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How do you measure return on investment in social media?
Is such a measurement even possible? If so, what are the best methods/tools you have used to accomplish this?
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2 Answers
Hi Courtney,
When speaking to clients about social media, I advise them to treat it in the same way as for any other marketing activity and to wrap metrics around it. A simple way of doing this is to determine the amount of time spent tweeting, blogging etc and to allocate a cost (per hour) to that time. From there the value of sales generated as a direct result of that activity should be calculated and then it's a straightforward exercise to determine whether the activity has been effective or not.
With social media I'd suggest that the measurement be taken over a three month period as it would be unlikely to generate instant results.
Andy.
Courtney here are a couple of Internet addresses to get you started on determining return on investment when using social media.
Mashable is a site tracking social media
http://mashable.com/2009/10/27/social-media-roi/
slideshare is a treasure trove of information on social media
http://www.slideshare.net/yongfook/social-media-roi
I hope these get you started on the right path.
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