ROI, the magic word on everyone's lips. Though it's an important aspect of your business, do you really know what it is? ROI (or a Return On Investment) comes in many forms that may not be perfectly clear when you think of your business strategy.
To help clarify things, we're breaking down the ROI that's common in social media and what that means for you. Take a look below at some of the ROI members of the Likeable family have achieved since optimizing their social strategy for success.
1. Captured Referrals
The most apparent way to earn ROI on social media is through referrals. Think about it. Are you more keen to listen to the opinion of an anonymous source or the thoughts of a trusted friend? Nothing beats a direct endorsement on Facebook, since it is tangible proof of both your quality and dedication to customer satisfaction. In short...referrals equal new customers, which in turn equal ROI.
Take a look at the delicious Severna Park Taphouse. Since starting on their #LikeableJourney they've had 51 referrals and positive engagement with both their Facebook posts and events! To be fair, they do have an advantage...just LOOK at that food. Can we get a reservation?
2. Positive Reviews
Similar to referrals, reviews are the hard proof that customers need to trust you. A review online is like a certificate of accomplishment, displayed for the entire internet to see. Whether it's on Facebook, Yelp, or Google, reviews are an important aspect of ROI. Don't take them lightly! Try to encourage your happy customers to leave them online to strengthen your credibility. A promotion dedicated to building your review library is a worthy endeavor!
One of our favorite customers, Dr. David D'Apolito has really built a great collection of 74 reviews on Facebook. Due to this his rating is 5 out of 5 stars! Additionally, his posts always receive great engagement. A patient even commented a STELLAR review on one of them! Check it out below.
3. Tagged Friends in Posts
Have you ever seen a post that a friend of yours would LOVE? Well, your followers feel the same way! By encouraging shout outs on your posts (Bacon related or no...) the tags directly connect your post with the individual friends of your followers. It's like a signal flare saying "Hey! You'd adore these guys!" It is easily achievable by creating posts that are either trendy or hilarious. Think about things that connect to people on an emotional level and start sharing!
The Toast Cafe of Cary has done incredible thing with their Facebook page, joining us before they even opened! One of their most succesful posts was the one below, praising bacon for being delicious. It's hilarious and just about every (non-vegetarian) can agree with it! The humourous post inspired their followers to tag friends in the comments, driving trafic to both the page and their cafe.
4. Education = Trust = Loyalty = ROI
Besides offering amazing deals to entice customers, a great way to encourage ROI is by educating your followers on your business and industry! Your followers see that you're a knowledgable source of information, which therefore establishes a sense of trust between you and them. It's a subtle way to encourage ROI, so keep an eye on all of the informational material you post to see how many people take note. Have you ever tried video?
Take a look at R-dent Dental Laboratory, Inc. They're incredibly passionate about the health of their patients and they show it by posting these informational videos. This post had over 200 likes and 11 shares, can you imagine the potential for ROI there?
5. Engagement on Merchandise Posts
Engagement on merchandise posts is the most straightforward aspect of ROI that's out there. You show your followers what you have and they respond in kind. You can't guarantee that this will lead to direct sales, but it promotes both your product and your brand!
Adler's New Orleans promoted a lovely little box dedicated to a gorgeous New Orleans landmark. You can see it below! 59 people liked it and it was shared 11 times after only one day. There's bound to be one sale lurking in all of those admirers. Their nearly 50k fans on Facebook and 291 positive reviews don't hurt either! Make sure to check out their page for fantastic evidence of engagement and all around ROI.
Now that you have seen some of the most common types of ROI, go back through your own social media platforms and take a hard look at what already is or what could turn into ROI. It may be lurking in the deepest darkest corners of your social presence, but it's there!
Have any more questions about ROI and how to access it? We here at Likeable Local are standing by the lines eagerly awaiting your call! Give us a ring at (212) 359-4347 or click below.