If You're Focusing on ROI, You're Doing it Wrong
I've been thinking this for a while, but I was too embarrassed to bring it up.
Why? Because the term "ROI" scared the bejesus out of me. In fact, almost anything that has to do with math terrifies me. Which is exactly what ROI is.
Or used to be.
I began working in social media marketing long before I realized that's what I was doing. I developed a Facebook following of thousands as I tried to come to terms with the loss of my husband. Eventually, that following led to its own website and a book deal. From there I went on to publish many articles in print and online and became pretty well-known within certain circles.
And never once did I ask myself, "What has my return on investment been for my social media outreach?"
It never occurred to me to ask that question. I just did it. I built my brand. Good things followed. But could I put an actual monetary number to the hours I'd spent on social media and equate that to any sort of success?
Changing the way you think about your investment.
Now that I'm in the social media marketing business, I've come to expect that question from potential clients. It makes sense, right?? You're spending money on me and you want to see results. You want to know that $1000 worth of consulting fees will get you one new client or that $500 in paid advertising will equal "X" number of products sold.
Sorry, potential client. But social media marketing doesn't work that way.
In a September 2017 article in Forbes called 'Likes Lead to Nothing' And Other Hard-Learned Lessons Of Social Media Marketing, the author says this:
Forty-three percent of respondents said in the CMO Survey that they have not been able to show the impact of social media on their businesses. After all, it can be tough to pinpoint a direct connection between a social media chat about a product with the actual purchase of that product.
“The biggest challenge right now is that all this money is shifting into digital marketing, but there are still a lot of questions about return on investment,” Avery says. “Social media marketers are feeling pressure to show ROI.”
However, there is no doubt that all businesses need to be on social media. Because, as Financial Adviser Winnie Sun puts it, "If no one knows you exist, you can’t serve them as clients.”
This is why I LOVE social media marketing
What's killing those who work in advertising and what I'm LOVING about the way we market today is that it's almost impossible in some cases to put a number on it. It takes time to build a brand and following on social media, but it must be done. People aren't stupid and these days they're going to respond to what they LIKE, rather than what's been shoved in their faces.
What does that mean?
Marketing is no longer all about the numbers. It's about the connection.