Let's start with the good news: Advisors across the nation are finding success using social media to enhance their business. The bad news? Success can be defined in many ways, and may be different for each advisor. Thus, the questions remain: how will you measure the success of your social media efforts, and have you defined what you are trying to accomplish?
Before you can determine your ROI, you must decide what you want to accomplish. Otherwise, your efforts may be sporadic at best, and your results will reflect the lack of focus. Here are three simple steps to help you get started with defining your purpose and measuring the ROI of your social media efforts.
Step 1: Define your purpose. Whether your goal is brand awareness, customer service, client retention, or lead generation through referrals, understanding your purpose will help you measure your results over the long-term. As with any marketing endeavor, define what you want to accomplish, and then select the tools (platforms) that will help you achieve your goals. Here's a tip: Don't think of social media as a sales tool to position your products and services, but rather as a communication tool to build rapport, create open communication with clients and prospects, and build credibility within your community. People want to do business with people they know, like, and trust.
