How to measure ROI on the Social Media strategies?
“We don’t have a choice on whether we do social media, the question is how well we do it.’ – Erik Qualman
The race has begun. Corporate world is all set to enhance their capital expenditure in the next calender year, widely for the social media platforms. That promise a broad reach, targeted customers, strong personal relationship, ad campaigns to target specific and segmented audience and most importantly build a huge customer base. More and more companies are engaging with this super phenomenon called – Digital marketing. All these put together may have positive effects on the overall business, including brand building, sales conversion and customer engagement if applied effectively.
Question is, are all companies getting their social media strategies right?
Unfortunately seven out of the ten companies are getting it wrong so far. It gets further complex when companies don’t have evolved parameters to measure the Return on Investment.
In such circumstances it becomes all the more important to know how much worth the marketing activities on social media is bringing to your company though it’s difficult to get the exact numbers.
You may find few Here answers here –Hootsuite, Facebook Insights, Google Analytics, Bitly, Buffer, Twitter Analytics etc. provide different kinds of statistics to understand the competitiveness of campaigns on several social media channels.
Still interpreting data is again a skill.
Always keep in mind, you have very little control on these social mediums. Once a word or news is out there is very little scope of disaster management.
Social interactions such as re-tweets, likes, comments, help to shape your social media marketing activities, but this also can be major bottleneck if feedback is negative. Not only killing the brand reputation, but also a ripple effect on others, who have been regular followers.
Under any such given situation it would be better to access company’s social media profiles regularly for the latest comments. Try responding to customer complaints at the earliest. Communication is the key and try explaining him company’s stance if not in a position to manage the issue.
So it makes more sense to actively participate in forums, groups and other discussions to get an idea about what people are saying about your brand. One can always take help of ‘Social Listening’ to monitor what is being said about your company.
One of the biggest misconception marketers have about social media is that: It’s FREE.
Which is throughly wrong.
It’s a fact there are lot many free tools available but organizations do have to depute people, train them to understand the entire process. Time is money and to say its free, would be a wrong statement, as the company in any case is investing a substantial amount on these employees who gain expertise with time only. As this concept is still in the nascent stage, marketers have no evolved technique but to ‘Hit and try” at all the options. What works for larger players may not work for smaller ones.
Message is , Love it or hate it, you cannot ignore it. But a timely caution can make your social media strategy yield results.