Measuring the ROI of social media marketing

Measuring social media marketing
In response to my post, “How to build your Twitter follower number,” I received a reply from a very clever lady informing me candidly that numbers are not the most important thing and of course she is absolutely right. It seems that the world has become obsessesed by measurement and certainly when it comes to social media campaigns, everyone wants to know what to expect as far as ROI is concerned. The truth is that when it comes to measuring social media marketing no one yet knows:
- How to measure ROI effectively for this new media
- Whether what they are measuring is relevant or not and
- How to quantitate the most valauble spin-off of this marketing approach which is, of course, brand buzz
Joel Davies of UTalk Marketing.com claims that, “statistics show that social media (CTR 7%) is twice as effective as email (CTR 3.9%) and 35 times more effective than banners (CTR 0.2%). “ It’s an impressive figure yet even where numerical evidence is not available, there are few that would question the fact that that some multinationals have profited handsomeley from social media camapigns.
Curiously, though, as Oliver Feakins of WebTalent SEO asserts, some seem stuck in a time-warp still considering it uppermost in importance to, “track server logs, monitor RSS feed subscriptions and count friends on social networking sites.” There is no question that these metrics still hold relevance and they are certainly a place to start when setting a baseline at the start of a social media venture. The real, payback of a social media campaign, though, comes with true engagement of a target audience, a small number of whom, boast an online presence influential enough to significantly enhance brand web presence through positive word of mouth. The question is, how would one go about measuring that?
Certainly, as far as I’m concerned, its good to buld Twitter follower numbers but I anticipate that they will account for only a small proporton of my readership as my blog matures. In all honesty, the strategy is not to build numbers for numbers sake but because with a record follower number, listing in high ranking Twitter business user directories will be guaranteed, with associated backlinks as the prize. Further, whether numbers have any real, direct relevance or not the status gained from such directory listing, will no doubt, result in elevated site visit numbers. Hence, though some metrics may not be meaningful in themselves, it is the meaning that the majority of the web community associates with them that can make the difference when choosing whether to ignore them or not.
Like everyone else, some of us who admit it and others that don’t, I am experimenting with measuring social media marketing ROI as I go along. As I progress, I fully intend to share with you what I discover along the way. Here’s to learning together.
Sandra Charan
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The chips are down, the gauntlet has been thrown and the gamble is on. All throughout the Geekworld folks are asking the question? Is Twitter attempting to usurp Google? Recent developments might well lead folks to suspect so. On May 6th