What are LinkedIn and Facebook doing to help businesses? How to easily measure the ROI? What to consider when allocating social media budget?
Top considerations when allocating the social media budget
The entire marketing world knows how powerful a well-funded social media campaign can be when growing a brand image. It can be challenging for smaller entrepreneurs to determine how much money should go into this part of your marketing, as there are several dozen social media channels that you can invest in. Forbes Council has shared some questions to answer when determining how much money you need to dedicate to one or more of those social media accounts, and we couldn't agree more!
- Where does your target audience hang out?
- What serves your audience the best?
- How much time can you save?
- Can you prioritize content creation over content deployment?
- What are your influencer marketing options?
- Do you need a social media manager?
- Where do you plan to track results?
Facebook Business Suite is a new go-to app for businesses
Facebook has announced a new app called Facebook Business Suite, as part of its efforts to unify all of the platforms. The new addition will provide small business owners with the opportunity to manage their Pages and Profiles on Facebook, Instagram, and Messenger.
This shows Facebook’s continuous commitment to helping small businesses during these challenging times. The app unifies customer messaging, notifications and alerts in a single unified inbox, making it easier to keep track of actions in general.
Instagram introduces AI-powered IGTV captions
Scrolling through the Instagram without volume? No problem! The platform brings super smart AI-powered automatic captions to IGTV. What this means is that the Instagram will automatically add captions to IGTV videos, which will for sure help with engagement and boost the interest for the long-form video feature. The captions will start off in 16 languages globally and will only be visible to users watching videos on mute.
LinkedIn shares helpful tips and retargeting best practices
Considering that the retargeting is a key digital marketing strategy, which enables you to re-engage interested consumers, LinkedIn decided to share its best practices.
According to their latest publication - 92% of first-time website visitors aren't planning to make a purchase. Because of this, retargeting is a must for B2B marketers who want to optimize their efforts and ad spend.
To help with this, the company offers a range of retargeting options within its ad tools, which can help you track visitor activity and connect with them on the professional social network.
Return of the investment (ROI) and how to measure it
Whether your goal for a campaign is top of funnel awareness or bottom of funnel sales, engagement statistics are most obvious and undeniably important. This includes impressions, likes, comments and, of course - interactions with branded content.
The latest article published by Drum talks about the less obvious, but way more important analysis - tracking sales per post, which grants a more direct measure of ROI. This can be done by sharing an affiliate or discount code link with influencers to append to their posts, allowing their audience to directly purchase the product. When setting up tracking, it’s crucial that each influencer has a unique discount code and that the link for each post has an attribute identifying the post.