Best Practices for Measuring Social Media ROI

In my last blog, Measuring Social Media ROI, I looked at how to determine the value of your social media activity. Following on from this, here are some best practices to keep in mind:

1. Define clear goals

You can’t evaluate the return on investment properly if you don’t know what it is you are trying to achieve.

2. Track KPIs overtime to determine trends

If you keep track of your key performance indicators each month you’ll soon see whether any trends are emerging and it will be easy to track them back to their point of origin.

3. Invest in a good social measurement tool

A good social media measurement tool will work out your KPIs for you, much easier than trying to do it manually.

4. Engagement can drive ROI

Interacting with customers can help create new and repeat business, so become more engaged with your social communities if you are looking for ways to increase your social media ROI.

5. Check your social strategy corresponds with your business strategy

Businesses engage in social media to increase sales and revenues, not just to be social, so make sure your social activity is in line with these basic business goals.

6. Be committed

Social media ROI doesn’t happen without long term commitment. To succeed in your social campaigns you need to have a plan, execute that plan well and then see it through to the end.

Although measuring the return on investment of your social media activity may seem like a lot of extra effort, it’s well worth taking the time to do it. It’s the only way you’ll determine whether the time and money you’re investing in social media is worth it or not.