Do you know how to measure the return on your investments in social media? Every day we measure returns on our marketing investments. We create e-mail campaigns, attend trade shows, hire SEO consultants—and measure results. Social media are no different. Social media have many uses, including brand building and customer acquisition and support, all of which are of great importance. If you’re not measuring success, you won’t know whether you are wasting time and money.
Here are ways to measure returns on your social media efforts.
1. Don’t get trapped in jargon. Each social site is different. Facebook “likes” and Twitter followers are important numbers. But don’t just track those. Track business results. Did you generate leads? Traffic? Did you turn detractors into promoters?
2. Quality matters. Who are your Twitter followers? Are they relevant? Spammers? Lots of people may follow you quickly, wanting you to follow them. If someone looks irrelevant, you’re not obligated to follow back.