Thursday, July 30, 2009
How to Measure (ROI) Non-Tangible Social Media Campaigns
Before starting any Social Media effort. DEFINE your goals and targets. Alert: Possible future blog post.
Basic Social Media Campaign KPI (Tangible) measurements:
1. Product sales or qualified leads. New customers acquired. Not included: "converted leads" which are the responsibility of the sales organization or account manager.
2. Increased SERP ranking.
3. Increased revenue, and/or market share.
4. CTR (Click-through rate), etc.
These are just a few basic metrics that you can use to measure your Social Media campaigns. So how do you measure the ever important "non- tangible" Social Media ROI?
1. The quality of "buzz" or change in sentiment. Think Twitter buzz or the quality/quantity of blog feedback/comments. Develop an in-house engagement metric.
2. Amount of relevant people handling digital content.
3. Amount of "followers" or new members after a social media campaign. Not everyone’s social media goals is to sell product. Could be a branding goal or a service type goal.
In the end, Social Media campaign goals must lead to increased revenue, SERP rankings, leads, branding/loyalty, or better service. It’s easy to present the tangible information to your boss or client. Make sure the non-tangible information is measured as well.