How to Determine the Value and Worth of Social Networks

The opinions expressed are those of the author only and do not reflect the opinions of Rolling Stone’s editors or publishers.

If you take a look at the followers your brand has attracted over the years, you might be surprised to find how many supporters you have. Why do you have them, and what have they done to you recently (and vice versa)? If you are a product influencer, the more fun it is. If not, what do we do for it? How much time, effort, and personal exposure is all about endorphins in the notification?

As you create a name for your online brand, who gets rewarded for your efforts? Shouldn’t you be participating in that bonus? You have the net, are there any possibilities that were overlooked at your feet? It’s time to get to know the value of your network.

There are many opinions on how to do this from a quantitative perspective, but that’s not exactly the point here. According to Hootsuite, social media ROI is “the measure of all social media actions that create value, divided by the investment you made to achieve those actions.” The formula for calculating this ROI is as follows: value/investment (people working hours, advertising budget, etc.) x 100 = social media ROI (as a percentage).

Here, I want to discuss how you can see and look for the value of what you have built.

Culling and cleaning

Dealing with your network can be a daunting task, to say the least, but it doesn’t have to be. You will need to break it down by groups. How you organize and build these groups of followers is up to you. I recommend starting with something small, maybe groups of 10. The nuances of each group will determine how to contact and engage with this subgroup and the reasons for this approach. If you do not have a reason to contact them, you need to think and find that reason for further contact. Once you have the reason, send them a presentation – perhaps tell them that you are actively cleaning your house and come across them. If they respond, go from there. To know the value, you have to know what you have.

Here’s an approach worth considering: “Ask what value each audience brings to your business. By comparing this to the total population you’ve marketed to, averaging starts to get a bit of an ‘audience revenue.'”

It’s not just about collecting information and data – you should pay attention to the qualitative aspect of this project as well.

You are looking for qualitative gains for each group you create. The quality of the gain is up to you but it has to be measurable in some way. Take notes and remember that not one metric judges everything. Execution is part of this practice. This exercise should bring real life to your network from a social media site and be easy to do; You just have to start with one set.

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Sorting and archiving

After you call (and hopefully receive replies from) the people in your network who have been dormant, you should note in the contact manager what action you will take (delete, archive, forward or schedule follow-up). I recommend building this as an exercise for your brand so that your audience and followers are the most engaged in whatever way is most important to your business. periodically review the archive; Although they are not active in your area today, they may be in the future. Also, depending on their skill sets, you may be able to refer them for business, which builds goodwill. They got into your network for a reason, right?

Sometimes it’s better to give

After you have completed your network review, thank them for the help and time they gave you while carrying out this practice. Let them know that if they match someone who needs their service or product, you will pass on their name. There are no guarantees, of course, but by doing so, you have now told them that you respect the efforts of what they do. This is a good way to get responses and stay ahead of the mind because they left out with something positive.

There are a lot of benefits that may come from this cognitive aspect, such as refreshing your memory of the network you created. Look at it as one of those 1000 piece puzzles because that’s what you have. You have to pour the pieces out of the box before you can see the whole picture. While you’re at it, think this way too – outside the box.

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