How do you measure ROI in todays Social Media world?

R.O.I.That is a very tough question – so I will start with questions for you.

How much do you spend on the printed phone book?
Consider moving that money over to Social Media – because (almost) NO ONE uses the phone book anymore, and you should stop killing trees.

Because of the way Social Media interacts – your old way of measuring ROI (with the phone book) is obsolete – just like the phone book. How can I be so harsh? Well, I am just being blunt. Our story starts, long ago, when the printed word was king and the internet was just a “fad”.
Back then – You placed an ad in the phone book – your phone either rang or it didn’t – simple right?
OK – put your memory to the test – how many other mediums did you use to to support that phone book ad?
Did you use TV? Maybe a local cheap cable channel.
How about radio? FM stations were awesome up until the iPod could work with your car radio.
What about all the other print? Newsprint in the local paper, community paper, billboards, flyers on the windshields of cars in parking lots.

SO really – think again how much you used to spend and REALLY think of how you measured your ROI. You more than likely just figured that you got more calls, made more business and that you made more than you spent – which is just as silly as saying I spent $2000 on Social Media and I got nothing for it.
Reality check – Social Media takes time and participation. The best Social Media Expert in the world still has no idea about your interaction with your clients. So if you are not participating in your program you have no one to blame but yourself. With that in mind…

A good Social Media program will have your Marketing Specialist coordinating your efforts with:
Your Employees
Your Clients
Your Prospects
Your charities or community involvement

This should include
Facebook
LinkedIn
Blog
Twitter
Email

Yes, you have more places to check and respond – other than just the phone. Here is another thing to remember – more people use Text, Email, Social Media to communicate than they do the phone.
Think about it – when was the last time you tried to call on the phone and was put on hold for more than a minute?
You more than likely: hung up – sent a text, email or tried another number. I would be willing to bet an internet search was involved also.
So if you did it – why would you think for even one second your customer wont?

Everyone talks about measuring ROI and my 2 cents is to measure Y.A.P.  – Your Active Participation. If your YAP is the best it can be, then you will know that when the time comes – and your customer needs you – you will be available, no matter which way they try to contact you.
If they can’t talk to you today and get a response by the next business day, you can bet they will find and talk to someone else.

 

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