Measuring Social Media ROI (Return on Investment)
Well a lot of people have been asking me about doing social media. Most people think it’s free advertisement which in a way the tools are free but it does take time to plan and time to do which is worth money. If you pay a social media marketer or an agency to do your SMM for you then it can cost a lot of money as well. So how can you make sure your getting your money’s worth? You’ve got to do a lot of work to track it but it’s possible.
I did some googling and found a very helpful article on Mashable.com - HOW TO: Measure Social Media ROI which I break down below.
Here’s some highlights on Social Media ROI:
Conversion Formula:
(final value – starting value) / starting value = Return on Investment
Define Clear Goals:
Know what you want to accomplish and be sure to monitor the progress before and after the campaign.
Metrics Tools:
These won’t tell you a direct ROI but they can be used to determine some patterns in consumer’s behavior.
- Google Analytics – See detailed statistics of your site traffic. Track conversions and more… Free!
- Omniture – Very helpful. Facebook and Twitter tools.
- TweetMeMe – Google analytics for TweetMeMe
- PostRank – Social Media Analytics
- HootSuite – Twitter manager with good analytics
This is a witty cartoon of Social Media ROI.
To be continued….
Next I’m going to dig further into Sentiment Analysis, Social Media Product Suites and review some of the techniques. I’ve been getting into social media more with my father and his company JaxSEOWorks.
Tags: Social Media