Social Media Marketing ROI



Image source: https://goo.gl/Jqbpo7

 Struggling to define and identify social media marketing RoI?

There are no dearth of guides, handbooks, how-tos on how to measure social media RoI. You have the "most comprehensive guide," "the short guide", the "penultimate guide" to social RoI and what not - and yet braver marketers have stumbled when asked to present the RoI in clear and tangible terms.

RoI would be the value generated per rupee (or currency) of investment. The math looks easy - beyond that begins the horror story for more marketers.

How do I assign monetary value to the time invested in creating social media content? I don't have an agency yet.
How do I attribute social media overheads?
and it goes on and on.

If you are not already struggling with reach, traffic, leads, customers and conversion rate, newer metrics are being launched at supersonic velocity, whilst poor unsuspecting marketers sit agog (Hey, I am not even tracking that)

Having sifted through each and every one of them, I decided that just one metric was worth my time.

Goal conversion.
End-of-story

Brand building is good, visibility is good and so is awareness. And sure enough, there are vanity metrics to measure aplenty (read my story on "Customer Loyality: Beyond Likes, Tweets and Share on Slideshare here). But it is important to be cognizant about ROI wrt goals.

Every goal can be assigned a monetary value (new followers acquisition, link clicks, form sign ups, downloads and so on). As long as you are able to measure the goal conversion RoI, you are on the right track.

I did track the broader metrics, such as traffic and engagement, for quite sometime but then I realized that as long as the goal conversion metrics were being met, it should mean that the traffic / engagement triad was healthy.

An absolute gem of an article to read is this 
The Delightfully Short Guide to Social Media ROI (read here)


So my fellow marketers, track goals and you'd be on the right track.


References:

 How to Measure Social Media ROI, Debra Eckerling, March 26, 2014
http://www.socialmediaexaminer.com/measure-social-media-roi/

http://www.adageindia.in/Five-Steps-to-Measuring-Your-Social-Media-ROI/articleshow/52016847.cms

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