While there are several metrics you’ll want to look at when formulating your social media strategy, you could argue that none are more important than ROI. This is the ultimate “bottom line” metric that tells you where your time and money are best spent.
Fortunately, a recent report from Social Fresh titled “The Future of Social” in collaboration with Firebrand Group and Simply Measured sheds light on social media ROI and offers some definitive data. Here are the details.
A Breakdown of the Top Social Networks
According to their findings, these are the top networks in terms of ROI:
- Facebook – 95.8 percent of respondents said this produces the best ROI
- Twitter – 63.5 percent
- Instagram – 40.1 percent
- LinkedIn – 37.7 percent
After that, there’s a big drop off:
- Pinterest – 10.4 percent
- SlideShare – 3.9 percent
- Snapchat – 2.1 percent
Now for the takeaways.
Facebook is Clearly Dominant
Some legal marketers would find the fact that Facebook is so far ahead of all other networks a little surprising—at least given the current climate and the fact that traffic coming from Facebook is on the decline. Throw in Mark Zuckerberg being on the hot seat and facing serious allegations of data misuse, and you could think that Facebook may no longer be the best choice for legal marketers.
Now keep in mind that this study was conducted in 2016 and doesn’t reflect very recent events. Even still, the fact that it’s 32.3 percent ahead of Twitter (the next best network in terms of social media ROI) shows that it’s still very potent.
And while a traditional, organic, unpaid approach may not have the same impact as it did a few years ago, Facebook ads can certainly get results. In fact, many marketers prefer paid advertising on Facebook to Google Adwords, which only continues to become more expensive.
Twitter Advertising is Viable
Some might say that Twitter has lost its edge and to some extent its “cool factor.” However, the data shows that Twitter still has a rock solid ROI for marketers. Although Twitter is a bit more one-dimensional than Facebook, many would argue that it’s one of the top resources on the entire Internet for discovering breaking news.
It also still happens to be a great way for brands to connect with their audience. Even if your following is minimal, you can still use their paid advertising platform to increase your reach significantly and pull in quality leads.
Instagram and LinkedIn Also Have Potential
The other two networks worth mentioning are Instagram and LinkedIn which are neck and neck with one another in terms of social media ROI. As a result, they’re definitely worthy of your attention. LinkedIn in particular can be a potent way to boost your law firm’s brand reputation and connect with other professionals in the legal industry.
While there are several different factors that will influence where you’ll want to place your social media focus, ROI is one of the biggest. After all, a lackluster ROI can really marginalize your efforts. That’s why it’s nice to have some concrete data to see which networks are working the best for marketers across the board. Taking these findings into consideration should ultimately help you figure out which networks you should spend your time and money on.