Managing Your Marketing $S Cost Effective Ways To Measure Your Spend And Roi Aprimo
How to Measure Social Media Marketing ROI
Transcript of How to Measure Social Media Marketing ROI
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How to measure Social Media Marketing ROI
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Have you gotten around to measuring ROI?
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Are you still stuck with just blogging, poking, liking and tweeting?
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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 …
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… 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.
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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?
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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.
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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!
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For starters, organizations need to understand that there's No generalized Formula to Measure social media ROI. It depends on the organization's priorities.
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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.
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Depending on what those objectives are, marketers can easily chalk out what constitutes their definition of Social Media ROI
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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).
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Financial Returns Measuring social media's direct impact on sales (if any).
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Brand Reputation Social listening allows brands to proactively monitor and manage their reputation globally.
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Prospect Engagement Measuring levels of engagement with prospects through the various stages of their decision journey
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Channel Effectiveness How is investing in the channel benefiting your business? How does it translate in terms of visits, leads and customers?
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Search Ranking Investing time and effort in social media marketing should ideally improve search ranking.
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ReachHow is your brand faring in terms of reach after investing in social media as opposed to earlier?
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Response ratesHas your brand’s response rates to customers improved? Has customer service been enhanced?
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