Internet Marketing October 27th, 2010
Well well, the inevitable question about ROI from a Social Media Campaign seems to be coming up more and more, so I thought I would add some insight on how to measure this.
To best measure your Social Media ROI, one has to strive away from a numbers & profit mentality, and get into a nu-era mentality of Internet Public Relationship ROI. In order to do so, one needs to identify specific goals, create a marketing strategy, and execute a pilot to measure. The outcome of any Social Marketing pilot is a great first step to measure your goals to continue.
For example: If your Social Media Campaign was to promote a Digital Media company, then you would want to measure its success based on the number of comments, mentions, links and stories re-discussing the campaign from different websites online. After a mentioning has been established, then solid benchmark goals would be created. In this example, a company article could be created about the Digital Media world, then a goal would be set to have this article seen on at least 10 industry Digital Media publication blogs.
At this point you would want to ensure you are actively working to be an active online conversation in your product/industry. You would also want to ensure you understand how you are currently being discussed about versus your competitors!
Once you have established your goals to measure and have achieved some initial benchmarks, it is now time to expand upon on growing your Social Media Campaign in order to further grow your chances of ROI growth.
To best expand your Social Media Campaign, ask yourself:
If you are at a point where you can answer ‘Yes’ to both of those questions, you definitely will have a lot on your plate to expand your Social Media campaign to best see an appropriate ROI.
Keep an eye on our blog for Part 2 where I will be going over specific methods and tools to organize and track Social Media ROI. Remember, the goal of Social Media(aside from Conversions), should always be to have prospects and peers discussing your brand or industry. Once your Social Campaign begins to grow, actively listening allows you to properly protect brand reputation, while staying competitive in actively wanting to achieve an ROI from Social Media.