So, how do you measure Social Media ROI?
Why should I bother?
ROI as an absolute measure for success is debatable. Suggestions such as return on influence or return on engagement have often been mentioned but the bottom line usually returns to financial investment. It is important to understand where your business is succeeding and where it isn't. Assessing this before a report on your company is published is crucial so you can have a say on what measures you have taken and add additional metrics that better round out the story/strategy that you have created for your business.
Determining my metrics
Every business is unique in its own branding and so should their metrics be on ROIs. Comparing case studies from similar business ventures can be misleading due to variances in company culture and future goals. Establishing these is important and there are various resources, such as Michael A. Stelzner’s 2012 report on the SOCIAL MEDIA MARKETING INDUSTRY, that can assist you in determining what those metrics are.
Results
Seeing exact values that can show you what is working and what isn't is the key to remaining successful on social media sites. In addition, management will have information to fall back on to reassure the owners/shareholders that the project is progressing.
Are you measuring today? Is social media ROI important to you? What metrics are you currently using for your business?
