The 411 on social media ROI

From the Facebook page to the regular Tweets, your company is starting to get the hang of this online listening and social engagement stuff. So how do you know it’s all working? Here are four ways to help track ROI for a social media strategy.

• Know the road – It’s hard to figure out anything if you’re adrift in the virtual world with no map to guide you. The first step in measuring social media strategy ROI is actually having a strategy. Do you want to increase brand awareness? Do you want to promote a new product line? You can’t measure what you can’t see.
• Get all touchy-feely – Okay, maybe not so much the feely part. But while it’s important to know where the conversation is happening, it’s even more important to know what emotions are encapsulated in the dialogue.  Sentiment analysis provides insight into those good, bad or indifferent feelings that come through customers’ online conversations.
• Work the words –Do customers search for a service your competitor offers—but you don’t? Do customers frequently mangle the spelling of your brand name? A keyword analysis will help you recognizing which words potential and current customers use during online activities. Once you know the right keywords, assess whether they should be incorporated into your content, making it easier for the audience to find you.
• Use the tools – If you want to track ROI on social media strategy, you could use any of the dozens of free analysis tools that are available. The challenge with these programs is that they really only offer a piecemeal approach to analysis. One tracking service only monitors Twitter, while another only monitors Facebook. Chances are you simply don’t have the time and resources to analyze this patchwork.

What’s more, free tools are just that—tools. They don’t provide the expertise that will guide you through profitable online listening and social engagement decisions. Consider using an outsource solution that provides the tools you need and the expertise you want.

If you want to formulate strategy, measure sentiment, and assess keywords all from the convenience of a one-stop shop, contact the Social Strategy1 team today.