The Challenge: Measuring ROI on Social Media (Infographic)
After three years, the guys at MDG Advertising have updated their last infographic on ROI on your social media „The ROI of Social Media: Is Social Media Marketing Effective?“ This new version will be helpful to challenge your business objctives, your metrics and the understanding of how to leevrage your social media reccruiting efforts. The good thing about this infographic is that it shows 45% of social media marketers can build new partnerships through social media. Furthermore, an astonishing 72% of respondents claim that Social Media has helped “closing business.” And, 6% more respondents state they used successfully Social Media to recruit people for their business.
These are their 3 main factors of measuring from MDG Advertising which can be used as a guideline to foster your social media program.
Social Media Understanding
Look beyond the sales numbers and cost structure. Do your brand monitoring first, not for one month but for at least three in a row and on a daily basis. Then, try to figure out how your brand perception and recognition has changed latey (with or without latest social media efforts). Which significant issues have changed your brand perception? Which tools have help identify the changing brand perception?
Most companies and their leaders start and change their social media program when the trial-and-error mode has proven the fail of the social media strategy. You better start defining your business objectives first, and one thing is for sure. You do not start, just because your competitors are active in social media platforms. Maybe you want to have a look at your brand perception and web conversations first, then you ask what engagement do your customers show in the various channels. Does all this engagement make an impact on sales? And how is your brand perceived along the social web clutter?
According to the infographic, CMOs use the following metrics to measure their social marketing efforts. It shows that as in earlier years, quantity comes first, however I would suggest you better go with quality. How says what and when, and how does this affect other consumers of your brand.
68% Site traffic
63% Number of members
43% Number of page views
You have good different thoughts about it? How does your company or brand measure the ROI on Social Media? Share them with us, or just have a look at the infographic, and maybe some ideas on the ROI of Social Media will come up then.