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Measuring Social Media ROI

by: michel on Date: Wed, 14 Jul 2010 Time: 9:18 AM

Most business owners know that keeping track of their ROI (return on investment) for any type of advertising campaign is vital to determining its success. Many professionals have stepped into the world of social media marketing without keeping this idea in mind. Because social media was a new idea for them, they forgot the rules they had learned elsewhere in business.

Goals
In the past, you never would have purchased a full page spread in a national newspaper just to “increase visibility” for your local business. So why are you blasting Tweets across the country to followers who aren’t even your target audience? When you begin a social media marketing campaign, be clear about your goals. Just like any other type of marketing, goals should be clear cut, manageable and measurable.

Decide what social media can do for you. It certainly can increase your visibility in the market, but try to narrow your focus. Are you trying to reach clients and customers in your own area? Do you want to widen your scope to include other regions? Are you trying to up the traffic to your website? Knowing what you want to achieve is the first step in any marketing blitz.

Make a Plan
Once you’ve figure out what your goals are you can start planning how to achieve them. Map out ways to use social media to meet the goals you have set. For instance, if you are trying to reach your own geographical area think of groups to join that are of interest to that specific place. Implement your ideas one a t a time so you can see what the response is to each one. Throwing everything out at once leaves you wondering what worked and what didn’t.

Measure the Response
When you’ve set you goals, made your plans and implemented each one then you can start measuring the response. Look for quantitative results. If you are trying to widen the scope of your business, see how many people you have reached who live in other counties, states or countries. Think in tangible terms. If you are using an agency, have them report to you in tangible terms as well.

Evaluate your Successes and Failures
If you aren’t seeing your goals met, take a second look at your goals. Were they reasonable? Were they specific? If the issue is not with the goals, then consider the mean used to attain them. What worked and what didn’t?

Remember, social media marketing is not about how many fans or followers you have. It’s about turning those fans into customers.

About the Author

Mailing Address:
James Colucci Enterprises
PO Box 1345,
Summit NJ 07902,
United States

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