It’s frustrating to me both as a business owner and a marketing company when it comes to measuring the ROI of social media. You can research it – and the so-called experts can give you their theories and own ways of measuring it, but if you keep going, you will find another expert with another idea. There is no one-stop tool to understand, calculate and measure social media campaign successes.
I recently read a great article on Mashable that instead of trying to solve the social media ROI, it discussed how to approach it. Here are the three things to consider:
1. Social Media is the Vehicle, Not the Destination – a follower or fan represents potential – it’s a starting place. Then you take action from there, maybe some sort of call to action, to see if you can turn them into transacting customers
2. Listen and Apply Learnings to Every Department – pure numbers don’t say much – what is your interaction level – what are your followers or fans enjoying most from that? Use that data and apply in other aspects of your business
3. Performance Metrics are Media Agnostic – impressions are impressions – how are you measuring offline activities, such as networking, billboards a magazine ad? Social media is just another avenue and should be measured equivalently.