Measuring Social Media ROI and Social Media ROI Tools
A thorough analysis of measuring the effectiveness of social media tools and social media ROI.

Social Media ROI

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Measuring Social Media ROI and Social Media ROI Tools

To judge the success of a social media marketing strategy, it is necessary to build an evaluation process to be followed consistently and rigorously. 

How does one develop such a process?

What variables should be measured?

What tools should be favored and what ratios and performance indicators   should we calculate? 

The development of an evaluation process is an essential.  You must:

Ÿ  Define your business objectives

Ÿ  Identify your customer base/audience

Ÿ  What motivates members

Ÿ  What networking platforms they prefer

Then conduct a phase identifying performance indicator that will allow you to monitor the achievement of predetermined objectives. The rule is to assign some indicators of key measures for each objective, so that the monitoring process is simple. Note that it is important that these key variables include both qualitative measures (topics for discussion, opinions, affinities, buzz, etc.) as well as quantitative measures (site traffic, conversion rates, etc.).   Compare with the competition and your own past performance.  This stage of analysis can also improve the process and, if necessary, help revise your business objectives.

It is also essential to measure baseline performance indicators to establish a baseline for analyzing the results.  For the sake of continuity, it is also important to provide a production schedule and study data consistent with the seasonality of the business of the company.

What can be measured by social media tools on social media platforms generates a lot of data which becomes difficult to organize and analyze.  From a marketing perspective, it is possible to combine this information into measurable categories:

Ÿ  The scope of the message, namely the number of times and the platform where the brand is mentioned (Twitter, Facebook, MySpace, chat rooms, blogs, etc..), But also the degree of involvement and influence of the community

Ÿ  The conversations, including the themes most discussed and the views they create in people

Ÿ  Conversions, that is to say, the manifestation of intent to purchase from the corporate website from the social networking platforms.

The tools to measure presence (visibility) on social media measures things such as:

Ÿ  Website traffic

Ÿ  Number of followers on social networking (fans, followers, etc.)

Ÿ  Number of mentions and comments brought in respect of a brand are important too.

They do not reflect the quality of the conversations or engagement of users, they are simply tools that give you numbers from databases and attempt to organize them so that they are easy to understand and navigated.  With this in mind, there are several tools that were developed to help marketers evaluate their presence on social networks, to understand the distribution of their campaigns and manage the reputation of a brand online, and are advertised in abundance with a quick Google search.

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