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 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.
Social media success sometimes appears arbitrary.
Perhaps you’ve wondered, “Why does company X generate leads and business from their social activity while my company wastes resources on blogs that don’t get read and tweets that go unanswered?”
Social media is so new, sometimes the path to success is unclear and it’s easy to lose your way.
Wouldn’t it be nice to have a framework for measuring the impact of your social media efforts?
That’s where Susan Etlinger’s new research for the Altimeter Group comes into play. Susan did qualitative research with 60 social media marketers and vendors to understand how businesses currently measure their social media performance.
Her goal: to develop a framework for tying social media performance to business goals.
NOTE: Because Susan’s original research targeted enterprise-level companies, I interviewed her to add some small business insights. The following comments combine results of the research and that interview.
Avinash shares how the free enterprise-class tools available through Google Analytics impact businesses today.
He explains how your social media activity influences the behavior of your business audience to help you improve your results.
Be sure to check out the takeaways below after you watch the video.
This post will focus on six metrics you can use to measure the impact of social media on public relations (PR).
Why social media and PR?
Social media networks like Twitter provide a new level of access to reporters that open dialogue in new and exciting ways. As social media sites become the “source” for news and breaking stories, marketers are seeing media coverage spread more rapidly than ever before.
As Twitter continues to grow, tools to enhance your Twitter experience and measure your influence are popping up all over the web. In this article, I’ll highlight five free tools that offer easy ways to keep track of your influence on Twitter and beyond.
Perhaps one of the more well-known resources for measuring your Twitter influence is Klout, which is available as an extension for Chrome and Firefox, as well as the stand-alone site. Late last year, Twitter client Seesmic also integrated Klout scores into its desktop and web versions.
In our recent Social Media Success Summit, there were presentations that covered all the key topics you need to make your social media marketing easy. In this article, I’ll share 12 of those tools that were recommended by the pros.
Tools to Refine Your Visibility and Engagement
Here are three tools recommended by Mari Smith during her first presentation on increasing your visibility and engagement on Facebook.