The growing use of the popular social media sites as business and marketing tools is something that is very much a 21st century phenomenon, and yet research has revealed that many companies do not pay attention to the art of measuring Social Media ROI. The importance of understanding how well your campaigns are performing cannot be overstated, for there is much to be said in this fast moving environment for keeping up with current trends.
The Popular Sites and their Benefits
Those who already use social media in business will be aware of the growth of Twitter as a usable and powerful tool. Indeed, some users have reported as much as ┬á400% growth in the use of Twitter as a marketing tool ÔÇô they use it for announcing new products and deals ÔÇô and yet over 50% of companies who use it admitted when asked that they did not know what the Social Media ROI on sites like this amounted to.
Furthermore, some companies continue to believe that the likes of Twitter, Facebook and LinkedIn offer little or no return on investment, a worrying point when considering the marketing budget!
There is no doubt that there is a real Social Media ROI associated with these sites, and while it is not as straightforward to measure as other marketing methods it is possible to get an idea of how your involvement is helping your company.
A New Outlook
Change is something that industry and commerce needs to be able to cope with, especially in the fast moving world of Social Media and internet usage, and this is why it may be easier to measure Social Media ROI by taking a fresh look at the results.
Think of it as a multi-faceted tool that can operate in many different ways. For instance, by posting comments on Twitter and announcements on Facebook you are looking to engage your potential customer in an online ÔÇÿconversationÔÇÖ in order to get them interested in your product. It is simple to measure how much time is spent on this against how many leads are converted.
It is also possible to measure customer loyalty ÔÇô how many of your Facebook ÔÇÿfriendsÔÇÖ use your services regularly ÔÇô and also the level of satisfaction they have with your company. All of this is viable Social Media ROI, but the bottom line is still about how much you get back for the investment.
Time and Money
The main benefit of the social media sites is that a lot of the work is already done for you. It is simple to set up a Facebook page or Twitter account and it is easy to have someone dedicate some time each day to keeping things updated. This is the crux of Social Media ROI ÔÇô you need to keep your readers interested, and the same applies to corporate blogs.
The ultimate measure of Social Media ROI comes in the form of how much extra business you gain from having a presence on the social media networks, and in analysing this you can gain information that is relevant to your future performance.