Social Media Strategy- Measuring the Cost of Social Media engagement to your Home Business! Case Study!
Measuring revenue isn’t easy. We get it. But the other critical measurement in your business is well within your reach: cost. We are specifically talking about the cost of social media to your business!
In today’s episode, we are going to dissect your social media Return on Investment! And you are investing something on social…its called TIME!
How much are you spending on social engagement? Ever thought of that number in terms of cash? I tell you now, you need that number.You are investing something HUGE on social...its called TIME!Click To Tweet
Here is why….
Are you paying graphic designers to build awesome graphics for your social media content? Things like:
- Image quotes
- Event Images
- Pinterest Images
- Social media and Blog Images
- Branded Cover photos
- Branded Images etc.
Are you buying prizes for contests and giveaways?
Could a brand have “Gifted” you a product as a giveaway, so you are going crazy promoting it all over social…Yup!
Maybe you are paying an employee, virtual assistant, agency or contractor to engage on social media for you or for your social syndication! I know that we do outsource a lot!
You genuinely cannot do all the things all the time…Hello burnout! trust me I know…It comes on you like a thief in the night and you cannot raise the energy to do a thing…Including neglecting your family and home stuff. You are indeed better off doing the things only you can do in your business…
If the above sounds like Greek to you, you need to Download our 4-C Formula Productivity Workbook.
Better still, you should be very excited for my book coming soonest. I lay out these things in a fun detailed way. So, I recommend you get your name on the pre-launch list.
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Before we jump the gun, it’s imperative that you:
- define and understand your Goals,
- track them for social media success, and...
- measure your efforts and results.
After all, how will you know you are succeeding if you don’t have a clear goal for your social, or track your actions? All those downloads you pump out, the number of people who join your email lists, the audience that pops over to your website? Do you know the number? Last week we talked about business planning secrets, so this follows on perfectly!
Now don’t tell me your goal is just likes and shares…You can’t pay your bills with those. So, you want more for sure. Like Optins and Sales, that’s the juice! I cannot tell you enough how, a total waste of your cash it is buying Facebook likes, Twitter followers, Insta-followers, etc. It would be a better use of your $$ to pay for website clicks!
#1. Once you define and understand your goals, you will take action and the next step is…
#2. Tracking of course…What you don’t track you can’t know when you succeed! You can track your social engagement. i.e. how your audience is responding to your shares! We use:
- Google Analytics
- Tailwind for Pinterest
- Twitter Insights
- Facebook Insights
- LeadPages Stats
- Aweber Reports
You can put a price on the engagement and thus know your social ROI! So many people believe they are in profit…Hmm not until you calculate the soshh my friend! Here are some ideas:
Of course, you should have a price for the time you spend i.e. man hours
You do create content, right? Put a price on that time.
Social media Tools, even if you may be using the free option! Trust us, you will pay up soon, unless you are running a hobby! Price them up in terms of time. You may be using:
- Post Planner,
- Social Jukebox etc.
Advertising…Now we are getting real serious here!
#3. Measure – As you can see all this is trackable and measurable. You can now calculate your ROI and see if things are juicy or you are still on the road…
But why should you even bother doing this?
Because you want to DECIDE on which 1-2 Platform/s bring you the best ROI. You then focus on just those 2, and simply ignore or have a presence on the rest!
Again, I jump the gun…
How much Business does your Social Media Engagement Cost?
Okay my friend, now you got the deets in above Video you want some tax write offs dont you? And you downloaded the Zero Cost resource? Now, let us ask you…
Did you know that even if it’s just you pinning, tweeting and Facebooking, (is that a word) you are still spending money? What value do you place on your time? $40 per hour, $80, $100, or is it $500 per hour?
Multiply that amount by the number of hours you spend engaging on social media, that’s your cost.
Social Media ROI Case Study:
A client, let’s call her Hailey, in her words spends approx. 40 hours on social media sites per month. (We thought this was a very conservative estimate…!)
She values her time at $80 per hour. She is pretty serious about her business as she runs a small cottage industry. Therefore, she set aside a budget for marketing and advertising. Her budget is $3200 per month.
Yet, when she came to us as a JetSet Academy Coaching client, she had no idea that beyond her ad budget she was spending more. Hailey had not internalised the additional cost of social media to her growing brand!
Following some discussions and calculations we advised her to; at the very least calculate a measurement called Cost per Engagement over a particular period of time.
You do this by adding all social media engagements together and dividing your spend i.e. TIME by that number.
Your spreadsheet might look like the screenshot below. (With her permission)
With a $3200 spend / 3119 engagements = $1.03 Cost Per Engagement
Remember Hailey had to manually keep track of all her engagements in the month of October to the 27th.
Because February only has 27 days sometimes. ? Trust me Hailey did not want to do the manual labour of adding up all her shares, likes, comments, tweets etc. So, she outsourced it, good girl!
It is labour intensive work, therefore it isn’t something you do monthly, unless you have staff. You can get away with doing it every 3 months, quarterly or just beginning and end of year! All your social media platforms give you your stats for free. See screenshot of our Twitter insights below
Anyway, we also got Hailey to do a cross channel comparison. What the heck is that when its at home Julie Syl?
Well its simple,
- What tactics did she use to get more engagement…and…
- Time spent doing that across two or more Social platforms.
Well she decided to hold a giveaway contest of testers of her beauty product in a hamper. On both Pinterest and Facebook. Based on the resultant data, Hailey understood and could see what we were trying to show her:
- Cost per Facebook Content engagement or Pinterest Save/Like
- % Increase in Social Engagement. (Can be month over month)
- You can do the same on Twitter, Instagram etc.
Your Facebook contest spreadsheet might look something like the one below.
Again with a Spend of $85 Divided by Total engagement 236: 85/236 = $0.36 cents per engagement.
Do you see what both we and Hailey saw? The contest she run and tracked cost only $0.36 cents per engagement. On the other hand, the overall cost of engagement for her organic social media reach for October was $1.03!
The Contest is/was scalable and she could see exactly what to do to. Either trash it or tweak it for better engagement, rinse and repeat. She could even create a Facebook Ad or boost her giveaway if she wanted.
By the way, her aim was to build her list and customer base. She got 79 optins, 30% of whom made orders and 2 are now her Affiliates! In other words she has got 2 new distributors of her products! Duplication, hurrah!
Remember you have to be social, engaging, connect with more people, and communicate effectively to get the kind of results Hailey got above. Plus of course have the right giveaway for the right audience!
There are too many bloggers, small and home business owners looking for more engagement while giving way too little!Too many bloggers, online entrepreneurs want more engagement while giving way too little! Click To Tweet
The Cost Of Social Media – Conclusion
So, what does the above Case Study say to you? Maybe you should run some or more contests, do events, promos, run Ads etc. If you are serious about your brand and creating a life changing income!
When you start comparing cross channel promos, in a specific period of time and strategy used, you will be able to make more informed business decisions. Things like:
- Should I hire a VA or Assistant to do my Social admin and management?
- Should I run more contests on our Social media e.g. Pinterest, Instagram, Facebook page?
- Should I pay an agency $500-2000 per month to run my Facebook Ads or manage social media accounts?
- Does hiring a graphic designer improve my social engagement?
- Should I hire a Coach to help me streamline my online business for profit?
- Should I run PPV/PPC on Google or any social platform?
- Is this Platform for me?
And when you make a decision, be confident about your goals and results. Be open to receive exceedingly abundantly more. Because we only receive what we expect and walk towards. Track your actions and results. Be sure to Add the cost of Social media to your annual tax returns in the picture shown above, otherwise you can’t justify it to the tax man! ? This is the only way you can get it as a Tax write off! Meaning more cash in your own bank!Be open to receive exceedingly abundantly more.Click To Tweet
And that my friend is what social media costs you! What we measure we can track and know when we are in the green zone! We can then make better decisions that affect our Income and business expenditures. And live more meaningful lives away from the PC and blue light!
MORE RESOURCES TO HELP YOU CRUSH IT ON SOCIAL:
The Attraction Marketing Formula that will change your online endevours to desired Results – Learn More.
How to Make Social Media Pay You – Learn How.
Why Pinterest is Your Traffic Go to Resource Today – Find Out.
Social Media Ice Breakers. Stop fumbling and freezing when you connect with and communicate with new people on social media. And turn your conversations into Decision collections. – Get Your Workbook.
DID you get value from our Case study of The Cost of Social Media to Your Small or Home Business? Or…
Do you feel that this is too much for you and need help to get to your desired results? Then you might like to Farm Out the whole process to our Efficient Team. So you can free your time to do the things you love or are more qualified to do!
As always, You Deserve More – Carpe Diem!
Learn. Love. Live
Julie Syl & Pauli Kalungi
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