How to Measure ROI in Social Business projects. The hype around Social Business over, it has become a more mature industry with one question that remains hard to answer for some: what is the return on investment (ROI)? What is the value that Social will bring to your business? The answer on that is easy, if you know what you have to measure. Let me explain what you have to do to measure the ROI of your Social Business project.
Use the right information It might be obvious, but if you use the wrong metrics, you will never be able to calculate a good ROI and you will never be able to identify the value of Social for your business. If you are unsure if you are using the wrong numbers, double check it here: Big Numbers Don’t Count for Your KPI Measuring the correct numbers After you have checked if you are measuring the right numbers, you might want to know how you could refine them. Escape Vanity Metrics, measure the right thing The calculations you need, just copy and paste it Setting up measurement and calculations is hard work. There is No ROI in Social Media Marketing.
Social Media's Impending Flood of Customer Unlikes - Brian Solis. By Brian Solis | 10:43 AM September 21, 2011 There’s an old saying that carries renewed meaning these days: Give the people what they want. Brands are furiously creating profiles in social networks such as Facebook and Twitter in the hopes of building engaging communities with customers and giving people what the brands think they want. The main activity in this effort is to spur consumers to “like” and “follow” a brand’s Facebook and Twitter streams. But are these companies developing effective campaigns to build engagement and give the people what they want? From where I sit, I’d say many are not. If businesses are unable to change course, a very real — and likely very painful — lesson lies ahead.
Not long ago, I attended a daylong social marketing summit at the campus of a leading national brand that also housed a number of popular sub brands. It’s not that this advice isn’t helpful. In the previous three points, we learn what not to do. It comes back to intention and value. 1. 1. A Framework for Social Analytics.