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Social Media ROI Backwards (for B2B)

If you have thousands of followers on social networking sites then the obvious question comes up. How do we get money out of it? Now if you started thinking about it just now then it may seem a very complex task. But the solution has been here for years in project management and goal setting. First ask yourself:

Check out the related post: Social Media ROI Will Become Important. Until now people have experimented with low budgets and without very specific goals. The bigger budgets will bring an need to show return.

  • What is the desired result of your social media activity?
  • What problem will this solve?
  • What need will it fill?
  • For you? For your customers?

Now we would have to put a dollar value on that result. After that you will need to go backwards from your goal defining each step on the way. In the business to business sector a desired outcome might be leads. You need to convince the prospects that you are the guy for the job.

So what are the steps before the prospect gives you the money (backwards)?

social media roi backwards Social Media ROI Backwards (for B2B)

social media roi book Social Media ROI Backwards (for B2B) Social Media ROI: Managing and Measuring Social Media Efforts in Your Organization Social Media ROI Backwards (for B2B)
Use this book to bring true business discipline to your social media program and align with your organization’s goals. Top branding and marketing expert Olivier Blanchard brings together new best practices for strategy, planning, execution, measurement, analysis, and optimization. You will learn how to define the financial and nonfinancial business impacts you are aiming for–and achieve them. Practical solutions from structuring programs to attracting followers, defining metrics to managing crises. This book will help you gain more value from every dime you invest in social media.

Convince the prospect

The visitor believes that you know what you are doing. The next question he asks is do you know the prospect, are you fun to work with? Here’s where social media will help you out. Your followers will give social confirmation that there are other people who are doing business with you and are not afraid to show it. Case studies of real clients and discussions of real people will help tremendously. Talk to prospects directly, show your personal touch. Help them shine in their own organization. People love to do business with people not logos or websites. Count leads.

Demonstrate your expertise

Show your skills and give advice. Have a content strategy that is derived from the needs of your target audience. If they have a question you should have an answer. Encourage them to interact on social channels: ask questions, describe their problems and experiences. Answer everyone. Count interactions, questions.

Get qualified visitors

Create outstanding content. Find out what are the problems your target audience struggles with. Write helpful material to address those issues. The material you create should be distributed through your social media accounts. If you know your target and their problems then the content you create will bring them in. Even better… if you are spot on and the content is compelling enough they will share it with their peers. This will be your sustainable visitor engine. Count visitors, readers, downloads, sharing etc.

Check out the related post: How To Measure Social Media ROI. The number one thing about ROI is that it is measured in dollars (or in euros or any other currency you might prefer).

Sharing and distribution

The process doesn’t end with the sale, there are more steps after the conversion takes place. From happy clients you should get case studies, client interaction on social channels and sharing your content. You are on the next lap and everything you did before is now compounded. Count mentions, comments, retweets, etc.

Profit

If the time and money spent on the social media presence is less than the profit from the sale then you have positive ROI. Or you can call it the money making machine.

Posted on: October 27, 2010

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11 Responses

  1. Pingback: How To Measure Social Media ROI | DreamGrow Social Media

  2. Pingback: Social Media ROI Will Become Important | DreamGrow Social Media

  3. C Scala November 1, 2010 5:05pm

    I also see social media as a great forum for getting important feedback from customers. In the past, advertising (radio, TV, newspapers, etc.) was all “push” marketing with no opportunity for customers to respond. Now businesses are being held accountable as Facebook, Twitter, blogs, and other online forums have given more power to the consumer and more responsibility to companies to respond to questions and concerns.

    Reply

  4. Priit Kallas November 1, 2010 6:06pm

    Thanks Charlie! I totally agree with your point. The time of one way messages is over and brands can’t control the media as they used to.

    Reply

  5. Pingback: How to Create Your Social Media Strategy? | DreamGrow Social Media

  6. Priit Kallas November 7, 2010 10:10pm

    Here’s a great resource of social media ROI cases http://barnraisersllc.com/?p=2460 34 case studies that prove social media ROI and here http://barnraisersllc.com/?p=2504

    Reply

  7. B2B Social Media Marketing December 9, 2010 11:11am

    Thanks for Priit Kallas links the ROI cases.
    So many of the marketing professionals have taken to social media marketing in their B2B marketing and have reaped enormous benefits.

    Reply

  8. Pingback: The Goal of B2B Social Media Marketing | DreamGrow Social Media

  9. Jaan-Matti Lillevälja April 26, 2011 10:10am

    Hea töö, Priit :)

    Reply

  10. Edvard May 10, 2011 2:02pm

    Hi Priit, Thank you for sharing it on twitter exactly today when I was not looking. Very useful graphic. Keep up the best job!

    Reply

  11. Priit Kallas May 10, 2011 5:05pm

    Thank you, Edvard!

    Reply

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