Do you ever feel like your social media efforts are going nowhere? Does it feel like you spend more and more time marketing your small business on Facebook, Twitter and other social media platforms, but with little return? Well, a recent survey reveals just how much ROI small business owners are actually gaining from their social media efforts, and the results are eye-opening.
The survey was conducted by a small business directory and support network known as Manta. They surveyed 540 of their small business members with the aim of learning how much ROI these companies are gaining from social media marketing.
Based on data on the 540 participants, 41% of businesses are receiving a return from social media marketing, which leaves nearly 60% with nothing to show for their investment of time and money. And as for the businesses that are gaining a return, over 80% earn less than $1,000 a month from their social media efforts. More surprisingly, close to half bring in less than $100 a month.
As a small business owner, should these numbers be cause for alarm? According to the CEO of Manta, John Swanciger, part of the reason the return is so low for most businesses is that their social media priorities are misguided. He notes that social media is less about bringing in new customers, and more about community building. “For a long time, the mantra was that social media could bring in new customers,” he says. “In reality, social media is a community builder, and your biggest fans are your already-loyal customers. When small businesses treat social media as the new word-of-mouth community, the real return will follow.”
One of the oldest marketing tactics around is word-of-mouth marketing. Every day, people recommend products, restaurants and businesses they love to friends and family members. And social media is the perfect platform to cultivate your fans’ love of your brand. But according to the Manta survey, less than 8% of business owners cited building community as their primary social media goal.
So how do you build a community on social media?
Besides the obvious investments of time and money, here are a few quick tips to get you started:
- Regularly post content that is valuable to your social media following – the keyword here being valuable.
- Ask your followers questions to start conversations, and then engage with them. This builds a connection between your brand and customers.
- Show your followers that you genuinely care about them, and they’ll likely do the same for you with glowing recommendations to friends and family.
Of course there is much more to it than this, but these quick tips can help you get started. If you’re struggling with your own social media efforts and would like to learn more, we’re happy to point your business in the right direction. Call us today to speak with one of our experts.