Despite social media being a part of our lexicon for more than a decade now, many organizations still struggle with incorporating social media because they just don’t know what to measure or how to measure the return on investment (ROI). It doesn’t have to be complicated. While at Radian6 I worked with many companies that were looking for the right measurements fortheir community teams, while also helping people understand just how you could measure the ROI of social. There were a lot of great minds there and I am going to share with you some of the social media measurement that we used- tips from the experts.
Like any business there was a strong focus on measurement at Radian6, ROI and having the right Key Performance Indicators (KPIs). The best place to start when looking to measure your social media ROI, is with your C-Suite. It is essential to understand what is important to your executive. Asking the right questions up front can save a lot of time and get buy-in immediately. The following questions can get you started:
- What are the key concerns or issues of the Board of Directors?
- What KPIs are being used?
- How are you currently measuring Share of Voice and/or Share of Conversation?
- Where does reputation monitoring and management factor in?
- What resources do you have to monitor brand mentions and do brand engagement?
It is extremely important to remember that social media is not a strategy unto itself. Rather, it is part of an overall strategy and must be thought about in the big picture context. The questions above are intended to help you think this way. Focusing on social media alone is typically the reason that social media ROI has been not been definable and/or reached. Thus some companies have become disenchanted with social thinking it does not provide results. It bears repeating that social cannot be planned and/or considered in isolation. The C-suite, Marketers and Strategists alike need to always be thinking about the big picture and the overall objectives of the organization.
Key Take Aways:
- Remember to focus on the big picture.
- Social media is not a strategy unto itself.
- Select measurements that are important to your Board of Directors and Executive.
- Don’t focus on Likes or size of networks only – see #1- 3 and repeat.
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