This one is a follow-up post to my earlier post ‘HOW TO Measure Engagement – Social Media KPIs‘. In this post, i would like to talk about ROI of social media. Or, would it be better if I say we use the term Return on Experience (ROE) instead of ROI?
I will choose to talk about ROE, since ROI discussions are something most traditional marketers enjoy hiding behind! No offense meant but the mere idea of talking about ROI in traditional on assumption while ROI in social to be obvious – eyebrows will rise! Though ROI in traditional is something now brands have agreed to go by through the years, social has a long way to go if that were to be the case.
That’s about it on that in this post. Another post opening up that debate 🙂 soon.
So, as a general rule, we could use the following 3 broad KPIs to measure success:
Broadly these 3 will define your success. A set of KPIs for each of these will further breakdown numbers coming from all the social channels and networks that our campaign will leverage. Each one adding up to another, some overlap like a comment on a post amounts to engagement as well as evangelism though it should fall under engagement.
What do you think about this. Looking forward to your feedback/queries in comments.
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A wide screen approach to social media measurement may not be enough for your number crunching boss who would want to see proof for this optimism.
Do not worry, there is a lot you can measure, but first things first. Its all about engagement and interaction. The goal of your social media strategy should be to provide the tools for people to engage with your brand / people / products / services.
It is important to understand that both financial and financial KPIs are important is measuring the success of your campaign. Non-financial KPIs more often than not lead the way to for your team to work on the financial KPIs. Let me explain this with an example. A Facebook campaign will get you a fan following (non-financial KPI) which will build a nice big database for your email campaign. Now it depends on how successful your email campaign is to convert the fans to customers (financial KPI – ROI). Here, I would like to mention that the email campaign and facebook campaign would continue to run together. Facebook is where your conversation with your prospective customers started and that’s where the engagement has to continue to build the trust.
(More to follow on how to build social communities and run an effective social media campaign in subsequent posts)
For now, here is a list of some KPIs:
The above lists comes out of the actions that you want your users to perform, which would be one or all of the following:
Please feel free to let me know if I missed some. Let me know if they are any good at @ajaxjoshi