Are you struggling with how to effectively measure your return on investment for your social media campaigns? I will be addressing this issue in a future blog post but for today, I wanted to share the following infographic: 3 Myths of Social Media ROI.
Measuring “likes” and “followers” = Social Media ROI.
I hope by now we all know this is the biggest myth. I agree with the authors of this infographic. we need to focus on business goals and shift to “value” metrics which include: (1) increasing revenue; (2) deflecting cost; and (3) moving brand perceptions.
The way you determine ROI for social media is the same as traditional media like TV and digital. Unlike traditional media, on social media and social networking, people share and amplify the impact of media so you need to ensure you can measure this amplification and make it effective for you.
Social media should be measured independently of other channels. The infographic states that measurement must be holistic so you can truly measure the combined effects of all of your channels.
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1. Focus on business goals and metrics that drive bottom-line value for your company. (Who can argue with that? I wholeheartedly agree!)
2. ROI is ROI is ROI. Apply the same standards for social media as your other media and marketing intiatives.
3. Measure social media’s value in context of your full marketing and media mix.
Please see the infographic below and click on it for a larger image.