Social Media and ROI (Week 11 Readings)

We are seeing more and more companies rely heavily on social media as part of their brand strategy. This is because brands now realize that social media can actually increase a company’s profit margins. It’s not an easy task, given how new social media is, to be successful at this. Relationship building is a big part of social media, and Deloitte Insights has come up with a system based on values which they have named R.E.A.L Relationships: Reciprocal ,Empathetic, Authentic , Long Lasting. These relationships involve engagement with your consumers that allow each party to mutually benefit. It is a way of establishing trust with your customers and enforcing credibility with your brand.

Courtesy: Dusit Panyakhom

Since purchases and financial income for brands cannot come directly from a social media outlet, brands need to relay their audience from social media to their website. These websites are vital for brands, and social media gives them a great outlet to bring people to the website. Adam Popescu has come up with a 5-step formula to assist with this:

1) Engagement – brands must effectively communicate and engage with their audience, it helps build brand awareness and invaluable relationships.

2) Authenticity – There is no faking it anymore. Social media brings out honest comments, and brands must actively reply to both good and bad comments.

3) Premium Content – Content is king! Take brand testimonials and positive reviews and promote it. Brands have to ensure there content is always brining positivity to their name.

4) Incorporating Real-Time Apps – These are necessary tools to keep the name of your brand on top of the product it is pushing. Stay social and acknowledge your audience.

5) Experiment – Brands aren’t going to get it perfect, trial and error. Take what you know and run with it and make the necessary changes to continuously benefit your brand.

Courtesy: iqoncept

Bringing finances into a brand via social media can also extend to fundraising. Social media has become a major player in donated funds and with the right strategy, brands have found great success. Jason Boies offers 5 tips for brands when pushing for fundraising:

1) Tell Your Story – Don’t just ask for money, show the cause. Give people insight into what their actually donating to and let them know of the impact their donation makes.

2) Recruit You Brand Influencers – Get experts in the social media field on board with your cause and have them promote the fundraiser efficiently.

3) Add You Call to Action – After establishing motives, make it easy for people to donate. They are going out of their way to help your cause and they should be able to make smooth transactions.

4) Brand You Initiative – Create an initiative, a strategy for creating a campaign that bases what and how you donate.

5) Thank People – Always appreciate the ones who appreciated you.

____________________________

What other methods do you find necessary to increase brands ROI via social media?

How do you feel about fundraising campaigns on social media? Have you ever participated it one?

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6 thoughts on “Social Media and ROI (Week 11 Readings)

  1. I think social media is a great platform for brands to get the word out about fundraising. I’ve never donated money via social media fundraising, but I’ve shared viral stories and photos of people who need medical help (like the LiveStrong example we watched) in the hopes that if enough people shared, someone would come forward and get the person the help they needed. Had it not been for social media, I probably would have never heard of some of these fundraising campaigns.

    • Hey Lauren,
      These fundraising campaigns online definitely bring awareness, if nothing else. Like you said, there have been many times I’ve seen them on social media, and never heard of it prior.
      Thanks for commenting.

  2. I love when the brands I follow offer special deals through their social media accounts. For example, a cosmetic company I follow on Facebook offered March Madness deals during the NCAA basketball tournament. Every Friday they would have a flash sale with a coupon code featured on their FB page. I think this could be another way for companies to measure their ROI on their social networks.

    • Good point, Alexis.
      I have had similar experiences with a few brands, it’s nice to see. I usually go back and make real purchases after sampling the free items. A great way to increase ROI for these brands.
      Thanks for commenting.

  3. You said “how do you feel about fundraising campaigns on social media? Have you ever participated it one?”

    I quite honestly think it is the future of fundraising. One reason is the ease of passing the campaign around via a platform like Facebook; if it’s easy, people will do it. Secondly, the campaign can isn’t limited to a certain group or demographic; anyone can participate.

    One concern with fundraising campaigns is legitimacy. I think fundraising campaigns via social media can actually be vetted easier than, say, door to door campaigns or campaigns on television. For one, people can instantly search for the campaign and if found to be false, social media users will expose it as a fraud.

    • Hey Dave,
      Very true, social media does give that “ease” factor. I also think it stands a bright future in regards to fundraising. Door to door vs. social media, I say social media as well, haha.
      Thanks for commenting.

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