More and more brands are jumping on the social media bandwagon, but businesses are still facing a big dilemma when it comes to measuring return on investment. Because different businesses have different objectives when it comes to social marketing, there’s really no standard method of measuring social media ROI. That being said, statistics do point to the fact that social media does generate ROI. A new motion graphic from MDG Advertising takes a closer look.
According to the MDG motion graphic, 74 percent of CMOs believe that their social media efforts will generate hard ROI this year. How are they measuring this? 63 percent are paying attention to the number of positive customer mentions, fans and page contributors. 43 percent track page views and impressions and 42 percent track customer posts and brand mentions.
However, MDG is sure to point out the fact that there is no standard method of measuring ROI. Because social media goals differ from business to business and brand to brand, you’ll have to figure out which measurements are best for you. They advise taking four factors into consideration when defining your social media goals and metrics—the financial impact of your social media efforts, how your brand is perceived, the affect on risk management and your digital assets.
Check out the video below and let us know what you think. How do you measure social media ROI?
Megan O’Neill is the resident web video enthusiast here at Social Times. Megan covers everything from the latest viral videos to online video news and tips, and has a passion for bizarre, original and revolutionary content and ideas.