How to Measure Social Media ROI: My Three Favorite Ways!
One of the questions that people ask most frequently about Social Media is, how do you measure the Return On Investment (ROI)? In fact, if you do a Google search for “Social Media ROI” you will get over 20 million results.
I recently read the book The Now Revolution, in which authors Jay Baer and Amber Naslund list over 20 ways to measure social media activity. Instead of listing all twenty different ways, I’m going to share with you my three favorite ways to measure your social activity from the book. This will be based on the idea of starting a new company.
My first recommendation is to start listening. Specifically, listen for questions and conversations regarding your company. This will allow you to get an idea what people are talking about and can open the door to engage in the conversation.
One tool you can use to listen for online chatter about your company is SocialMention.com. Social Mention shows you who, what, where, and when, and it also measures your brands sentiment across the Internet. Social Mention aggregates user-generated content from across the web into a single stream of information. You can also set it up to send you alerts for keywords you would like to track. Best of all, it’s FREE!
You may also want to explore with Google Insights, through which you can compare search volume patterns across specific regions, categories, or time frames. Google insights can help you answer some of your questions, such as how many people are searching for my brand? Did I mention that this service is also free?
Implement Google Analytics
My second recommendation is to implement Google Analytics on your web site. Google Analytics allows you to measure the digital footprints leading to your site, the keywords that were used to find your site, pages visited, and much more. Google Analytics will become your best friend because it works 24/7 to provide you with rich insights into your website traffic and marketing effectiveness. If you are running a WordPress site you can install a Google Analytics plugin right into your site’s dashboard. There is no good reason to put off installing Google Analytics on your site, especially when it’s also free!
Measure User Community Participation
My third recommendation for measuring social media ROI is to measure your user community participation. This is easy to do on Facebook via a tool called Insights, which allows page owners to view valuable metrics around their content. Insights offers real-time analytics about how people interact with the content on your web site. Page owners can benefit by understanding and analyzing trends within user growth, demographics, and consumption of content.
I recommend tracking your monthly fan growth, number of Likes, number of comments, and the number of people who unsubscribe. These metrics will prove to be valuable data and will help plot your social media engagement progress.
Although I would love to cover all the new features of Insights, I will have to save that for another post. If you would like to learn more about all of the new features, you can read about them here. And yes, it’s also free!
About the Author: Jenny Jobring
Jenny is a social media consultant based in Barcelona, Spain, but her roots are Swedish. She has worked with several international companies such as Electronic Arts, The Volvo Ocean Race, Camper, and The Euroleague. Her specialties are social media planning, implementation, and execution. In her spare time she is a regular mountain biker and a passionate music fan. Jenny also runs a Social media blog. http://socialinbcn.blogspot.com