There is a lot of speculation rising about how to measure Social Media ROI.
Can you do it?
How do you do it?
How much does it cost to do it?
The truth is the answers to those questions are not as intimidating as you may think. What it does take to measure Social Media ROI is quite a bit of dedicated time. Since we all know time is money, then yes it does cost something to determine the value of your Social Media Marketing efforts. But that value can be determined at a much more reasonable price than you may be anticipating.
I’m sorry to say there isn’t (yet) a standardized Social Media ROI calculator. Sad right?! I’m working on it, don’t’ worry!
Although I’m pretty sure I’ve come up with THE NEXT BEST THING. Why? Because I place high value on determining ROI when it comes to assessing your Social Media Marketing strategy and I believe that the results are very personal to your particular brand and individual goals.
The reason why I think a standard Social Media ROI calculator is something that is still a bit off in the future is due to the extensive and overwhelming human element that comes along with “Social” marketing. You can’t put a formula on how people behave. Although, Google and their collection of Mathematicians and Patented Formulas may soon tell me otherwise; I have a hard time believing humans can be so predictive.
Yes, there are certain behaviors that can be discovered and tracked over a period of time. But there isn’t a set way to gauge who or how someone will react to an emotion prompted over a particular proposal; Other than monitoring the reactions and adjusting to every piece of content you put out into the internet atmosphere.
Fixing ROI problems comes down to a simple thing. Data. Not that the data itself is simple, but the foundation of measuring your Social Media performance at every stage of your Marketing is in your statistics. I know this to be so profoundly true, that I have begun to build my entire Branding process around just that. I create custom content filled with specific advice that helps you determine your Social ROI, I track the results using a variety of tools and make adjustments that further produces dedicated clients and of course, sales. Simple.
I’ve started sharing the tools I use to solve some of my Social Media ROI problems and I partition them daily in a variety of ways on Social Media. If you missed this week’s tips, I’ve created a compilation as an easy reference. Enjoy!
1. You’re not Marketing on social media unless your tracking and adjusting to results. Make sense of your data in a visual info graph style using visual.ly enjoy! This is good for anyone new to tracking Data. The instant info-graphs that Visual.ly produces makes it easy to analyze and even share with your boss.
2. No need to wonder, “#what #hashtag should I use?” Use the hashtagify.me tool to know what #hashtag to use for your industry to rise above the internet clutter.
3. This tool is pretty neat! But to find out just how neat you’ve got to decipher my code. Whys the riddle worth figuring out? Because it allows you to import email lists and review data on your users. Data includes where clients are located and how they like to spend their time online. Figure out this riddle and start tracking!
I can’t give it all away free, Geesh! But, technically it is free. I just want you to work for it a bit.
Can’t wait to hear how you use this Amazing Tool! (Rap + Leaf)
4. Slow down speed racer, Social media marketing should = a laid back cross country road trip in your grandmas 1970’s camper, eating hotdogs by the fire with perfect strangers. Where do you think the best place to stop to make camp is?
5. 61%! That’s how many of your current clients want to see unique branding posts from you. Are you giving them what they want? Share the percentage of custom content you’re curating and share your results below.
Don’t want to wait?
Take my FREE WEB ASSESSMENT to get graded by me on the performance of your Social Media Efforts.