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Measuring social media RoI

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How can marketeers measure social media ROI? Find out...

How can marketeers measure social media ROI? Find out...

Published in: Business, Technology

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  • 1. Prayukth K V
  • 2. “We haven't measured it!!”
  • 3. MIT Sloan Management Review
  • 4. SO, WHERE DO WE START? If a company could reach 16% of it’s total following on a social account with a single post/update. Assuming a 1% click-through rate on the post and a 2% conversion rate from visits to lead, the brand would need 1,250,000 followers to generate 250 leads. - Nichole Kelly, Social Media Explorer That’s indeed academic! In reality, measuring social media RoI is not that straightforward a deal.
  • 5. SET YOUR MEASUREMENT OBJECTIVES  Identify outcomes: Identify a limited but substantive set of business outcomes which can be created or accelerated due to the social initiative.  Identify current measurement parameters: SLAs, problem resolution, modified features, customer satisfaction etc.  Identify stakeholders: isolate sources of most reliable input and feedback.  Identify conversation priorities: to grade conversations  Identify impact: potential impact of social conversations on the functional organisation  Identify change: brought about by your social media presence on internal and external on key stakeholders  Identify tangible and intangible goals
  • 6. WHAT TO MEASURE? GET SMART.  Specific. Be specific in target results. Such as use numbers and verbs — change, improve, complete, perform, etc. — when setting goals.  Measurable. Have a way to measure progress.  Actionable. Goals should be achievable by those assigned to work on them.  Realistic. Consider available resources and skills to make sure goals are not impossible to achieve.  Timed. Set a deadline or timetable by which goals should be achieved.
  • 7. MEASURING - EXTERNAL  Derive metrics primed for social media  The approach should be based on  Audience  Reach  Engagement (quality and quantity)  Sentiment (created/altered)  Feedback  Content demand generated  Web traffic generated (click throughs)  Call to action answered  Social leads  Negative/avoidable conversations prevented  Positive/desirable conversations generated
  • 8. TRANSLATED!
  • 9. MEASURING – INTERNAL  Response times to a conversation/request  Quality of response – measured in degree of satisfaction of the social constituent  Time taken to incorporate feedback  How employees are engaging with your brand on social media
  • 10. GET IT RIGHT THIS TIME! For more updates and marketing strategies, join me on Information is provided for academic purposes only

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