One thing that is evident is that most small business owners aren't very good at tracking the return on investment with their social media efforts.
If you have had trouble in the past as a restaurant owner in determining the ROI of your Facebook Ads this blog post was written specifically for you.
First things First, let's do some basic restaurant calculations, what is the Life time value (LTV) of one customer for your restaurant? Let's get crystal clear on that.
Why? Because if you don't know the value of one happy customer, then you really won't be capable of being aggressive with your advertisement because you don't know how much that custom brings you in recurring Revenue.
Use this resource to calculate the LTV of one customer for your business: Life time Value
Let's say that you run a Facebook Ad, quite often you may just be boosting posts here and there. You most likely get stuck on Facebook Posts that yield what's known as Vanity Metrics: Likes, Comments, Shares. Something like this
Yes it's true, you do want people to comment on Your photos, posts and Adds.
Yes you do want people to actually share your content, all of that is great. But here's something that is better, wouldn't you love to actually know if it actually made an improvement within your business or not? Well turns out you can.
It's actually quite easy to track purchases online. Let's say that you have an eCommerce website that sells wooden spoons. If you run a Facebook Ad on July 30th, and someone didn't buy until September 16th, you can actually track how much that July 30th Ad yielded you even though the person didn't purchase for over a month.
Most physical locations don't realize you can do this as well, by which I mean 98% of Brick and Mortar Locations don't know that they can actually do this.
And it actually is quite easy all you need is your POS system and your Business Facebook Ad account.
2. Watch the video below to create an Offline Event and custom audience and look alike audience
3. Run a Facebook Ad. For the sake of explanation lets say you run this Facebook ad on October 1st
And after one week here are your vanity metrics
4. On October 8th or at a time after the Ad is run and you have generated sales at your physical location generate a transaction report from your POS from the past week. Download as a CSV File
5. Upload that CSV file to your Offline Event on Facebook. Watch this video for help
6. Let Facebook match the data and find out how many people came into the business after seeing your Ad
If this was helpful, if you need additional help or feel like I missed something please ad a comment. I'll respond to them personally
If you would like to schedule a free strategy session on how to grow your restaurant business and discover other revenue possibilities schedule your free strategy session today
1. Use Facebook Offers for tractable deals – This is a way to integrate a discount offer directly into a Facebook post and then track the usage of that offer over time.
Offer ads are shown to users, who can then click the “Get Offer” button to claim it. Facebook users then have the option to share the offers they like the most with their friends, which means we can reach more people.
These offer ads can be targeted toward specific groups, just like any other Facebook ad.
When I meet with prospective clients I always ask them this question, "Can I see your digital marketing road map?
9 times out of 10 they look at me with a blank stare. Or tell me something akin to "There is no such thing as a road map in digital marketing, it's all just people posting sh*t"
This is true for small and big companies.
So I have to bring them back out of dreamland by asking them, "Do you really think it's a good idea to be randomly posting on social media, boosting a few posts and cross your fingers that it will all somehow turn into new business?
This is called "hope marketing" it looks something like this...
You wouldn’t build a home without a blueprint. Heck, you wouldn’t even go on a long vacation without planning it out.
So why would you approach your digital marketing with such careless disregard? While that question won’t make me popular, I’ll let you off the hook because I know the answer.
It’s because you’re busy doing what you’re doing, what you do best and you may not have the knowledge or resources to address this gaping issue in your business.
I’m equally as surprised with how many companies hire agencies or digital marketing “consultants” who then never create a plan or road map for them either.
Reason: These digital marketers and agencies usually don’t have the knowledge or resources to do this either. Sadly. If they aren’t planning for you, they are doing the same thing. Shooting in the dark.
The solution is simple. We call it the “Digital Bridge.” It’s just a fancy term for plan or road map but we believe it more accurately defines what it is we build for our clients. It’s a bridge from where you are now, your current situation, to where you want to go; your desired situation. It’s that simple.
The Digital Bridge outlines the strategies, tactics, and timelines for getting from where you are now to where you want to go.
The Digital Bridge Process (Abbreviated)
Start with the end in mind. You can’t hit a goal that you can’t clearly see, so it starts with getting clear on what you want and what your desired outcomes are.
Define who you’re targeting. Taking the time to create an ideal client profile, otherwise called an avatar, is something few businesses rarely take the time to do. But it’s a necessary first step to make your advertising work for you going forward. Define how you’ll get there. What are your client attraction and acquisition strategies? What will your online sales funnels look like? Map them out. This includes traffic and conversion tactics. Task it all out and assign who will be doing what and prioritize it.
Define when you’ll get there. Timelines. If you don’t assign due dates on your tasks, then you’re just dreaming. To make it real and to hold yourself and your team accountable, assign realistic day and dates of completion. Then hold weekly accountability meetings to report progress.
Define the resources you’ll need. This includes the online marketing tools as well as the human resources you’ll need to get you to where you want to go, in the time that you want to get there. It also includes financial resources. It’s very difficult to compete today without spending the necessary budget on online advertising.
Imagine if your marketing team or executive group were all playing on the same road map. You’ll feel a lot more comfortable spending the budget money when you have clarity of purpose and strategy.
restaurant owners don’t have a marketing plan, let alone a digital marketing plan. Social media and the other strategies discussed here are all very real ways to get results and increase sales. Unfortunately, if you are failing to plan, you’re really just planning to fail.