Measuring ROI of any communications effort is relative to the aims and the objectives of your social media strategy. There are plenty of universal metrics applicable to the social channels and here are few important metrics which help in formalizing a marketing strategy. As it seems, social media channels do not immediately present themselves with a clear return on investment, making it tricky for businesses to adapt a fully integrated strategy.
While the interest in participation grows exponentially, marketing managers are forced to quantify the investment into various online channels.
For businesses which have been skeptical, here are a few reasons why incorporating having a strategy can help their long term goals.
Branding and Social Media
Social media can help strengthen the company’s brand perceptions among its stakeholders.
Discovering measurement metrics is a bit tricky as effective quantification challenges the traditional approaches of measuring return on investment.
- So the key question here is how do you measure ROI?
- Can this be associated with a monetary value?
- The social media realm itself is extremely vast
From the earliest days of Delicious to the very recent Apple Ping, everything has been invented and reinvented to entice classes and masses. While some platforms have been pursued for creative interests, almost all platforms have gained commercial emphasis due to participation of businesses. So rather than focus on every individual social platform, let’s look at some important metrics for a few prominent platforms in use today, which could eventually lead to a propitious ROI.
Alternatively, you could mark metrics as the ROI for each individual channels.
Based on objectives, businesses can craft a strategy specifically to develop social media channels, which reinforces the company’s image gradually.
In summary, we might not see an increase in market share for a business due to an overwhelming social media presence, but on a long term, social media provides an opportunity or a platform where you can stand and deliver clear but concise messages about the brand. How creative a business is while delivering these messages defines how lasting an impression it leaves among its customers.This post is brought to you by Isharat Ltd a leading developer of smart analytics software solutions and data services. Our analytics and big data solutions and services have helped clients unlock business value from data quickly and effectively.