Define social media ROI early

Posted by: Kate on: 10/05/2010

• In: Business | Key Tips | Social Media
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We are well into another year of social media activity. When reviewing or drafting your marketing strategy, start by clearly definining what you want to measure for your social media return on investment. Sales? Increased interactivity? Decreased questions from clients? Improved image? There’s no right or wrong answer, it is just important that you define it for your organisation.

Econsultancy recently asked a number of market leaders what ROI on social media meant to them. The answers ranged from financial growth to increased positive feedback. They all agreed it is important to integrate it and focus it on your particular goals.

Top Web Hosts talks about the ROI ‘Reality Check’. It’s all about starting at the beginning of the planning process. The stronger your definition of return, the more helpful your results will be. They cover planning, tools and provide some very good links to related articles.

Social Media Today’s post ‘There is No ROI from Social Media!’ corrects itself saying ‘The answer comes from asking the right questions’. They turn it around to ‘IOR’ – ‘intent on returning’ value to your clients. And, show how the two are connected. The comments on this blog are as enlightening as the post.

The number of businesses actively using social media – key word being ‘actively’ – and showing success would grow at a much faster rate if they set clear ROI, measured regularly and reported in a clear way. There is no doubt social media can bring positives to any organisation – but like all other aspects of marketing – it needs to be clearly defined from the beginning. And, there’s no time like spring (see Spring Cleaning Your Website post) to get a clean start on this!

Tags: Business, Facebook, roi, Social Media, Twitter