The science of social media ROI
Last week I presented at a webinar as part of a series looking at the science of social, focusing on social media ROI and demystifying the confusion that surround it. The problem with social media ROI is that it is so easy to measure so many things that we become overwhelmed by measures. We think that everything is important and that everything is a measure of ROI. It isn’t. And it isn’t. Followers and Likes do not make ROI; moreover they stop us from thinking about the bigger business benefit of social.
We need to measure different things for different reasons, not just for ROI. There are three broad areas of measurement that we should be looking at in social:
- What’s the business benefit? How does any activity contribute towards our business objectives and how do we measure this? Often overlooked in the plethora of social media specific measures, the single most important ROI piece is to think about the business, how social contributes to it and then how we might measure this link.
- How successful are my channels and campaigns? More of a quality measure but an important one for anybody who is in charge of social media. With a clear business objective that we have to deliver against, what do I need to measure to make sure that we have the quality of engagement and interactions to get there.
- How suitable is my engagement and content? Finally we get to the range of social media measures that are out there – Likes, Followers, views and the like – these are incredibly useful for the people working in social media and managing your channels and engagements. If they write a blog post that gets 10 times as many views as a previous one, these are the people who should be questioning and querying what has caused this change.
The first, and most important, measure is the business one. Why are we doing this? What business objective is social contributing towards? We should ignore, for the moment, the different things we can measure and focus on what social should be contributing to our organisation. Only when we are clear on that will we be able to establish clear ROI measures. And only when we have these should we think of any of the other measures that we can look at and report on.
The presentation I gave at the webinar included this and some case studies of work we have done at FreshNetworks showing business benefit.
The next Science of Social webinar is on Wednesday 20 June and looks at How to Identify and Reward Advocates. You can sign-up here.
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