Can you measure the ROI of your social media marketing? It’s important to know if what you’re doing is working so you don’t waste your time. Doing that may mean measuring more than straight ROI. This week I’ve chosen metrics as the theme. So here are the best articles this week about measuring your progress. Read on to learn more.
Social Media Measurment Model [Infographic]
by Mark Smiciklas on Social Media Explorer
Mark says:
In order for data extracted from a measurement initiative to be
useful or effective it needs to connect back to the business
objectives of your organization. These will vary by company
and situation – but there are a handful of goals that are universal
to most businesses or nonprofits. These include optimizing marketing
programs, generating revenue, cutting costs, building brand equity
and developing new ideas, products or services. For more information
about the goals that I’ve included in this model check out the
Social Media Measurement Compass in a report about social media analytics
by the Altimeter Group.
*Make sure you know your objectives. Authors you want to sell books.
Churches you want to bring people into the fold. You may have others,
but the point is to know your objectives so you can measure the results
of your efforts effectively.
14 Social Media ROI Metrics You Can Use Right Now!
By Harry Gold on ClickZ
Harry tells us:
Engagement rate. This one is super important. The metric from
the graphic below, (see image 1), is basically the total of likes and
comments divided by a total fan count. A good social media marketer
needs to know when she posts something that creates reaction and
engagement. It lets you take note of what you posted and, as importantly,
when. Having a high engagement rate will help to build your EdgeRank!
Also, take note as to whether the reaction was positive - clearly a lot of
negative responses, while building your EdgeRank, are not good!
(EdgeRank is the Facebook algorithm that personalizes your newsfeed
and inserts posts it thinks you will be interested in based on your relationship
with the poster. Want to know more about EdgeRank? Just Google it.)
*How can you use this knowledge? Perhaps you notice when that when
you share a cartoon on Facebook that pertains to your book topic there
is a spike in engagement. But when you just mention the book there is
less engagement. Try sharing your book by using comedy if that applies
or mention your book when you share something that engages your fans
more. Make sure it pulls together, that what you share gets your fans to see
how great your book would be to have in that context.
Leading Experts Discuss Social Media ROI
by Kelli Parkja on Social Media Camp Mcallen
Kellie asks: How do you measure the ROI of social media activities?
And Michael Hopps answers:
I would like to emphasize that most new companies who start engaging
in social media activities, focus on numbers. They first focus on the
quantitative data, like the number of “followers†or “likes†or “fansâ€.
I believe that any sort of numeric value is only one piece of the puzzle,
and I would definitely recommend companies to look at qualitative attributes
when measuring ROI. Qualitative attributes mean for example looking at
conversations and looking at social mentions. We can also gather from an
eMarketer study below, (see image 2), that among U.S. marketers regarding
social media marketing ROI metrics, “social mentions†are a very popular way
to derive customer feedback from the social web, and also an efficient way
to analyze sentiment and other qualitative data. ROI can also be derived from
future customer purchases as a result of successful social CRM practices.
*This series of interviews has lots of great information. It was hard to pick
out one thing to share here. I highly recommend you take a break and take
the time to read this one.
Please visit me over at New World Creative Union every week where I share
a weekly tip with a great group of creatives. And if you're a poet, writer, artist,
photographer, etc. please join us!
Social Media Measurment Model [Infographic]
by Mark Smiciklas on Social Media Explorer
Mark says:
In order for data extracted from a measurement initiative to be
useful or effective it needs to connect back to the business
objectives of your organization. These will vary by company
and situation – but there are a handful of goals that are universal
to most businesses or nonprofits. These include optimizing marketing
programs, generating revenue, cutting costs, building brand equity
and developing new ideas, products or services. For more information
about the goals that I’ve included in this model check out the
Social Media Measurement Compass in a report about social media analytics
by the Altimeter Group.
*Make sure you know your objectives. Authors you want to sell books.
Churches you want to bring people into the fold. You may have others,
but the point is to know your objectives so you can measure the results
of your efforts effectively.
14 Social Media ROI Metrics You Can Use Right Now!
By Harry Gold on ClickZ
Harry tells us:
Engagement rate. This one is super important. The metric from
the graphic below, (see image 1), is basically the total of likes and
comments divided by a total fan count. A good social media marketer
needs to know when she posts something that creates reaction and
engagement. It lets you take note of what you posted and, as importantly,
when. Having a high engagement rate will help to build your EdgeRank!
Also, take note as to whether the reaction was positive - clearly a lot of
negative responses, while building your EdgeRank, are not good!
(EdgeRank is the Facebook algorithm that personalizes your newsfeed
and inserts posts it thinks you will be interested in based on your relationship
with the poster. Want to know more about EdgeRank? Just Google it.)
*How can you use this knowledge? Perhaps you notice when that when
you share a cartoon on Facebook that pertains to your book topic there
is a spike in engagement. But when you just mention the book there is
less engagement. Try sharing your book by using comedy if that applies
or mention your book when you share something that engages your fans
more. Make sure it pulls together, that what you share gets your fans to see
how great your book would be to have in that context.
Leading Experts Discuss Social Media ROI
by Kelli Parkja on Social Media Camp Mcallen
Kellie asks: How do you measure the ROI of social media activities?
And Michael Hopps answers:
I would like to emphasize that most new companies who start engaging
in social media activities, focus on numbers. They first focus on the
quantitative data, like the number of “followers†or “likes†or “fansâ€.
I believe that any sort of numeric value is only one piece of the puzzle,
and I would definitely recommend companies to look at qualitative attributes
when measuring ROI. Qualitative attributes mean for example looking at
conversations and looking at social mentions. We can also gather from an
eMarketer study below, (see image 2), that among U.S. marketers regarding
social media marketing ROI metrics, “social mentions†are a very popular way
to derive customer feedback from the social web, and also an efficient way
to analyze sentiment and other qualitative data. ROI can also be derived from
future customer purchases as a result of successful social CRM practices.
*This series of interviews has lots of great information. It was hard to pick
out one thing to share here. I highly recommend you take a break and take
the time to read this one.
Please visit me over at New World Creative Union every week where I share
a weekly tip with a great group of creatives. And if you're a poet, writer, artist,
photographer, etc. please join us!
Image 1 from the article: 14 Social Media ROI Metrics You Can Use Right Now! By Harry Gold on ClickZ
Image 2 from the article: Leading Experts Discuss Social Media ROI by Kelli Parkja on Social Media Camp Mcallen
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