Interview: Exploring Data Science at Brandwatch with Hamish Morgan
By Olivia SwainAug 23
Putting a particular price tag on social media efforts has been an uphill battle that many companies are still tinkering over. Navigating these investments in the right way will result in not only ROI but also company growth and a larger budget for future social media campaigns.
In this 7th eBook we take a look at the insights to developing tools to measure ROI (Return On Investment) and highlight simple steps your organization can take to prove the value of your social media efforts.
Marketers have quickly learned how profitable social media efforts can be when implementing them into their multi-marketing channels. Tracking the profits of these new marketing efforts how ever have been tricky for organizations to solve. People place a large emphasis on popular metrics- followers, retweets, blog comments, social mentions, etc. But these metrics do not constitute ROI.
The equation is simple enough: ROI=(Revenue- Cost)/ Cost
Whether your organization sells to B2C or B2B, the concept remains the same. Tracking how your community and other social connections have transformed into leadsprospects and then track when they convert to sales. Discovering the deeper dive into where success comes from also depends on the use of an advanced social media-monitoring tool .
The road to getting a return on your social media investments maybe be windy but you can get there. Once you do you will be able to prove you’re profitable to upper management, as well as a more predictable and successful plan moving forward.
To truly see the influence your social media efforts have is being cognizant of the delta between where you were before you started and where you are after your social media activities. Dennis Yu, CEO of Blitzlocal, refers to many of social activities or gains as “assists” in the revenue generation process. An assist doesn’t necessarily represent revenue or a sales transaction, but it ushers a buyer along to an eventual purchase.
Whatever the goals are, it’s important to strictly define them and establish “before” and “after” metrics to measure the ROI of the social activity that supports them. Here are a few suggested measures to help you frame your own ideas:
1. Engineering: the volume of new innovative ideas presented to the VP of engineering as a result of listening in on science and technology forums
2. Marketing: the number of partnership options identified through monitoring
3. Customer Service: the volume of help tickets resolved online. Taking this a step further, the volume of “positive sentiment” mentions specifically tied to issue resolutions
4. PR: the number of industry influencers discovered and engaged through social media. Eventually track and measure the value of consumers whom these influencers lead to your company