Measuring Social Media ROI and Social Media ROI Tools
To judge the success of a
social media marketing strategy, it is necessary to build an evaluation process
to be followed consistently and rigorously.
How does one develop such
a process?
What variables should be
measured?
What tools should be favored
and what ratios and performance indicators should we calculate?
The development of an
evaluation process is an essential. You
must:
Define your business objectives
Identify your customer base/audience
What motivates members
What networking platforms they prefer
Then conduct a phase identifying
performance indicator that will allow you to monitor the achievement of
predetermined objectives. The rule is to assign some indicators of key measures
for each objective, so that the monitoring process is simple. Note that it is
important that these key variables include both qualitative measures (topics
for discussion, opinions, affinities, buzz, etc.) as well as quantitative
measures (site traffic, conversion rates, etc.). Compare with the competition and your own
past performance. This stage of analysis
can also improve the process and, if necessary, help revise your business
objectives.
It is also essential to
measure baseline performance indicators to establish a baseline for analyzing
the results. For the sake of continuity,
it is also important to provide a production schedule and study data consistent
with the seasonality of the business of the company.
What can be measured by
social media tools on social media platforms generates a lot of data which
becomes difficult to organize and analyze.
From a marketing perspective, it is possible to combine this information
into measurable categories:
The scope of the message, namely the number of
times and the platform where the brand is mentioned (Twitter, Facebook,
MySpace, chat rooms, blogs, etc..), But also the degree of involvement and
influence of the community
The conversations, including the themes most
discussed and the views they create in people
Conversions, that is to say, the manifestation
of intent to purchase from the corporate website from the social networking
platforms.
The tools to measure
presence (visibility) on social media measures things such as:
Website traffic
Number of followers on social networking
(fans, followers, etc.)
Number of mentions and comments brought in
respect of a brand are important too.
They do not reflect the
quality of the conversations or engagement of users, they are simply tools that
give you numbers from databases and attempt to organize them so that they are
easy to understand and navigated. With
this in mind, there are several tools that were developed to help marketers
evaluate their presence on social networks, to understand the distribution of their
campaigns and manage the reputation of a brand online, and are advertised in
abundance with a quick Google search.
