Let’s get right to the heart of the matter. If you are managing social media marketing for your business without specific goals and metrics that identify the value to your business, you are wasting your time.
Once we get past the Shiny Object Syndrome of social media, we have to take a look at it just like any other marketing channel we use and ask, “Is this getting return?” Return on investment, or ROI, is the measure that all marketing embraces, and that should include social media.
So the question still stands, what is your ROI on social media? Don’t know? Then this is a clear indicator that your social media marketing is a waste of time.
How do you track ROI from social media? Well, we can’t cover it all here in one post, but I will give a detailed explanation of the process at the New Media & Technology Conference (FredNMT) on Thursday, February 13. For now, here’s a case example of a business that knows the return on each social media follower and wants to increase that number.
All the social applications now have very robust “Insights” or analytic interfaces where you can measure the return on your activity. That is where we start. Your baseline measure should be “volume of activity.” That might mean how many posts a week you are creating on various platforms.
The next item in your measurement is the activity from your posts in the form of clicks, shares, comments, etc. These responses are critical to measuring success in our next step.
So now that you have the basic data, we need to start gaining some insight. Let’s use this table of data for our discussion. Let’s make the assumption you are using social media with tact, and this is your activity for one month.