Social Media ROI – presented by Eric Melin at Spiral16
Who owns social media?
public relations – crisis management
marketing – brand reputation management
sales/bizDev – lead generation
customer service – engagement/retention
product development – competitive intelligence
IT – deployment/integrating new solutions
IE – everyone owns social media
Social Media isn’t free – it takes valuable time
You need human resources for planning, creative insight, content creation, product management, measurement, etc
What does ROI mean?
It’s challenging to define gains and costs with social media efforts
There is no way to calculate social media ROI with a one size fits all equation. People who claim that really just made a tool for their business and goals – not everyone.
Needs to be specific to your business.
ROI is difficult because it’s a financial metric. Hard to define that with social media, because it’s not based on financial gains inherently
Make sure you have clearly defined business objectives first. Then make sure your social media initiatives support your business goals.
Common metrics (like twitter follower number) – ask yourselves which ones matter to your business
2 ways to implement:
- figure out how SM can support existing company initiatives
- create new sum initiatives that help
Online data that matters:
- semantic results
- where does it live
Developing strategy – set up timelines and expectations – help measure if you reached your goals or not
He likes correlating traditional metrics with online metrics
Ex – actual sales = positive/negative sentiment
Retail traffic = message reach
Can you see spikes in sales in correlation to your social media efforts