Social Media ROI – More Than Fans
Likes. Followers. Fans. They’re very basic numbers that can provide a crude analysis of how a brand is doing in the social media sphere. But they are just that: crude. Fan and follower measurements alone cannot deliver real insight into the health of a brand online. To illustrate, here’s a spot-on point from Ben Adelt’s Capture the Conversation post Fans & Followers: What Are They Really Worth? He writes: “100 fans who are talking about your brand are far more valuable than 10,000 who are not.”
So how do you get the masses talking? Tactics include polls, surveys, and even directly asking for feedback on a product or a relevant issue. Brands might also try a loyalty reward (a subject Ben’s post also touches on). This type of incentive is a great way to get consumers buzzing about your brand. Remember, make that loyalty reward conversation-worthy. Think about offering deep discounts or soliciting feedback on a soon-to-be-released product or service to your existing base of followers.
In short, social media platforms are relationship building and relationship maintenance tools, so put yourself and your products and services out there the same way you would at networking event, tradeshow or in your store of office. Tell people about what’s coming , interact with your customer base to resolve issues or get kudos and feedback, track what people are saying about your company and brand, and even better – track what people are saying about your competitors.
Ben Adelt is spot on. While metrics and social media measurement are important in ones overall calculation, it’s not so much about the number of fans, followers or Likes you have, as it is in their engagement rate. A strong social media strategy creates brand advocates, rather than brand numbers. People are inundated with information from all directions. Rather than building your fan base by incenting new followers for becoming a fan, try rewarding your current fans like mentioned above. I’d start talking and sharing that. Got a comment or something else worth sharing? Take a second and comment.