3 Reasons Why Social Media Isn’t Giving You A Return On Investment

There are many companies out there with social media accounts – but only a few of them are using it right. While social media can be a great way to market your business and find new customers, there are a few things that can get in the way of your success. I’ve identified three potential pitfalls that could be harming your ability to get a return on your investment in social media – and I’m going to share them with you today.

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You focus too much on the wrong goals

Let’s say that you share an interesting post in the state of your industry to your followers – it gets a few likes. But then you share a funny picture of a cat, and it goes viral, with hundreds of likes and shares. You might think that you need more pictures of cats, but unless they have a direct correlation with your business goals, they are unlikely to help you achieve any ROI whatsoever. Don’t forget; social media is marketing, and marketing is all about getting people to spend their money on you. Focus on the metrics that tell you people are visiting your website via social media – and then spending money – rather than the more populist measurements of likes and shares.

Your customer service is terrible

Customers who have complaints or questions about your company will ask them through social media these days. Unless you are quick to move with a response, all those negative opinions about your business could spread like wildfire. It leaves you open to fraud, too – if a customer doesn’t like you, they are more likely to try it on. It is particularly the case if you run a high-risk merchant business, such as gambling, direct marketing, or an e-cigarette business. If you don’t have a team in place managing your accounts efficiently, you are more likely to end up with chargebacks, customer crunch, and fraudulent activity. While high risk credit card processing can help you limit the damage, excellent customer service on social media is a useful tool to keep relations with clients positive.

Social media isn’t part of the big picture

Too many companies have social media accounts that appear to have no goals. While they might generate a substantial following, everything is a little aimless. It is critical that you plan your social media marketing to work alongside your overarching marketing strategy. Set up goals – both on and off-platform. Measure your results against your aims, and you will soon find out how well your social media is performing. Look at industry benchmarks so that you can compare yourself with the competition. Once you have all the data in place, it will be much easier to focus on the areas you need to improve. Success and positive ROI won’t happen overnight. But it will bring you positive business results and help you get more from your social media marketing spend.

I’m keen to hear how you use social media in your business. Do any of these points ring a bell? If so, let me know what you’re thinking by making a comment in the section below. Until next time!

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