The periodic table of ROI

Define Your Dealership’s Social Media ROI

The periodic table of ROI
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This Get Your Social On episode was inspired by one of our very own #GYSOAddicts, Barry Stone! Barry asked a great question on the GYSO Facebook Group regarding which social networks are the best to use and in-turn, it created a topic we covered in this episode, “Defining YOUR Social media ROI.”

So, which social media sites should you use?

There are plenty of social networks to use to present your dealership to its customers and some of these social sites are more popular than others, which can make choosing which ones to use an even more difficult task. The first step to knowing which social network will work for your dealership is by defining what your dealership goals are in order to achieve ROI through social media.

Determine Social Media ROI

Define Your Social Media Goals

Your dealership must have social media goals spelled-out to know if you have received a return on investment (ROI). Ask the question, “What are you looking to do with each social network your dealership joins?” and if you are already on a social site, ask, “What are you trying to achieve with this social network?”

Do you want to…

  • Increase website traffic?
  • Improve online engagement?
  • Make more sales?
  • Market to a different or larger audience?

You can have more than one goal, which will create multiple ROI’s to look for when using social sites. Once your dealership’s goals are created, the next step is to do some online research.

Do The Research

Just because a social network is popular does not mean that it is the social site that will work for your dealership. Go online and research the social network’s features and compare them to others in order to decide if it will help your dealership achieve its social media goals.

Example: If your goal is to increase online traffic, does the social network you are looking to use allow you to add VDP links to posts? For instance, Instagram does not allow you to add links to posts, therefore, you may want to use Pinterest because it does allow for links within  posts.

Understanding the features of each social site you are looking to use will help you better achieve an ROI. Don’t waste time on a site that won’t help you achieve your dealership’s online goals.

Measure Your ROI

Once you have determined your online goals and have done the research about social networks, begin using the social sites you found that will help your dealership perform well online. Check analytics often to measure each social network’s performance and to see if it is meeting your goals. Keep in mind, it can take several months before seeing results and altering the types of content you post will effect these results. If a type of post is performing well, post this type of content more often.

So, which social networks should your dealership be on?

It all depends on what you decide your dealership’s goals are and what you find during your online research. Define your dealership’s goals and it will determine if you will receive a return on investment with the social networks you choose to use.

This topic was covered by the Auto Dealer Live segment, Get Your Social On, which goes live every Thursday at 3:30pm EST. Learn more about defining your dealership’s ROI by watching the video featured at the top of this page.