|How much is a Twitter follower worth? What is the value of a Facebook ‘Like’? There have been countless methodologies and formulas created to try and answer those two questions, but can we really know the answer of how Social Media affects us financially? Companies are investing thousands into the various Social Media channels, but the tracking of our efforts have not caught up to the usage and spending. Just like there are many ways to use Social Media there are also many ways to measure the impact other than just trying to see how many followers, likes or Re-Tweets you are getting. I would like to focus on one way today which is the power of educating your customers and saving vs making money through Social Media.
Let’s pretend you are a busy retailer and have customers constantly coming in and out of your store making
To give you perspective on the increase: If your average sale is $6, and you increase your sales by 5 per hour due to your customers asking less questions that will increase your sales by 60 per day (12 hour day), 420 per week and 21,600 per year accumulating to almost $130,000 more dollars of extra income due to being able to handle more sales per hour. Sounds pretty good right?
This is where educating through Social Media comes into play.If you make the effort to let your customers know about the sale you currently have, today’s special at your restaurant, the ingredients in your food or drink, how much of something is available will go a long way in prepping your customers before they walk into your door. These can all be done easily by tweeting updates, taking pictures on Instagram, posting on Pinterest, creating a Facebook update or any other way you see fit.
So while we may not be able to measure everything on Social Media, there are definitely some things we can chart and see how it impacts savings, revenue or acquisitions. How do you measure your Social Media activity? What data points are most important to you?
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