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5 Tips on How You Can Monetize Social Media

Monetizing and measuring the effectiveness of social media for a business is what every business owner wants.  Well…those that buy into social media at least.   It’s easy to get lost in the mix and waste a lot of time without ever figuring out if your efforts were worthwhile, however.

I believe there are a few quick steps you can take to prevent this though.  Here are my top 5 tips of how you monetize your social media efforts:

  1.  Set goals. You’ve heard the saying “If you don’t know where you are going, any road will get you there.” The same is true for your business. A good sample goal could be “to increase the amount of customers that participate in our ____ program.” Give out a code or some other piece of information that customers would only find out about through your social media site so that you can get a true count of how many people were reached during your campaign.
  2. Keep analytics.   You can figure out how many people are paying attention to your sites through Facebook Insights, Hootsuite, or simply by seeing how many people “like” or retweet your content.  I highly recommend setting up a regular time each week for you to go over your reports to see how successful you’ve been.
  3. It’s not about you.  It’s about the customer. If you’re posting every Monday at 9am, are you sure your customers are at their computers wait to see what you write?  Be smart about it and keep track of the time of day in which you’re reaching the most people.
  4. Referrals.  Word of mouth is everything nowadays since the average consumer sees thousands of advertisements each day. Give your customers a percentage off or discount the next time they buy your product or come back in if they post on their own personal sites about their experience with you.  It will give you much more ROI than a TV commercial.
  5. Don’t waste your money. Some of the best ways to market your business are free, and studies show they are more effective.  This is one of the easiest ways for you to monetize your social media efforts; focus on using free social media and possibly paying a college student to post for you if you can’t. Traditional media is largely dead.

What other tips can you think of?