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Real Return on Investment from Social Media Retail
Do you want to drive true ROI for your Social Media Dollars?
A number of technology observers see Social Media is as the next big thing. At the moment, the early adopters of the Social Media space have been the bloggers and picture posters, the gamers and the Tweeters. Users by the billions are spending time participating in Social Media, but businesses have been slow to capitalize on built-in markets of consumers for everything that can be consumed.
So if your business is standing on the outside looking for a way in, let’s talk about how to benefit from being a successful Social Media company. The first thing you will need to do is let the massive market know who you are. The way this has been traditionally done is by advertising, and Social Media is no exception. You have to advertise to be seen in this new online marketplace.
Still, the Social Media landscape is new and most businesses do not know how to interact with it. Many avoid this space because they feel advertising here is too much of a gamble. Actually, looking at investing advertising dollars in the online, Social Media space as a gamble is a good strategy. Gamblers who succeed in the gambling world do so because they understand the odds. As Kenny Rodgers one observed, they know when to hold ‘em, know when to fold ‘em. Applying this logic to advertising in Social Media means knowing your return on investment or ROI.
Measuring your return on investment is measuring increases in revenue as an outcome of investing in advertising. There is no magic, no mythical forces at work here. If you invest 10x in advertising and see a 20x increase in revenues, you are deemed reasonable to conclude that your return is double your investment.
So how do you accomplish this in the Social Media marketplace?
Yes, Deal Acceleration is new, but if you can measure your return on investment, you should be able to justify investing a limited amount of your advertising budget, for example - 20%, and letting Deal Acceleration help you drive customers to your products page at DealAcceleration.com. The result predictably will be a real return on your investment as your sales and revenues increase.