First off… I don’t like numbers. So, I’m not particularly fond of social media calculators as I believe that the true value in a social media strategy is about building relationships, conversation and influence, and NOT about the numbers. Social media is an investment that has intangible ROI that is not only often difficult to measure, but its value isn’t found in short-term results, but instead in long-term growth. Influence isn’t born overnight, but built over time.
In his article, Social Media ROI Less Accepted Than Traditional Media, Jason Falls has some great suggestions on ways to consider measuring social media ROI for your business:
First, determine what you want to measure, whether it’s corporate reputation, conversations or customer relationships. These objectives require a more qualitative measurement approach, so let’s start by asking some questions. For example, if the objective is measure ROI for conversations, we start by benchmarking ourselves with questions like:
- Are we currently part of conversations about our product/industry?
- How are we currently talked about versus our competitors?
Then to measure success, we ask whether we were able to:
- Build better relationships with our key audiences?
- Participate in conversations where we hadn’t previously had a voice?
- Move from a running monologue to a meaningful dialogue with customers?
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