Relationships Drive Business

Strengthening Customer Engagement to Propel Your Business

Measuring social media ROI November 22, 2010

Filed under: Ideas,Resources,Successes — Carla Bobka @ 3:04 am
Tags: ,

Investments need to payoff. When you invest time or money in social media you expect results. One of the challenges is figuring out how to see the results. Metrics are how you measure that payoff.

Most customers want more than goodwill. They want to know they gained X number of new customers. Or sold X number of a certain necklace. Nobody wants to say “I’m pretty sure I made X number of people feel better.” So how do you figure out a metric that measures something meaningful?

1. Look at your goal. It should define what you want to accomplish on a specific platform.

2. Figure out what indicators point to success for that goal?

3. Explore what measures you have within your existing systems that indicate a change in that target.

Here’s an example: A health club.

The goal: grow membership.

One problem is their attrition rate is eating into growth of new members. Their real goal is to reduce attrition. They know that members who come to the gym seldom give up their membership. So the goal of their Twitter account is to encourage existing members to come work out. The metrics they track are the average number of repeat visits per member per month.

It takes some time to talk through the process. Sometimes an outside voice can streamline the conversation. The other bonus: results encourage effort. When you see payoff you are more willing to continue investing more in the process.

Your turn – Have you put metrics in place? Are they easy to pull out of your systems or are they more gut-check measures? Drop me a note, I’d love to hear more about what you’re doing.

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