Calculating the return on investment (ROI) of their brand’s social media strategy has been a consistently difficult nut to crack for marketers, certainly in the traditional sense – a recent study suggested that almost sixty percent of companies and agencies worldwide reported that engagement, which included such metrics as followers, Likes, comments and shares, was the deepest level at which they could track the ROI on their campaigns.
The results are similar in Europe, too – while the majority (69 percent) of European marketers try to measure the ROI of their Twitter and Facebook presence, 57 percent cited brand awareness, community size, web traffic and buzz as the key performance indicators of any social campaign. One-third (34 percent) suggested acquisition, qualification and sales were measurable forms of ROI, and less than one in ten (9 percent) actively track customer feedback.
14 percent of European marketers do not seek to track social media ROI at all, and 67 percent spend less than $50,000 per year on their social presence – which is approximately the cost of two bespoke Facebook apps, or one community manager. Your call on which of these is more valuable to your business.