This is part one of two posts on measuring social media and its return on investment. Find part two, “Measuring Social Media ROI: Can it be done? You Bet.,” on Wednesday morning (9/28).
We’ve been writing market briefs and sharing them with friends, colleagues and clients for a couple of years now. It’s time to go public.
So here’s our first publicly available one – Measuring Social Media ROI in B2B: Crossing the Chasm from Traffic to Sales.
It’s one of the biggest issues out there – and will get bigger as budget planning comes into focus.
A recent study of CMO priorities by Marketing Sherpa found that converting social media members into paying customers is the #1 priority of CMOs – with nearly 2/3 putting this as a strategic goal. Another 63% want to achieve or increase measurable ROI from social marketing programs.
Today, not enough companies are measuring social results. These companies may not have CMOs, which is another issue. But someone’s still responsible for marketing, and without quantifiable, credible ROI, it’s impossible to prove value. In the long run, this means social programs also risk being under-funded. Or over-funded, if social programs aren’t delivering the goods at all.
The first wave of measurement is still in play – tracking registrations, downloads, fans and influencers. It’s a start. Somewhere between 45% and 72% of marketers seem to trust their gut – and report that social initiatives are helping to close new deals and drive partnerships. But is this just anecdotal?
What’s the real ROI?
We’re fans of hard-core metrics – and our market brief maps out social marketing consultant Paul Gillin’s recommended dollar-for-dollar ROI model. It’s not that complicated, and the numbers hold up.
Here are a few tips to make your social campaigns pay off:
- Use smart links. Embed them as often as you can, to make reporting on driving click-throughs simpler.
- Stagger your activities. Run one social theme at a time, even if it’s just a week. (The full campaign can last longer.)
- Be consistent with your channels. Yes, evaluate. Yes, change to what’s best. But judiciously.
Check out our market brief. Then please, let us know what you think. We’re all learning as we go.
