In this series of articles, Iâ€™ve been talking about what types of social media analytics my library tracks. Weâ€™ve already discussed Activity Metrics, Audience Metrics, Engagement Metrics, and ReferralÂ Metrics. Today weâ€™ll cover ROI.
This is the best one (and the last, for now). People often ask for the ROI of social media. And true ROI for social media is often hard to show. Sometimes social media managers create a weird, complex â€œweekly engagementâ€ metric that â€¦ well â€¦ doesnâ€™t really do much. Why? Their metric tends to only show activity within that single social media tool.
Showing activity within a social media channel is ok. But is that getting more books checked out? Getting people to your programs? Getting people to your website? Nope.
I’ve been trying to get some useful ROI type stats out of all this social media I’ve been tracking. Hereâ€™s what Iâ€™ve discovered. If you have a better thing to count, please share!
I count two ROI trends:
1. Number of visits to the website per post created. For this number, I divide the total referralsÂ for the month into the number of posts we create, to get the final number. For example, in May we had 865 total referralsÂ and 204 total social media posts. So divide that (and round up), and you get 4. Which means for every social media post we created in May, we achieved four visits to the website.
Again, weâ€™re talking trends here – itâ€™s not an exact science. But still, this stat does show that when staff create social media posts, they drive traffic to our website. Bingo – ROI.
2. Number of interactions per post created. This is similar, but a bit more lightweight. Divide the monthly engagement metric total by the number of posts created for the month. For May, we ended up with 94 interactions per post created.
Lightweight, but tells a nice story. For every post we did in May, we got people to do something – click like, share, comment, favorite, retweet, or watch – 94 times.
Whyâ€™s this good? It means theyâ€™re interested enough in our content, and therefore the library, to remember it, to share it, to add their thoughts to it. To respond in some way to it. Not a bad thing at all – interest in the library is a good thing!
So – thatâ€™s what weâ€™re doing at the moment. What are you tracking? Is it similar? Please share!
Pic fromÂ Simon Cunningham