Can You Measure the ROI of Social Media Marketing?

I was recently invited to the UK to deliver a series of workshops and presentations for the eBusiness Champions project on the general topic of “Social Media for Business”. The SMEs participating in the program had expressed a certain amount of weariness regarding all the ‘hype’ around Social Media, so, determined not to add any further froth to the mix, I focused instead on the topic of measurement, and specifically whether or not SMEs can show a measurable return on investment in Social Media marketing.

So can it be done? In a word: maybe. Possibly…it depends…

What strikes me from speaking to SMEs both here in Ireland as well as in the UK is that very very few companies are setting any sort of objectives for their use of Social Media Marketing. Without objectives, it’s nigh on impossible to show return. The other side of this is that despite having access to floods of data about the way their customers are engaging with them online, very little strategic decisions are being taken based on this data. Chris Brogan has an excellent blog post about this issue, specifically examining the different ways you can look at outcomes from online engagement.

You can see my slides from my presentation to the eBusiness Champions project embedded below. The video of the presentation is up on YouTube here, here and here. There’s also some video footage of an interview I gave to the eBusiness Champions project manager, Dorte Kj√¶rulff Knights-Branch, here and here.

How Do You Measure the ROI of Social Media Marketing?

1 Comment

  1. There is definitely an ROI on social media marketing. That being said, it is clearly harder to track the ROI on social media websites such as Facebook and Twitter as compared to social media software where you can definitely track the ROI. With social media software, you have an analytics system which enables you to see your traffic and various other data that allows you to see if your online community is working. Furthermore, you can see how many people went from the online community (an example of social media software) to your site to make purchases so you can definitely track that. Point being: There is definitely an ROI on social media software and INgage Networks is happy to prove it to you (we do that with all of our clients!)

    We have been accommodating various social media trends, including community, crowdsourcing, and social mobile for 10+ years. Our ELAvate Community software is an online community with a full set of social media features including quick notification to your entire community as well as the ability to get your target audience talking about common interests and your brand. To take a look at our ELAvate Community splash page, click here: http://www.ingagenetworks.com/elavate-community

    To see our customer success stories using ELAvate Community as well as our other ELAvate Business Services, please visit this page http://www.ingagenetworks.com/customers

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  1. eBusiness Champions « David Scanlon - [...] slides I used in my presentation that evening are available over on the EI Best Connected blog, but I …

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