Maximizing ROI with Effective Social Media Campaigns in Manufacturing
Social media agencies or say digital marketing agencies have a lot on their plates. We, as a digital marketing agency, brainstorm a lot to find new content, publish fresh ads, oversee marketing campaigns, create social media campaign strategies, stay current on all social media with effective social media marketing strategies, and more - then figure out how can we convert all these efforts into leads.
But, only some of these efforts come up with equal results or deals. Wondering results, we prioritize our work and come down to Return on Investment(ROI).
In a world where social media has become a prominent part of marketing campaigns, it is only possible to grow business by using social media platforms.
A number of manufacturing companies are in line with our clients and we can’t deny the fact that our social media campaigns have worked efficiently for them to generate new leads and deals.
To increase their total company outreach, it is important to measure their social media ROI. If you are a manufacturer and looking for ways to maximize ROI for your manufacturing company, you’re at the right place.
What is Social Media ROI?
ROI - shorten for Return on Investment. It is generally used to show the financial value and revenue your company has grabbed with marketing efforts.
Speaking of social media ROI, it acts as a key performance indicator for the social media marketing campaigns, activities, and expenses you have implemented for your company.
Social media ROI is directly tied to direct sales, conversion rates, lead generations, revenue or income, customer satisfaction, brand awareness, and traffic to the brand.
Social media ROI is a measure of the business value returned from social media marketing and advertising. It shows the compared results of social media marketing with its costs.
Measuring social media ROI is important to understand the performance of your social media marketing campaigns on all the platforms and refine the social media strategy to gain better outcomes.
How is Social Media ROI Measured?
Two factors are taken into consideration to calculate the social media ROI - The total social media campaign cost and the total earned revenue earned from the campaign.
The total social media campaign cost is subtracted from the total earned revenue and the result is multiplied by 100 and divided by the social media campaign costs.
The final result obtained is the social media ROI as a percentage.
For different social media channels, different social media ROI can be calculated by segmenting the costs and revenue per social media channel.
Social Media Channels with the Best ROI
According to the reports, the following list of social media channels offers the highest ROI in order.
With over 2.35 billion monthly active users, Instagram tops at ROI. The reason behind this is that Instagram offers its marketers the ability to reach and boot their sales from non-organic content, for example, Instagram ads and branded content.
Equally, it also helps to increase ROI from the organic content. The expanding e-commerce capabilities of Instagram have allowed us to generate business from it. Stating the fact that 90% of the users caught following at least one business page.
As Instagram continues to expand its space in social media marketing with the highest 25% of social media ROI, marketers are more likely to invest in it.
Facebook is drawing more than 3 billion monthly active users being the second social media channel with a high social media ROI of 23%.
Facebook offers impressive reach with advertising opportunities to more than 200 billion businesses on it. Facebook has become the most popular advertising platform.
Facebook allows businesses to segment their target audience depending on interests, demographics, behaviors, and even connections, while advertising. The set algorithm of Facebook is great at finding similar audiences and converting them into a positive return on investment.
With approximately 75 billion monthly visits and over 2 million active audiences, there is a good chance of your audience being there on YouTube.
In the coming years, marketers are likely to invest more in YouTube for long-form content as YouTube is the undisputed hub for this type of content.
Another reason for the higher social media ROI of 14%, is because of its popularity across the world.
LinkedIn is considered the best platform for networking by professionals as over 750 million professionals use it for networking. Only 10% of marketers have rated LinkedIn as their top channel for social media ROI, yet this is one of the top social media channels for lead generation, nurturing, and career advancements.
LinkedIn provides numerous tools for increasing ROI for businesses including sponsored ads, sponsored messages, texts, videos, and more.
Social Media Marketing for the Manufacturing Industry
With every business utilizing social media marketing for growth and brand awareness, manufacturing companies are no exception.
Each social media platform offers a unique set of advantages for manufacturing companies. Manufacturing companies should consider digital transformation, customers’ demands, and trends to devise their social media strategies.
The strategies for social media marketing for manufacturing companies include content marketing, digital advertising, and the most effective video marketing for the manufacturing industry.
Social media marketing for the manufacturing industry can help to build a strong brand awareness and increase sales. It helps your manufacturing company to appear in front of ideal customers.
How to Maximize Social Media ROI in the Manufacturing Industry?
For manufacturing companies, social media can be a particularly powerful tool to reach a target audience, showcase products or services, and generate leads.
However, it can be challenging to measure the return on investment(ROI) of social media marketing. This is because the manufacturing industry has often longer sales cycles, making it difficult to directly measure the impact of social media on sales.
Effective Social Media Marketing Strategies for Manufacturers
To maximize the return on investment(ROI) from social media efforts, manufacturing companies need to adopt a strategic approach.
Here are some effective social media strategies to enhance the ROI for your manufacturing company:
- Set the Goals and Create a Strategy
Before starting any social media campaign, it’s crucial to define clear and measurable goals and these goals should align with the overall marketing objectives of your manufacturing company.
Once the goals are established, a comprehensive strategy can be developed, outlining the specific steps to be followed to achieve the goals.
- Conduct Target Market Research
To find the ideal customers for your manufacturing company, consider the demographic data of your manufacturing business. Identifying the life stage, age, education level, geographic location, occupation, home ownership status, and interests can help to craft relevant content that will immediately attract your manufacturing business’ audience.
Conduct thorough research to identify your ideal customers’ profile, including their demographics, interests, and online behavior. This will help you tailor content that resonates with your audience and achieve the desired results.
- Leverage a Multi-channel Approach
Marketers usually recommend the multi-channel social media marketing approach to find the platform where your ideal customers are and invest more in the same platform.
Identifying a platform with the highest social media ROI for a manufacturing company will give you a direction to establish sustainable, repeatable, and consistent social media strategies to leverage that platform’s algorithms. Expand your manufacturing company’s presence overall on social media platforms as your ideal customer may be spending time on all social media platforms.
Ensure the touchpoints with all social media platforms to keep your manufacturing business top-of-mind for any in-market consumers.
- Create More Video Content
Visual content is more effective and engaging than any other content. In today’s video-centric world, video-based content outperforms static images and texts, especially for the manufacturing industry.
Video content stays at the top for the manufacturing industry among all social media marketing strategies. Video marketing for the manufacturing industry is proven as one of the best tools to maximize social media ROI.
A manufacturing company can create video-based content on their manufacturing process, behind the scenes of production, UGC(User-generated content), etc.
However, static images and texts must be addressed, as these posts can offer immediate value and build brand awareness creating a strong connection between your customers and your brand.
- Develop Consistency
A key to maintaining a strong social media presence is consistency. For better results, develop a consistent social media posting schedule and stick to it.
This is one of the best practices for successful social media marketing strategies for manufacturers that can offer an increased social media ROI. The algorithms of social media platforms are seen to reward more to the accounts with more consistency over the accounts that don’t.
You can also repurpose or reuse your content as a social media marketing strategy for effective social media marketing.
Effective Marketing Services for Manufacturers
Along with Social media - email marketing, paid advertising, and conversion rate optimization are also important components of a successful digital marketing strategy for manufacturers.
Manufacturers can use social media marketing to connect with potential and current customers, promote their products and services, and build brand awareness, other than that few marketing services can help manufacturers expand their manufacturing business.
Here are some effective marketing services for manufacturers that can help in maximizing ROI:
1. Search Engine Optimization(SEO)
SEO is the process of optimizing keywords and phrases related to your industry that your target audience will search for. SEO helps your website rank higher in the search engine to make more people familiar with your website and business.
This can help manufacturers attract more organic traffic to their websites to increase sales and leads.
SEO tips for manufacturers:
- Use relevant keywords throughout your content for all your social media profiles and website.
- Create quality content and share valuable content.
- Use hashtags and trending audio for video content.
2. Email Marketing
Email marketing is an effective way to reach potential and current customers. Manufacturers can use email marketing to send out newsletters, product announcements, and special offers.
Email marketing tips for manufacturers:
- Segment your email list so that you can send messages to the targeted audience based on their preferences.
- Personalize your emails by using the recipient's name and other irrelevant information.
- Keep your emails concise and to the point.
- Use a strong Call to Action(CTA).
3. Paid Media
Paid media is a great way to reach a wider audience with your marketing message. There are a number of different paid media platforms to choose from, including Google ads, Facebook ads, Instagram ads LinkedIn ads, and sponsored ads on YouTube.
Paid media tips for manufacturers:
- Set a clear budget - decide on how much you are willing to spend on paid media.
- Define your target audience to whom you want to reach.
- Create clear, concise, and persuasive ad copy for social media posts.
- Use high-quality images relevant to your ad message.
- Track your ad results to know what is working and what is not.
4. Conversion Rate Optimization(CRO)
Conversion rate optimization(CRO) is the process of increasing the percentage of visitors to your website who take a desired action, such as signing up for a newsletter or purchasing a product.
CRO also helps in increasing the number of lead generation through content enhancement and workflow improvements.
CRO tips for manufacturers:
- Tell your visitors what you want them to do with a strong call to action.
- Make your website easy to use so that visitors can easily find what they are looking for.
- Run A/B tests to see which version of the website performs better.
- Track your results.
The above marketing campaigns are some of the best practices for manufacturers to drive growth with their marketing efforts.
Ready to Start with Social Media Campaigns?
When the majority of your potential customers are on social media looking for businesses similar to you, make sure they find you first in the line. Social media marketing is one of the marketing channels that can’t be avoided today, especially when it offers a number of opportunities to your business. We, as a social media agency, stand proudly in the gap between social media marketing and manufacturers to help you win with our digital marketing excellence.
Start your social media journey with us today and see it bedrock the growth!