By By Aaron Elliott, Social Barell:
Most marketers will agree social media provides an unprecedented way to reach customers. However most will also agree that gathering relevant return on investment (ROI) measurements to their campaigns is nearly impossible. The best practices from traditional marketing don’t exactly apply, and many people are too caught up with things like fans and followers, which can do wonders for your ego but don’t impact the bottom line one bit. But just because it’s hard doesn’t mean it’s impossible. There are several ways to determine the actual ROI of your social campaigns.
Measurements that aren’t actually ROI
Of course you need fans and followers. Without them, your message isn’t getting anywhere. But while these make for great key performance indicators (KPIs), just having great numbers is not a measure of your overall campaign’s success or ROI. Instead, you need to look at the level of engagement from that audience. On its face, a campaign that reaches 1,000 people is not as good as one that reaches 10,000. However if the smaller one gets 100 shares, like, or retweets and the larger only gets ten, then that changes things… Read more