Are you also using the social media giant “Facebook” for getting customers and potential leads for your small business? Or Are you facing problem in measuring the return on investment of your social media marketing efforts?
Instead of lack of strong proof of sales, small businesses are certainly devoting their valued time and hard-earned dollars to Facebook marketing.
In this post, you will come across certain finding which was found in the recent studies and surveys which were completely focused on Facebook marketing.
#1: Many Start-Ups and Small Businesses Can’t See a Good ROI From their Social Media Marketing Efforts
During April 2015, a survey was done on around 540 small business owners to know about their insights on the social media marketing (ROI). Approx. 59% of them stated that they haven’t seen ROI from their social media efforts. And the remaining 41% agreed that they have seen returns on their social media activities, however, 17 percent of them had received less than $100, and 57 percent had gained lesser than $1,000 for their budget and efforts. Around 1/3rd of that 41 percent said that out-earning their social media marketing expend by more than $2,000.
In the other survey of 3,720 marketers, only 45% of them reported that their Facebook marketing is effective in reaping ROI. The survey also revealed that only 33 percent of the self-employed stated that their Facebook marketing efforts are effective. Bigger businesses have a somewhat greater regard for their marketing efforts in Facebook, with 50 percent fully satisfied with their Facebook ROI. Moreover the B2C marketers also have a higher positive take than the business to business community, with 51 percent of B2C marketers feeling Facebook as beneficial, as compared to only 36 percent of B2B respondents.
Key Takeaway: The considerable 35 percent of respondents who are not sure about whether their Facebook presence really assist their business is telling. With hardly sufficient time to uphold their Facebook page, small businesses usually lack the time as well as resources to collect the data required for determining whether their Facebook marketing efforts really work.
Collecting down the data needs that either the staff member or business owner find out or understands Facebook Insights and Google Analytics. Both of these tools need good effort and time.
Currently, Facebook has also introduced new, more modern, marketing tools to target any user directly on the Facebook in their news feed, but for the most part, these tools are more utilized by smart and savvy direct marketers at average-sized or bigger companies instead of small businesses or companies.
#2: Small Businesses are Unenthusiastic to Invest Money in Social Networks
Nowadays, the small businesses are showing their uncertainty of social media advertising with their dollars. The survey also found that 47 percent of the total respondents invest fewer than $100 in a month, whereas 40 percent spend between $100 – $1,000 per month.
Such low spending numbers are seriously shocking, given the buildup Facebook marketing gets in the media. In an appearing contradiction, the latest poll of approx 547 small as well as medium-sized business owners stated that social marketing receives the number of ad budgets of small businesses at 21.4 percent of total dollars. It was also found that small businesses are not spending much on the marketing because of the fear of return!
The other survey performed on 736 small businesses showed that 70 percent of them spend $500 or less monthly on marketing. 50 % are spending less than $300 each month. With this figures, 21.4% of the overall marketing expend sledding to social lands small business social network marketing pay back at $100 monthly.
Key Takeaway: Spending $25 per week or $100 monthly on Facebook ads and increasing doesn’t get small businesses too far. Some of the marketing experts think that small businesses are still unaware and are testing the Facebook and are thus not much willing to spend more money to the channel. If you’re facing difficulty or don’t know what to do to make your Facebook marketing campaign successful, it’s good to use FaceBoardPro to grow your Facebook reach and target audience in the right way.
#3: Many Small Businesses Face Difficulty in Measuring Facebook ROI
From the above data it’s quite obvious that many businesses are unable to see a good return on investment (ROI) from their Facebook marketing efforts, going a bit deeper shows that most of them simply are unaware whether they are really getting new, potential leads and sales with this channel.
A survey was conducted which involved 3,720 respondents, of which only 42 percent of them agreed that they are able to measure the return on investment of their social media activities.
Instead of the fact that the most of them are not able to measure the ROI of their social media efforts, this number has been declining over the years. During the year 2013, only 26% were confident enough about measuring their Facebook return. By the year 2014, the number increased to 37 percent. Hopefully, in the year 2016, the number will reflect as strong a leap, with more than half of respondents agreeing they are calculating ROI simply fine!
However, marketers from the companies and businesses of every size still struggle with the way to know whether their shared Facebook post resulted into an email or sale conversion.
Key Takeaway: Marketers at large companies are striving with the way to calculate the social marketing ROI also. While many of the software companies are quite stiff at work on social media classification tools, nothing bug-free exists still to properly connect a like and a sale. However, if small businesses are able to maintain a Facebook presence at lower cost, experimenting by “dipping a toe in the water” would be the desired mode till the time that fails to work because of the lack of commitment.
#4: Small Businesses are Dedicating More Time to Social Network Giant “Facebook”
Even though without good numbers proving that Facebook ads and posts lead to sales, many small businesses are enhancing employee time dedicated to the Facebook marketing.
In the recent survey of 350 small business owners, 38 percent stated that they have increased the overall employee time on social media (especially Facebook) during the year 2014, while the other 38% stated that they had kept the employee time same.
The study also showed that more than a third of responder enhanced the employee time spent on social media marketing from the year 2013 to 2014. While the study also revealed that 53 percent of the social media marketers are planning to increase their usage of Facebook ads by the end of 2015. The CMO Survey also predicts that the social media marketing budgets get doubled from 9.1 percent of the total marketing budget now to 21 percent by the year 2019.
Small businesses should work more effectively for getting a sense of whether their Facebook ads and posts are bringing the sales and customers to them or not. If they are not making use of Google Analytics or the Facebook Insights, business owners and marketers would never have more than an unclear and confusing idea of whether Facebook marketing works for them or not.
To get get-go measuring and analyzing Facebook ROI, go through:
Have you got any new way to measure and analyze Facebook ROI? Let us know what you think in the comment section below.