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Social media ROI is a messy business. How do you bring some order to it? There’s no getting away from it. The higher up the sales funnel, the harder and messier it is to make decisions on measuring ROI. Social media is, like any channel (if you choose to view it as one) not perfect to measure, though far from hard to get a good handle on it, and to compare channels with channels using techniques like Google’s Multichannel funnels or social reports.
It’s the scale of choices that become complex. It’s much easier to post rationalise and retrospectively connect the dots, but not easy to plan for it – otherwise why is ‘viral’ still so remarkable in social media – and why we don’t see the experts doing amazing campaigns repeatedly.
It’s always been a challenge, attributing the value of visitors through multiple channels, social media has made that more complex. Certainly when compared to lower down the funnel the touchpoints are more measured and explicit, visitor-to-goal completion is relatively simple to monitor and quantify.IAB suggests 3:1 return on social media investment...
The research revealed that, four out of five consumers said they would be more inclined to buy a brand more often in the future after being exposed to a brand’s social media presence, while 83% of consumers exposed to social media would trial a brand’s product. ...
This is a really excellent post that looks at the best way to measure ROI on social media, why a new model may be more helpful and some tips on how to measure more effectively.