How Can I Measure my Return On Investment in Social Media?

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SMM - ROI

When businesses decide to add Social Media to their marketing plans they measure the results of their efforts or Return on Investment,  on their popularity – the numbers of connections, likes and followers and, additionally, their participation and exchanging information and building relationships online.

But when it comes to actually measuring their success = SALES, they are confused on how to come up with the numbers.

 

Example:  One of my clients was an Author.  He had written two books.  One had been published for some time and the other was brand new.  He had experienced a small level of success with the sales on his first book but wanted to do better in a shorter period of time with the launch of the second book AND hoped that with more sales of the new publication, people would also be inclined to buy the older book as well.  We developed a strategy to reach this goal with the addition of Social Media to his marketing plan.  Not only did our strategy double the sales on the new book in half the time, but sales on his previous book rose substantially too – exactly meeting the goal he wanted to achieve.

A.     Determine the Goal

B.     Develop a Strategy to get there

C.     Implement the Plan

D.     Measure Results

However, some companies have totally different goals.  They may be looking to strengthen brand awareness, get feedback and testimonials from their customers, do market research for new products or services, acquire sign-ups to their membership site or seeking out joint venture opportunities.

Check out this blog post by B2C that gives 10 examples of Social Media ROI and a cool Infographic on measuring ROI:   http://bit.ly/18GoocL

Do you know how to track your results? 

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