Archive for May, 2010

20 Ways to Measure ROI in Social Media

Friday, May 28th, 2010

It’s often discussed- You cannot measure social media, it’s too ethereal or too opaque, too benign. On the other hand, you will hear that you can measure social media; In fact that’s the camp I come from.¬† I know you can measure it. I do it every day.

Herein are 20 ways in which you can measure ROI in social media.

  1. Measure and track subscriber count
  2. Measure and track earned media
  3. Measure inbound traffic from social media channels
  4. Track social bookmarking of our online assets
  5. Monitor conversion rates, cart abandonment and other e-tail metrics
  6. Measure and track social search
  7. Track sales that come through social media channels
  8. Track company blog traffic
  9. Benchmark and track how we are talked about versus competitors
  10. Track participation in social media contests or other promotions
  11. Benchmark and track the number of positive/negative mentions
  12. Measure key word optimization
  13. Measure sentiment (Though it’s tough-has to be manual)
  14. Measure syndication
  15. Track issue resolution rates
  16. Track referrals/Tell a friend
  17. Monitor new leads/cost per lead
  18. Identify key influencers in your networks
  19. Track customer retention
  20. Measure your share of conversations (how prominent is your brand in the greater conversation)

So I know there are more, what did I miss that describes how you measure social media?