On Thursday of last week, I had the opportunity to present at SMASH (Social Media Advanced Skills Huddle) at USC. What I was really excited most about was the fact that we had many of the Master in Human Behavior students in attendance at the conference and was great hearing their thoughts and insights around Social Media. I presented on Social Media ROI and while my presentation is below I thought I’d share a few highlights:
1. Create Goals and a Plan: I really do believe that before starting any campaigns and worrying about the tools to track ROI, you need to define what those goals are, what you’ll be measuring against, and have a plan to achieve those goals.
2. Value: When you set those goals, it’s also critical to understand what types of value Social Media Marketing is going to add to the overall campaign or your organization daily, monthly, or weekly. Some of those values can be increased engagement (e.g. mentions, blog comments, etc.), increased traffic, or increased brand recognition.
3. Platforms: While there are many Social Networks, Bookmarking, and news sites, it’s important to understand where your site should be represented on the Social Web. While the general Social Media platforms like Facebook and Twitter are really important to have a presence in, if you participate in photography Flickr has a large community.
4. Use existing tools on Social Media Platforms: Facebook has their insights product for Facebook Page owners, StumbleUpon has domain stats (e.g. http://su.pr/domain/myspace.com), and Myspace has Artist Dashboards. These tools can take you a long way without having to pay for anything right off the bat, so, make sure to take full advantage of all the free tools you can.
5. Free and Paid Tools: Along that same note of taking advantage of all the free tools out there, bit.ly has good click tracking for URLs you tweet and I highly recommend to at least start there with tools. After that, it would be a good idea to start looking at tools like Alterian SM2, Radian6, Social Flow, CoTweet Enterprise, etc. that make the most sense for your organization.
Would love to get your thoughts around Social Media ROI and hear any tips you have for others out there that are learning and/or working on programs to track these metrics. Leave a comment and lets get the conversation rolling!