Measuring social media RoI

Prayukth K V

“We haven't measured it!!”

MIT Sloan Management Review

SO, WHERE DO WE START?

If a company could reach 16% of it’s total following on a

social account with a single post/update. Assuming a 1%

click-through rate on the post and a 2% conversion rate

from visits to lead, the brand would need 1,250,000

followers to generate 250 leads.

- Nichole Kelly, Social Media Explorer

That’s indeed academic! In reality, measuring social

media RoI is not that straightforward a deal.

SET YOUR MEASUREMENT OBJECTIVES

Identify outcomes: Identify a limited but substantive set of business outcomes which can be created or accelerated due to the social initiative.

Identify current measurement parameters: SLAs, problem resolution, modified features, customer satisfaction etc.

Identify stakeholders: isolate sources of most reliable input and feedback.

Identify conversation priorities: to grade conversations

Identify impact: potential impact of social conversations on the functional organisation

Identify change: brought about by your social media presence on internal and external on key stakeholders

Identify tangible and intangible goals

WHAT TO MEASURE? GET SMART.

Specific. Be specific in target results. Such as use

numbers and verbs — change, improve, complete,

perform, etc. — when setting goals.

Measurable. Have a way to measure progress.

Actionable. Goals should be achievable by those

assigned to work on them.

Realistic. Consider available resources and skills

to make sure goals are not impossible to achieve.

Timed. Set a deadline or timetable by which goals

should be achieved.

MEASURING - EXTERNAL

Derive metrics primed for social media

The approach should be based on

Audience

Reach

Engagement (quality and quantity)

Sentiment (created/altered)

Feedback

Content demand generated

Web traffic generated (click throughs)

Call to action answered

Social leads

Negative/avoidable conversations prevented

Positive/desirable conversations generated

TRANSLATED!

MEASURING – INTERNAL

Response times to a conversation/request

Quality of response – measured in degree of

satisfaction of the social constituent

Time taken to incorporate feedback

How employees are engaging with your brand on

social media

GET IT RIGHT THIS TIME!

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Information is provided for academic purposes only