OUR TAKE ON THINGS
With more companies jumping onto the social media bandwagon, it is becoming increasingly clear that measuring its monetary impact calls for a new set of techniques. This comes as no surprise, since social media in itself is a relatively new development compared to traditional modes of communication.
In order to measure your social media ROI, you need to know your social media investment in the first place. How do you calculate that? Measuring it in terms of Facebook likes and Twitter followers will give you a picture far from what is real. In other words, to conclude that your total number of ‘likes’ or ‘followers’ is directly proportional to your actual sales is a serious mistake. A ‘like’ or a ‘follower’ is just a potential business opportunity. At the end of the day, it is the sales conversion rate that matters.
Furthermore, the investment on social media is not directly a tangible, monetary one. It has to do more with man-hours since it involves timely updation of relevant, fresh content. It is only through such an ongoing activity that one can create strong engagement.
Thanks to social media, organizations have been able to reduce their customer service expenses drastically. Facebook and Twitter are brilliant customer-facing platforms. It has also enabled them to receive direct customer feedback. In other words, one way to measure your social media ROI is to calculate the total money saved by using social media.
As you must have already understood, calculating the full extent of social media ROI is still not entirely possible. But Google’s Analytics tool has been found to be quite effective bringing in new levels of insights in terms of social share. It aims at identifying the full value of traffic coming from social sites and to measure how they lead to direct conversions or assist in future conversions.
Last but not the least, what we need to understand is that, social media is not a destination; instead it is an effective communication tool that needs to be incorporated with the traditional methods.
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