How to Measure Social Media ROI – #5 Handy Tips

by Kelly on September 11, 2012

Social media Return on Investment (ROI), is the value that you derive from social media, based on the goals of your campaign. It is important to clarify that the number of followers, fans, likes and comments are not social media campaign goals.

The first question you should ask yourself then is what is the goal of your campaign?

  • Is it to drive sales?… Then the return will be the number of sales attributed to campaign.
  • Is it to drive consumer insights?… Then the return is quantity & quality of insights
  • Or is it to build brand awareness?… or do you have another goal?

Did you know that when a consumer joins a brands community online, whether it be Facebook a Blog or elsewhere:

  • 79% will do it to get more information on the company.
  • 71% are more likely to purchase from the brand.
  • 66% are more brand loyal.
  • 63% will recommend the brand to friends & Family.

So from these statistics alone it shows that social media does get results.

Below are 5 tips to successfully measure your Social Media ROI

#1 To help quantify social media return one common technique companies will use is to compare the quantity and quality of consumer insights from offline focus groups to consumer insights from your social media campaign

#2 Website traffic Via Google analytics – You can track social media referral traffic to your website.

#3 Engagement data- retweets, comments, fans, likes, followers, click throughs, types of comments. A good measure of reach and brand awareness.

#4 Product revenue. See the correlation between your social media referral traffic and goal conversions aka online sales.

#5 Track number of Customer issues resolved, customer satisfaction rates, total mentions.

#6 And if you’re after a tool to help you measure your ROI in detail you should download the free light version ROI app here: http://kluriganalytics.com/social-media-roi-app

All the best with you social media campaign and if you need a hand, give us a call!

{ 1 comment… read it below or add one }

1 Kelly May 24, 2013 at 11:09 am

Hi Wayne,
I’d start with AC Nielsen for these stats.. http://nz.nielsen.com/.
Cheers, Kelly.

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