Social Media and ROI

We know measuring ROI on social media is a complex process. That is not to say it is impossible.

Today we will discuss the approach towards measuring ROI on social media.

Implementing accountability and ROI

 

1) Use existing data or customer insights from your research to create campaign projections


2) Create a mix of financial and non financial matrix that you need to measure.

3) Track your marketing cost

4) Share insights (with internal stakeholders) and involve them in the insight generation process.

5) Ultimately you want to have a holistic view of your customer data. not only do you know what they’ve purchased, but also what they think about your industry, how they talk about your brand, and why they react to your campaign a certain way.

Exposure to media and/or website - this first level measures the awareness of your social media website(s) or vehicles.


Impressions - number of (web)visits

Clicks/visits - clicks per visits

Page views - total number of (page) visits

Referrers/sources - potential leads generated

New vs. returning - no. of returning visitors and new visitors

Frequency - frequency of visits from visitors

Levels of Engagement - the second level measure the extent the user is being engaged on your social media vehicle(s).


Pages viewed per visit - the more pages viewed, the more the viewer is engaged.

Time on site - Time spent is directly proportionate to the the level of interest on your site.

Reading blogs/participating in discussions - Participation suggests engagement and involvement on the user part.

Viewing videos/photos - uploading and viewing photos show further engagement

Uploading content - uploading content shows that user is willing to be an active participant rather than a passive one

Telling friends - viral effect kicks in

Inquiries/Registrations - express interests on your initiative

Transactions - viewer exercise decision intent

In order to justify returns to your top management, it is essential to document all these numbers down on a monthly basis. Though it can be a cumbersome process, putting all these indicators into a proper excel sheet allow you to analyse trends more efficiently in the near future. This would also give you a first round of defence in showing your boss that the money was well spent on social media, should the numbers turn out well. You need statistics to show during year end reporting and this form the basis of your report.