Undoubtedly, almost every social media strategist or manager faces some or the other issue. And who does not come across issues like that? However, in case of management, the real purpose for which the entire structure is being created and campaigns are run is the ROI. Especially, in case of social media, ROI is a big-time obstacle for plenty of brands that are hindered and struggle to grow their social media presence.
To bring forth what exactly is the concept of social media ROI and its relevance for the social media managers, Lakshmanan Narayan, CEO and Co-Founder of Unmetric Inc gave insights on the concepts of ROI and how to manage your social media budgets.
Q&A During Webinar With Lakshmanan Narayan
Q- When it comes to co relations , how can small companies can use it ? What tools or strategy to be used to build and measure the correlations by small companies?
A- In terms of young brand ,they must need to have some experience before having established correlations , of course there is no comparisons between bigger brands like Starbucks , Redbull, but for smaller brands like GO Pro they have become popular and used the Social Media channels reasonably well. Small organization like Media Metic is also competing with large companies. Small companies or young companies need to use digital tools as influential medium before starting, like build community, client engagement to improve the personality of their brand. Start with small and start making correlation there for future success. Google Analytics is best tool to measure co relation success through pizza java code.
Q- How will you justify a brand when you are pushing a cost rather than pushing a product ?
A- Clue train manifesto is an amazing document of 95 persons written in 1999 says an amazing powerful statement – transaction between buyer and seller effects the sale. You should choose the best media to promote the product, because its market requirement to promote the product and its fundamental to invest.
Q- How do we justify social media ROI for B2B?
A- It is much easier to get social media ROI for B2B than B2C . Twitter is very good for B2B marketing . My colleague right amazing content to reach out to engage B2B . Linked is as powerful for B2B. Through Twitter our client FedEx and UPS got comments to show their content through info graphic through social media. It’s much easier to reach more B2B and B2C through Social Media.
Q- For budding entrepreneur what should be the first setp for using the social media to grow new business ?
A- When I started as a co founder of company called Bamboo Technology which was doing data backup solutions I was doing mainly sales and marketing ,it was boring product and we were meeting technology guys and after sometime I didn’t know what to do. In short when you start something with interesting things and ideas and content and appropriate channel to choose as medium to make it relevant to your customers and people will react. Adopt interesting ideas like BlendTech what they did was they blended I phone and I pad and made it interesting to sell the blenders. Facebook is just like your relationship manger ,which is meeting other people.
Q- Arjun Kapoor is running off beat travel agency, any tool or strategy to measure leads and conversion rate ?
A- Promote urls and different landing pages, Google Analytics is give good measurement tool. Use Google Analytics as a tool to measure leads traffic and conversation rate.
Q- For NGO is it good idea to invest in social media ?
A- Best example for social media is really working good for NGO is Room to Read , Causes , Charity Water does some interesting stuff on social .
Q- Most clients asked for low budget niche target campaigns with low or no budget. How for small budget campaigns social media make sense ?
A- If client ask for low budget look for different clients LOL. the beauty of social is it automatically finds the niche. What is relevant to people they will react to it . e.g. if a you sale knee runner and if you have something for recently knee surgery done people, make an amazing video and put on social media , people will react. People like Gangnam style video it’s an example for niche audience. In nutshell if your content is good people will like it. Kapil Nakra added the beauty of digital or social you can target niche people, Facebook allows you do segmentation for your niche community.
Q- In benchmarking the ROI on social media , what are the challenges and how you face them?
A- New networking channels are to set new benchmark like Pinterest, Google+. To stay on top for social media agency is the challenge . There are new channels and technology to keep up with them its not easy unless you are Rajnikant LOL. Sorting that data is a big challenge. Changes in social media algorithm are faster. Like earlier mass media means only print TV and radio, but now in social media how data should be present and pull is big challenge. Like subway other fast food chains are also have Facebook page, Twitter handle . New platforms have mountains of data, but sorting that data is necessary .
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