Measuring The Business Impact Of Social Media
ROI, CTR, engagement rate, fans increase,…Also the social media activities must be measured for analysis and details on the impact of your business.
As more companies understand that social media is about long-term and strategic approach that goes hand-in-hand with other marketing channels, it’s no longer perceived as a single shot into the dark.
Wildfire in cooperation with Column Five conducted in November an ROI survey of over 700 marketers from all around the world and compiled the results in the infographic below.
Some important key facts:
- 97% of the surveyed marketers believe that social media marketing benefits their business;
- 75% intend to increase media spending this year;
- brands and market is currently focused on growing the fan base to engage and monetize in later phases.
The interesting part is, that there’s currently no standardized method how to measure ROI of social media success. For all the details, have a look.
How is the ROI and success of the social media approach measured in your company and how do you set your KPIs based on them?
Source: Wildfire
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We meet many brands that do struggle…
How to use social to fuel their overall Brand and Business objectives..
Some set social KPI’s like number of fans and followers…
Most do miss the industry benchmarks to create a ROI dashboard…
[...] ROI, CTR, engagement rate, fans increase,…Also the social media activities must be measured for analysis and details on the impact of your business.More By Martin Michalik [...]
This is huge – 97% of the surveyed marketers believe that social media marketing benefits their business. I’d have to agree and say I am part of the 97%. It’s a bummer that there’s no ROI method to measure the success of social media…
Everybody thinks its important, most plan to increase spend, still no standard method of measuring ROI? Something doesn’t add up.
@ Keith One: you are right. Two: there are very smart and clear ROI dashboards available at leading social marketing agencies.
Three: briefing on social media objectives from brands need to improve, and agencies need to help here.
Social is ie not about chasing channels and advertising / media PIs (they can be included), but social should contribute to overall Brand + Business objectives…
Cheers