Times have change, and so it has the way people advertise and market their business. An infinite number of articles will tell you that social media is in, and if your business isn’t taking part of it, it will be missing out. But, missing out 0n what? This month Oneforty came out with a great report on how to measure social media. I’ve summarized the most efficient tips to help you make the most out of your social media campaign.
For starters, you need to start thinking of it as social business not social media. Social business is the concept that participation in social media is advantageous to each department of a company. Therefore, you should treat social media the same way you would your business. It is imperative to set objectives and goals. These should be measured by tracking the key performance indicators (KPI’s). By doing so you will get a sense of what you’ll get in return from participating in social media. For example:
For the finance department you can quantify how much money you are saving by calculating the cost of twitter support vs. call center or the cost of a recruiter vs. the cost of a social media campaign to find new hire. You can also measure how much money you are earning by calculating the social media impact in online and offline sales as well as the volume of discount or coupon redemptions.
In the marketing division you can measure the number of leads generated by e-mail subscriptions or click-trough rates. Also, you can quantify engagements with your audience by measuring how many times they comment, download, share or even tag something. Additionally, you can gather all sorts of audience data, like geography, age, ethnicity etc.
These are just a few ways to benefit from your social media campaign. If you have your own tips on how to measure the return on investment (ROI) of you social media site, please share them with us!