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Is it possible to measure ROI in social media?

ROI-of-Social-Mediavia Social Media Servants

Being social is a wonderful tool for businesses but how do you measure return on investment? and is it indeed measurable?

Hopefully most of you are already aware of the analytics available to you to track engagement from how many people you’re reaching and who’s talking about you, to knowing the popularity of posts measured against days, time, and customer cycles. You can see website traffic, how many offers and vouchers have been utilised, and even compare platform against platform.

But with these analytics, however, comes the constant debate around one of the most common (and, dare I say it, most basic) questions that those who work in social media are asked: what will be my ROI from social media?

Why is there a debate? Because there is no answer.

Some say having millions of loyal people seeing you everyday should be enough to silence this question. Others argue that without concrete proof of sales, there’s no point.

No matter what side of the debate you fall on, there are some simple knowledge-based steps that anyone can take to better understand and answer the ROI question for themselves.

the-skinny-on-measuring-social-media-roiGet Smart (aka Sales vs Community)

In social (as in life) a relationship must come before a sale.

Of the top 50 brands on social media, not one places gaining social sales as their number one priority. They see social as a way to connect, grow and communicate with the community in ways that was never possible until now. On average, social sales came fourth on their list of reasons for being on social media.

What does this mean for you and your ROI? Stop yourself from placing an emphasis on getting sales in the short-term, and follow what the big hitters do; plan a long-term game that ensures a strong, loyal and driven community that wants nothing more than to buy what you are selling.

Do you want sales? Yes. Will you get them? 100%. Will you get them in one week? Two months? Six months? No one can answer that. It all depends on your strategy, how you are connecting with your community and how deep you are willing to get into social.

The ability to measure and analyse social media is wonderful. Every update comes with the ability to track what worked and what didn’t work. Gone are the days of generalisations and guesstimations.

To read the steps visit socialmediaservants.wordpress.com

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