Measuring social media success is a hot topic for most companies these days as people see the need to include social media as a part of their marketing strategy yet at the same time they are not quite sure what metrics matters when looking to measure ROI.It is important to know what it is we want to measure before we engage. Doing so will allow us to define a strategy and plan to support activity that helps us reach our goals and objectives.What is it we want to change, improve, accomplish, etc? Do we want to get more sales, registrations, referrals, links, reduction in costs and processes, better customer retention, lead generation, conversion, etc.Revenue is only one form of measurement, but defining the “R” in ROI will help us get clarity on our business goals and performance indicators. Some value we should consider as a return are:
- Measurable and incremental sales – through coupon codes, cookies, etc.
- Customer Insight – feedback from customers about your brand
- Customer Satisfaction – how happy customers are with your brand, product or service
- Engagement – growth in fans/followers who receive ongoing social communication from you
- Referrals – people’s willingness to recommend your product or service to others
- Campaign Success – feedback from customers about future campaign launches that help prevent bad ones
- Filter to other marketing efforts – willingness of people to participate in your other marketing efforts such as email list, surveys, website, mobile, etc.
- Brand Awareness – value to your brand by reaching out to customers and ensuring you do better than your competitors
Are you considering using social media for your brand? Do you have a set of metrics that you use to measure performance? If so, we encourage you to share with us your pains and success stories as the measurement of Social Media ROI continues to evolve!
Measuring social media success is a hot topic for most companies these days as people see the need to include social media as a part of their marketing strategy yet at the same time they are not quite sure what metrics matters when looking to measure ROI.It is important to know what it is we want to measure before we engage. Doing so will allow us to define a strategy and plan to support activity that helps us reach our goals and objectives.What is it we want to change, improve, accomplish, etc? Do we want to get more sales, registrations, referrals, links, reduction in costs and processes, better customer retention, lead generation, conversion, etc.Revenue is only one form of measurement, but defining the “R” in ROI will help us get clarity on our business goals and performance indicators. Some value we should consider as a return are:
- Measurable and incremental sales – through coupon codes, cookies, etc.
- Customer Insight – feedback from customers about your brand
- Customer Satisfaction – how happy customers are with your brand, product or service
- Engagement – growth in fans/followers who receive ongoing social communication from you
- Referrals – people’s willingness to recommend your product or service to others
- Campaign Success – feedback from customers about future campaign launches that help prevent bad ones
- Filter to other marketing efforts – willingness of people to participate in your other marketing efforts such as email list, surveys, website, mobile, etc.
- Brand Awareness – value to your brand by reaching out to customers and ensuring you do better than your competitors
Are you considering using social media for your brand? Do you have a set of metrics that you use to measure performance? If so, we encourage you to share with us your pains and success stories as the measurement of Social Media ROI continues to evolve!
