What is Social Media (ROI) Return on Investment? This depends on the organisation’s objectives. These may include:
- Brand Awareness
- Revenue Increase
- Increased Customer Satisfaction
- Security and Risk Mitigation etc
It can be generally described as the cumulative sum of all actions that create or generate value. Social Media ROI builds a record that can be used to provide proof to stakeholders and clients. Measurable and specific goals and outcomes are much more preferred as opposed to mere talk.
To generate Social Media ROI, one first needs to select the main objectives to check against. Then set S.M.A.R.T (Specific, measurable, attainable, relevant and timely) goals that the social media engagement should achieve. The most challenging part is the metrics to use when measuring Social Media ROI. Likes, Comments and Shares can’t be dismissed completely but can be fully trusted. Some important metrics include:
- Audience Management
- Site Traffic
- Leads Generated
- Sign-ups and conversations
- Revenue Generated.
Check where the specific metrics align with your objectives, assist in decision making and have the capacity to be measured effectively. There are several ROI tools one can use to assist in metrics assessment. These include but are not limited to: