Measuring Social Media ROI
Measuring Social Media ROI
Nov 15, 2014
Spending on social media marketing continues to grow, but what are the metrics that could be measured and should they be bench-marked against return on investment? Get an idea of how well your strategy is working in terms of customer engagement.Learn to measure ROI on all your social media activities.
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Measuring Social Media ROI
What’s ROI?
ROI
Sales funnelThe AIDA Model
Metrics for the sales funnel
Most of us are measuring the wrong stuff
Measure “hard” objectives
• Increase awareness among target audience by 15%
• Increase revenue by $5M
• Drive 100 downloads of brochure
• Encourage 10,000 adults to quit smoking
Examples
Measuring Cost effectiveness of tactics
Use a result-focused measurement framework
KPIs vs diagnostic metrics
How we measure
Incorporate measurement at every stage
Always-on cross media tracking
Some Insights
• “By starting earlier and using social media to spread the word about the new product, we’re really reducing the amount of traditional advertising we have to spend.” - Jim Farley, Ford CMO
• Four out of five consumers said they would be more inclined to buy a brand more often in the future after being exposed to a brand’s social media presence – AIB Research
• After seeing a friend’s social signal (like, re-tweet, comment), 7% of his/her acquaintances will consider the brand in conversation, and 42% of his/her close friends will want to buy - Rotterdam School of Management white paper
Thank You
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