How Do You Measure Success in Social Media?
When it comes to proving the value of a digital multifamily marketing strategy, return on investment (ROI) is the keyword all executives want to hear. It may seem a simple enough request, but calculating social media ROI can get pretty tricky.
While social media ROI is definitely important, there’s a different way to think about ROI that’s critical for marketers; the foundation that a strong initial multifamily marketing strategy can provide for all future multifamily marketing endeavors.
While it may seem minimal compared to the numerical value that a multifamily marketing strategy can provide a company, it’s important to remember that the work done in an initial strategy can make or break any future marketing efforts.
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Why Strategy Lays Important Groundwork
It’s easy to espouse demographic information about a brand. For example, a majority of Oreos purchasers are parents between the ages of 24 to 39. But what does that information mean? This explains a core distinction between digital marketing strategy vs. traditional marketing efforts.
For traditional marketing, this information is simple enough for Nabisco to decide to put out a commercial, during daytime hours for stay-at-home parents that heavily features children enjoying Oreos.
For digital marketing, the approach is more complex. From this demographic information, what do we know about these parents? Where do they spend their time online? What does their buyer’s journey look like? What is a deciding factor in their purchase?
As Oreo is an established brand with years of name recognition under its belt; it’s unlikely that they would have to seriously consider these factors in order to find marketing success. For other companies entering the world of digital marketing, this information is “make or break.”
Knowing the important factors of your digital multifamily marketing strategy are important not only in your first campaign but campaigns developed down the road. When this information is not addressed upfront, it could lead to catastrophe, forcing marketers to return to step one.
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Multifamily Marketing By the Numbers
For multifamily marketers, content marketing can take time to show real results. That being said, it’s a long-term approach that improves your brand’s visibility online and helps you nurture stronger customer relationships.
While it can be difficult to assign a dollar value to marketing ROI or ROMI (Return on Marginal Investment), there are still numbers that are important to the marketer more focused on marketing and results than the value of the marketing.
Consider the following statistics to further understand the value behind marketing beyond ROI:
- Companies that blog 15 or more times per month see 5x more traffic than companies that don’t blog.
- 82% of businesses report actively using content marketing, up from 70% last year.
- Marketers with blogs receive 67% more leads than those who don’t.
- Marketers who prioritize blogs are 13x more likely to have a positive ROI.
- Video content is 50x more likely to drive web traffic than plain text.
- Using photos of real people rather than stock photography can result in a 35% conversion increase.
- Video was the primary form of marketing media created in 2021, followed by blogs (used by more than half of marketing teams), and infographics.
- Social engagement as a success metric was also on the rise; it was up 187% from 2020.
These statistics are developed from the analysis of a widespread amount of marketing data and are incredibly important as marketers decide what tactics work well for their strategy. For example, knowing that blogging daily can have a large effect on the chances of customer acquisition is helpful. It may even lead to a heavier blog focus in a group’s digital multifamily marketing strategy. But if persona research suggests that the key personas won’t read a blog, it might be wiser for the strategy to put less emphasis on blogging.
While marketing statistics aren’t a guarantee that a tactic will work for all marketers, they do allow us to see important trends. Though innovation is important in multifamily marketing, it’s also vital that you’re not constantly seeking to reinvent the wheel. By utilizing trusted statistics, marketers can make educated decisions about the tactics to funnel their efforts to.
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How Companies Are Rethinking the Value of Social Media
Social media reigns supreme in the marketing space, even above multifamily websites. Last year, a website was the No. 1 marketing channel for business. This year, social media is the top dog. In fact, it’s at an all-time high.
What does this mean for your multifamily organization? If you aren’t on social media in some capacity, you are already behind and missing out on qualified leads.
Did you know that 8 in 10 companies invested in social media marketing in 2021, and 39% plan to invest this year? Over the last year, companies had to rethink their strategies and some even hired customer experience officers to help lead the charge in this realm.
The Easiest Way to Determine
But how do you measure success on social media? Engagement metrics are helpful to track, but how does that translate to conversions and social media ROI? The primary tactic for social media marketing in 2021 was listening — something that will continue into 2022 and beyond.
The true value of social media lies in the relationships you make. By establishing relationships with your followers, you can learn how to engage with them, support them, and — most importantly — convert them into sales and loyal brand advocates.
While the most popular platform for marketers is Instagram, many teams are starting to see the most social media ROI and conversions from Facebook. This is likely due to Facebook’s robust advertising platform and ability to run lead form ads. This shows that while social media listening is a critical component of your marketing strategy, you can still achieve social media ROI with lead form ads and an effective Facebook advertising strategy.
Assigning Value to Your Marketing Efforts
Assigning value to marketing efforts doesn’t have to be solely numerical. Instead, it’s important for marketers to understand that marketing strategy offers an important starting point to all future endeavors. A digital multifamily marketing strategy also offers social media ROI that is not necessarily easily measured but impactful all the same.