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Are YOU measuring Social Media ROI?

posted by cifuentj @ Friday, January 29, 2010 - 4:06 PM
The Alterian Integrated Marketing group recently released their 7th annual survey on social media and marketing adoption. Almost 1100 marketing professionals and executives participated worldwide, and the results paint a very interesting picture. Highlights include:
  • 66% of respondents will be significantly increasing their spend on social media marketing in 2010
  • Of those, 40% said they will be shifting more than 20% of their entire traditional direct marketing budget towards social initiatives
eMarketer reported on an even larger group of senior marketers worldwide, and the top priority for 2010 - more than e-mail, traditional, digital, mobile advertising, and search - is social media marketing.With core metrics like unique visits and time spent on the biggest social networks continually ballooning upward, these figures come at no real surprise. But when the medium and large businesses making these big buys into social are consistently downsizing across nearly every industry, it's also easy to see where more than a few executives raise eyebrows over social's 'real' value. Where, how, or how much does social media marketing contribute to the bottom line?

The social media Kool-Aid dictates that if you're not in it, you're outside of it. Now, it doesn't take money to register a Facebook page, but it certainly does take time and effort (and ultimately creative, development, and maintenance dollars) to impact the opinions and ideas gathered and exchanged in social media. And it takes alot of effort to do so in a positive, meaningful, and above all, sincere way. Brands are certainly counting how much they're spending on social. Shouldn't they be paying attention to what they're getting out of it? Almost 85% are in the dark.
Would you put a dollar in a vending machine without bothering to see what comes down the chute? Would you spend on an online media or branding campaign and not pay attention to the analytics? There's clearly a disconnect here.

Social media spending is on the rise. That's a fact - money is going where the traffic is, makes sense. CMOs want measurable results, also makes sense. But most of them don't know where to start. MarketingProfs reports that 10% of marketing executives can't find measurable success in LinkedIn or Facebook, and 15% believe there is NO ROI associated with Twitter. Guess what, Dell made almost $7M off of Twitter last year. How'd they do it? With defined end goals.

What are you end goals? Followers? Leads? Registrations? Links? Sales? Define these goals before you engage. Structure your campaigns and their success metrics around these goals. Listen to the conversation about your brand before you engage. Want to know Dell's other Twitter secret? Tracked clicks.

Simple campaigns + measurable assets + a defined end goal = Social Media ROI. Are you measuring?

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