I had the opportunity to sit with a couple marketers recently to talk about each other's projects. We somehow arrived on the subject of client selection, which is just us talking about who each of our ideal client is. I noticed pretty quick that none of these marketers included brick-location businesses on their ideal client lists (which are businesses that rely 100% on foot traffic), so I asked why not, and this is the answer I received:
"Because you can't measure ROI for foot traffic."
What this means is it's really difficult to reliably measure how many people visit a brick-location after seeing a social media related post or campaign, and also to figure out if a sale came out of that. The difficulty measuring ROI in this instance makes it really hard for marketing agencies to 'prove' their worth to their clients, and in the inverse makes it difficult for brick-location business owners to justify allocating budgets towards social media; but marketing isn't just about ROI (return on investment), it's also about brand presence.
"marketing isn't just about ROI (return on investment), it's also about brand presence."
Let’s talk about a scenario as it relates to social media:
You’re a business with a brick-location that depends fully on foot traffic. That makes it difficult to monitor user behavior from the web to calculate ROI. But remember, just because something doesn’t have a calculable result doesn’t mean it’s not increasing the revenue for your business.
Let’s talk about engagement, which is the percentage of your customers/clients who are interacting with your posts in some way; this we can measure. Let’s say yourself (or a team like ours) built your following to 10,000+ people, and 5% of those 10,000 people engage with your content by liking, commenting, or sharing; and let’s also say a post is going out to those people every day.
That 5% of 10,000 people comes out to about 500 people who are interacting with your business daily.
Now let’s say 10%-20% (50-100 people) of that 5% come into your business to buy a product, say a $5.00 cup of coffee. That’s $250-$500 in coffee sales daily, $7,500-$15,000 monthly, and $90,000-$180,000 yearly.
Keep in mind that these numbers can and will improve if you deploy measures that increase your following and engagement, such as strong creative, consistency, and other variables. But my point is this: there's more to marketing than what you can immediately see in the data, you also need to consider everywhere your brand is seen.