PrintWe've heard it time and time again. Some marketing experts argue that it is impossible to fully measure the ROI of social media using existing tools, tactics and technologies. Yet, others argue otherwise. They suggest that tracking sales and behavior change back to a social media initiative is pretty easy -- if you know how to set things up. What's your take? Anyone can post a response, simply click the "Add New Answer" link below.
Impossible to measure ROI of social media?
By merryjwhitney on Wednesday, July 28, 2010
The word “impossible” seems curious, juxtaposed near a concept that was, itself, “impossible” not so very long ago. Yet, when social media was unimaginable, measuring ROI to determine cost-effective allocation(s) of an advertising budget was a piece of cake: “Where did you learn about our service? (check all that apply) □ Referral □ Yellow Pages □ Chicago Tribune □ The Onion □ Other ___________________”
Of course it’s possible to measure the ROI of social media — even if we have to go back to “dark ages” methodology to do it.
Food for Thought Re: Social Media ROI
By fjohnmar on Wednesday, July 21, 2010
Here's some food for thought re: social media ROI from Forrester and Jason Falls: http://pbeye.info/3Vk.
Of course you can measure social media ROI
By Anonymous on Tuesday, July 20, 2010
People who say you can't measure the ROI of social media are intellectually lazy or just don't want THEIR social media efforts to be measured rigorously.
First be clear, are you looking for social media metrics or true ROI. If true ROI then that assumes you are trying for a financial return (patient starts, better adherence, more donations, new patient admissions, whatever). That's fine. SM activities are lead generators and that should be part of your overall CRM funnel. Measure the same way you do your other lead-gen and CRM programs.Click through tracking will be key.
If you don't want true ROI, then use engagement metrics (there are about 40 of them) like number of followers, likes, mentions, subscriptions, RT's, etc.
Presto! SM has been measured.
- Kevin Kruse, Kru Research