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How Do You Measure Social Media ROI?
Submitted by Admin on 05/21/2009 – 5:44 PMOne Comment | 1,059 views
Social Media is new to most fashion brands and retailers. Many brands and retailers are apprehensive to using social media; they don’t know how to qualify results, set goals and measure results. Jon Cockle’s outlines an approach to measurement that mirrors my own social media ROI metrics. Cockle’s presentation is great place for any marketer to start at to gain great awareness of social marketing ROI. Check out this amazing presentation on Social Media ROI.
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Good deck. There is a lot of talk about the ROI of Social Media but nothing has yet been defined clearly. To try to put thoughts on a paper (or adding to the chaos…), I pulled together a Social Media ROI spreadsheet. It is based on work by Charlene Li (Forrester) and Bill Johnston (Forum One) in that it compares online and offline benefits and costs.
The spreadsheet is downloadable at http://dagholmboe.wordpress.com.
I am a firm believer that running a business, you need to define an ROI in basically everything you do. Some people might argue that Social Media is different and that calculating and ROI is impossible. There is some justification to their arguments – after all, how do you quantify engagement or sentiment? Nevertheless, it is simply not correct that you can not define an ROI.
The problem with Social Media ROI is that it is difficult to define however Li and Johnston have done a great job defining it. My spread sheet is simply just an extension of their work.