Sure ROI is important to companies because they want to see an increase in their profit. That’s the purpose of a marketing budget. However, with social media marketing, ROI takes on a whole new look.
Your boss wants to see quantitative ROI results. With social media marketing, qualitative results should drive those quantitative stats up.
If you aren’t quite sure which metrics you should be looking at when determining your social media campaign’s ROI, I’ll give you list that should give you a pretty good idea of what you should be concerned with.
- Unique Visitors
- Comments & Trackbacks
- Time Spent on site
- Frequency of visits, posts and comments
- Number of leads/period
- Lead conversion
- Average new revenue per customer
- Number of followers after 30/60/90 days
- Frequency of ReTweets and mentions
- Number Relevant direct messages/replies
- Number of clicks a link posted to Twitter has had
- Number of members/fans
- Wall posts/Feedback
- Number of times a customer has come from Facebook to your website/microsite
- Group members 30/60/90 days
- Number of discussions started
- Number of comments in discussion
Those are just a handful of metrics you should be looking at to track how well your campaign is doing. I’ve seen sites where they advise spending 15 to 20 minutes a day is all you need to commit to in order to manage your social media campaign. I think that’s a bunch of BS.
The time you take to analyze the data depends on how many social networks you are on, as well as knowing what you want to achieve from the campaign. If you see an area where you can openly communicate with a client/customer, 15-20 minutes just doesn’t cut it.