By Beth J. Bates, New Media Special Correspondent
When I develop social marketing campaigns, the most common question I hear from clients is “How do I measure my ROI?” It’s a valid question — and one that has no simple explanation. Many professional services executives want to know how much money social media is going to contribute to the bottom line. They want to see hard numbers. But social capital isn’t all about the numbers. It’s about the conversation and whether you are getting what you want from the dialogue. Measuring your ROI is a mix of both quantitative and qualitative results.
Quantitative information (i.e., numbers) can be derived from your social media efforts. Like traditional web statistics, this data will help you better understand the actions being taken by your audience and the changes you may need to make to better present your message.
Success can be measured by your blog traffic. These statistics include the number of post views, reader comments and new subscribers. Blog statistics will help you understand what topics your readers are interested in. If your most popular topics are secondary to your mission, you may want to adjust your target audience. Blog statistics will also help you assess the health of your blog. Is it growing? Is it stagnant? What do you need to change?
Quantitative success can also be measured by your number of social community members. How many folks are following you on Twitter? How many members are part of your Facebook group or fan page? Is your community membership growing?
Qualitative results come in the form of engagement. Are you getting what you want from the conversation? Listening, in my opinion, should be the most important piece of your social media plan. Understanding what your customers are saying and responding accordingly is critical.
Are you establishing yourself as an expert or thought leader in your industry? Your social media efforts should increase your standing as authority in your field.
Is your audience responding to your blog? Blog comments will help you better understand what your audience wants, thinks and needs.
How are your community members engaging with others and how often? How often are they engaging you and vice versa?
Are the conversations in line with your message? If not, you may need to tweak your message (or your audience).
At the end of the day, social media is not a numbers game. Success is a complete package of both statistics and communication. The results should be measured in light of your overall goals.
Beth J. Bates is a freelance social media strategist. Beth consults with Hinge on social media tool selection and strategy and helps its clients find effective ways to leverage these new mediums to meet business goals.
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