Most marketing managers won’t even consider adding social media to their marketing mix unless ROI can be proven in black and white. Many are under the impression that social media simply doesn’t work in the B2B space, and that social is only good for customer service and personal use.
This couldn’t be further from the truth, especially for my personal favorite platform — Facebook. Just think about this: As of July 2016, there are now 1.71 billion monthly active Facebook users. If you had any doubts, this should make it a little easier: Facebook is too big to ignore. Another thing to think about is Facebook’s superior ability to target specific audiences using paid placements. You can target based on job title, company, seniority, and more.
Better yet, Facebook paid placements have a much lower CPC than Google ads, which usually average $2.50 per click, while Facebook CPC generally hits below $0.75 per click.
So what steps should you take to measure real ROI from Facebook and other social media platforms?
- Make sure Facebook makes sense for your business in the first place, and know which platforms in general make sense for your audience. This should be assessed when creating buyer personas. Does the person you’re trying to reach hang out on Facebook?
- Understand which metrics actually matter. It’s easy to say, “I want to use Facebook to generate leads.” While that’s totally achievable, it’s important to know specifics. Instead, a goal could be: “Promote my webinar on Facebook and reach 10,000 people, and of those people, I want to convert 10 percent of those leads.” In general, the three most important metrics are page likes, post reach, and engagement.
- Use the right software to track your efforts. Google Analytics is a great free software to use. If you’re new to it, there are plenty of resources out there to help you get a good grasp. Another good platform is HubSpot, which allows you to schedule posts, listen to what your audience is saying about your brand, and even view and run reports.
- Social is not one-and-done. It’s very important to focus on measuring and reporting on your findings frequently. A good practice would be to monitor your social campaigns at least once a week and to make tweaks as necessary. It’s also important that you remain active on your Facebook page, replying to any comments from potential leads or brand advocates.