How do you measure Social Media ROI?
Whilst many businesses have embraced the power of social media for marketing by conversing and listening to followers, just as many businesses have shied away from the concept, at least for the time being.
According to Equation Research’s “2009 Marketing Industry Trends Report”, 37% of brand marketers claimed that “there is no established way to measure effectiveness”. And 37% responded that they didn’t know enough about Social Media to begin using it.
Even more interesting then, is the statistic claiming only 16% of professionals worldwide currently measure the ROI of their Social Media marketing.Luckily, help is starting to emerge on how to measure ROI in this new arena. (And advice on not measuring here… and here)
Check out our quick list of resources:
- Mashable - How to Measure Social Media ROI for Business
- ComputerWorld – What’s Your Twitter ROI? How to measure social media payoff
- BtoB – You CAN measure social media ROI
- And Interactive Insights Group – ROI Superlist
Have you found any more great resources, or have any tips for professionals? Should the question be "WHY measure social media ROI?" Comment below...
Posts
Through monitoring, you can follow the spread of conversations and the effectiveness of any engagement you undertake. While this admittedly increases the cost of your social media activity, it also allows you to bring a lot of maths, stats, and measures to the activity.
ReplyDeleteVery true Nigel. There is a growing number of packages and tools out there to do just that. Any recommendations?
ReplyDeleteI remember being asked by our bosses to measure the ROI of our twitter and facebook efforts three years ago. Years have passed and I can't still give them the numbers/figures of the ROI and still have no idea how to measure it.
ReplyDeleteWell i think, coming from the word "social" this is an aspect of relationship building than of business building. If you are a business, building a good "relationship" to your prospects is always a good start to get a sale. and thus, this ROI cannot be exactly measured.
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