Statistics show that 70% of consumers in the US trust brand or product recommendations that come from a family or friend, while only 10% of consumers trust online ads.
This exhibits the importance of social media. And when it comes to spreading word of mouth, there’s no platform that’s better than Facebook.
Facebook is the largest social media platform on the internet. It boasted over 2.32 billion monthly active users at the end of 2018. It’s also the third-most visited website, only being behind YouTube and Google. According to the Pew Research, 74% of adults in the US access Facebook at least once a day.
This is why digital marketers have flocked to the platform to market their brands. However, Facebook marketing comes at a price, and it’s not as simple as it seems. This is because measuring return on investment is quite difficult. Let’s briefly discuss Facebook ROI and how to measure it properly.
What Is Facebook ROI?
Facebook ROI is a metric that demarcates the benefits that a brand or company has received by allocating their time, money, and resources toward social media marketing on Facebook. It can be highly subjective, as each business has specific marketing goals, including both qualitative and quantitative objectives.
Quantitative objectives are easier to calculate. A common example is planning a specific number of users who redirect from Facebook page to a website in a certain period of time. On the other hand, qualitative objectives—such as an improvement in a brand’s are ambiguous and subjective.
How is it measured?
It’s important to establish social media marketing goals to measure Facebook ROI. These goals should be quantifiable. Facebook allows users to check reach and impressions, which helps marketers understand engagements, leads, and traffic generated by Facebook marketing campaigns.
Dividing these metrics by the money spent on Facebook marketing helps them assign a dollar value to the campaign, which shows how much money was spent on the acquisition of a single buyer.
However, this number there are several factors involved in Facebook marketing. For instance, likes and shares also add value to a brand but they can’t be quantified, and hence, are excluded from the calculation.
Importance of Shares
When a user shares a post, it serves as an endorsement. The message of the brand is delivered via a trusted source, which gives the brand an opportunity to create gain a client. In fact, they are more valuable compared to ads. Hence, it’s important to focus on creating quality content for Facebook marketing.
To sum it up, Facebook marketing is all about creating trust. When presented with two choices for similar products or services, users are more likely to go for one endorsed by a friend. Hence, professional digital marketers don’t simply run ads on Facebook; they supplement their marketing strategy with quality content and graphics to establish user trust and maximize Facebook marketing ROI.
If you want to increase your Facebook ROI, get in touch with Devebyte. Based in Edmonton, it’s a professional digital marketing agency, which provides quality Facebook advertising services to their clients. They have a team of professional marketers who formulate personalized Facebook marketing strategy to maximize your Facebook ROI. To learn more, call at 1-780-445-4359.