how to measure social media marketing roi
TRANSCRIPT
How to measure Social Media Marketing ROI
Have you gotten around to measuring ROI?
Are you still stuck with just blogging, poking, liking and tweeting?
While Blogging, Youtubing, Facebooking and Tweeting – and just about everything else that comes within the wide ambit of social media marketing – can help create a social presence, they just by themselves, are simply not enough today; most businesses, not knowing any better, just settle for a 'social media marketing process' – and consider their job done. It is NOT. Think about it, if just being present on 'social media' could amount to effective social media marketing …
… every company with a nice big Facebook page and a funny video on YouTube, will have had fantastic business … and this Slideshare, would be irrelevant.
Businesses need to derive value from their social engagements – they NEED to measure ROI from their social media marketing.Or else how would they decide on HOW Much To spend and on What To spend?
Ask yourself this question as a marketer:What makes you Decide that you should Spend 50% on Social Media Tool A, for a 30%jump in Brand Reputation? What metrics are you basing this decision on, and where do these metrics come from, if you are not measuring your engagement – your ROI.
Your ROI – Return On Investment – will form the basis of your decision and you will need to know how to Measure it, if you want a bang for your buck. Here's how your Measure it!
For starters, organizations need to understand that there's No generalized Formula to Measure social media ROI. It depends on the organization's priorities.
Ideally, every business should have a Social Media Marketing Strategy. As part of that strategy. As part of that strategy, businesses Define what their Objectives from social media marketing are.
Depending on what those objectives are, marketers can easily chalk out what constitutes their definition of Social Media ROI
The absolute musts that you can't afford to not measure – (Stuff that can be turned into measurable metrics which can then be collated together to form actionable insights).
Financial Returns Measuring social media's direct impact on sales (if any).
Brand Reputation Social listening allows brands to proactively monitor and manage their reputation globally.
Prospect Engagement Measuring levels of engagement with prospects through the various stages of their decision journey
Channel Effectiveness How is investing in the channel benefiting your business? How does it translate in terms of visits, leads and customers?
Search Ranking Investing time and effort in social media marketing should ideally improve search ranking.
ReachHow is your brand faring in terms of reach after investing in social media as opposed to earlier?
Response ratesHas your brand’s response rates to customers improved? Has customer service been enhanced?
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