieved as well.
Fourth, web analytics simply must be used because the wealth of information always brings insight. Even basic web behaviors on your site like how many people visit a site, how long they stay, and if they result in profits bring insight. Do they come to your site from search engines (highly likely) or directly to your site? Do online ads or social media ads work, and do customers engage with you via twitter and Facebook? A wealth of insight and data is out there. Once you start, you won’t want to stop.
Why? You want to use your money wisely. How you use your precious marketing dollars is strategic, vital and may well make the difference in keeping your business open for business and growing.
For more information on online marketing, integrative marketing and more, seeLaney’s twitter.com/laneysguide or send an email at [email protected]