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

Comments

Post a Comment

Popular posts from this blog

Checklist: Questions to Ask Before Starting a Content Writing Project

Image
  Remember the time when you went back and forth with the client on a content writing project? Remember the anxiety? Remember the stress? Well, in retrospect, do you wish you had done anything different? More often than not, content writers often say that asking more questions helps. Questions drive alignment, identify points of friction and give you guard-rails alongside which you operate. Of course, you shouldn’t hit the client with a 100-question questionnaire right away, what you could do is identify which of the following are the must-asks for your project. Or you could also do a progressive build up. Asking questions at every interaction, and using it to shape up your content marketing project. In that way, you will receive all the information that you need, without overloading the client with too many questions right at the start of the engagement. So what are those list of questions that you should ask? 1. Are there any brand / company guidelines? Every organization has its own
Read more

Changemakers of India: Divanshu Kumar

Image
Hello everyone, In continuation with the series on Changemakers of India, we bring our very first interaction with the young social entrepreneur, Divanshu Kumar. He is the founder of the  non-profit ed-tech startup Involve Learning Solutions Foundation. Let's hear from Divanshu how education can be an instrument of social change and applaud this young social entrepreneur. Please tell us something about yourself and your entrepreneurial journey. I am Divanshu Kumar, a 2019 graduate from the department of Mechanical Engineering student at IIT-Madras. I come from Gaya, Bihar where I did most of my schooling. I run a non-profit ed-tech startup Involve Learning Solutions Foundation where we are preparing students for the needs of tomorrow.  Honestly, I consider myself as an accidental entrepreneur, because my inclination wasn't really on starting my company, but towards solving complex social problems which affected human potential. And while I was playing with the Idea of Involve,
Read more

How to repurpose content

Image
Image source: pixabay.com And it lived happily ever after. Thus ends the journey of a well-crafted piece of content. Not quite. As marketers, we already struggle with multiple demands on our time. And creating content needs time and efforts. A well-researched and written article could take a week [or more / less]. Not to mention distributing that content on an array of ever-multiplying channels. Phew! Repurposing your content optimizes your content marketing efforts. So what is content repurposing? It’s a technique that maximizes your content marketing efforts by repackaging your content into as many formats across as many channels as possible. Why should you think of repurposing your content? Not all readers are equal – and neither are their content consumption habits. So repurposing your content helps you in reaching out to as wide an audience as possible. Exposure : Your buyer personas may not be uniform in their preference for
Read more