Are you trying to measure your social media return on investment (ROI)?
Do you need to measure the social performance of your business?
To learn how to determine the ROI for social media marketing, I interview Nichole Kelly for this episode of the Social Media Marketing podcast.
More About This Show
The Social Media Marketing podcast is a show from Social Media Examiner.
It’s designed to help busy marketers and business owners discover what works with social media marketing.
The show format is on-demand talk radio (also known as podcasting).
Nichole shares why so many businesses struggle to determine the ROI of their social media activities and what’s really important in your social media measurement.
You’ll learn the most important steps that all marketers should take when thinking about social ROI.
Share your feedback, read the show notes and get the links mentioned in this episode below!
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Are you winging it when it comes to your social activity?
The expression “social media ROI” gets tossed around frequently and you know it’s important.
But where do you start and how do you relate what to measure online with your overall business goals?
Here are four business goals, how social media can impact these goals and most importantly, how you can measure the impact of your social media efforts on these goals.
Determine how each goal below relates to your specific business goals and then choose which social media results are relevant to measure.
Are you wondering if measuring social media return on investment (ROI) is important?
Do you cringe when you think about putting together another report?
You aren’t alone. But times are changing for social media and these reasons will show you why it’s time to get serious about measuring your results.
Do I Really Need to Measure ROI?
Let’s start by addressing the elephant in the room. Is ROI the right measure of success for social media?
There are many who would argue that a financial return doesn’t show the true value of social media for the organization. I would agree that ROI doesn’t paint the full picture.
However, the bottom line is that executives and business owners sleep, eat, and breathe ROI. It has been the measure of success since the beginning of their careers and while we can jump up and down and tell them it isn’t a complete picture, they aren’t going to believe it until they see it.
Are you looking for simple, straightforward metrics to measure the impact of your social media efforts?
Social networks and blogs continue to dominate Americans’ time online (accounting for nearly a quarter of total time spent on the Internet) according to a recent Nielsen report on social media, .
While we all know how important it is to market through the various social networks, it is vital to track and measure your efforts for success.
Here are five simple metrics to find out whether your social media effort is paying dividends.
#1: Examine Referring Traffic
Under the Traffic Sources tab, click on Referring Sites and then type in your social network of choice to see how much traffic is being referred. Set up goals based on the actions you want your visitors to complete.
Do you want to figure out how to drive revenue from existing customers through the social channel?
This post will give you 5 tips to gain more revenue from your existing customers using social media.
Why Focus on Existing Customers?
For many companies, connecting with their existing customers is a natural fit for social media. These companies are seeing conversations about their brands, their competitors and their industry that provide them with an opportunity to engage others in dialogue.
There are two types of strategies that revolve around existing customers on the social media channel. The first is to offer customer service help through the social channel. We’ve seen excellent examples of this with Comcast and Boingo, which have successfully addressed customer concerns through social media.
Are you interested in monetizing the social media channel?
Keep reading for five tips to turn fans and followers into a revenue channel.
Do Fans Mean Business?
Marketers have made tremendous strides in growing their audiences on social media channels. There have been concerns over whether social media could only be successful in business-to-consumer (B2C) companies, but we’re starting to see great case studies in both business-to-business (B2B) and business-to-consumer (B2C) brands.
Do you struggle to accurately measure the return on investment (ROI) of your social media marketing?
You’re not alone. Several new research studies reveal that marketing managers are under increased pressure to show measurable results from their social media efforts.
But these same managers indicate that measuring the returns is one of their top two challenges for 2012.
One of the reasons measuring the return on investment (ROI) of social media has sparked so many discussions is because it’s not easy. The main barrier to end-to-end measurement is the lack of a true social customer relationship management (CRM) solution.
As with any new technology, social media has spawned its share of misconceptions and myths that keep people from interacting.
It’s time to debunk the big myths that are keeping business owners and marketers on the social media sidelines.
Myth #1: My Customers Aren’t on Social Media
Wow, if I had a dollar for every time I heard this one…. Seriously, this myth keeps more businesspeople from interacting with potential customers through social media than any of the others.