Measuring the return on investment (ROI) of your social media strategy is something that still frustrates a lot of brands and marketers – studies have shown that just 10 percent of marketing decision makers in the UK monitor their Twitter and Facebook ROI, and of the 53 percent of businesses that are now using social media, 88 percent cited exposure as the single biggest benefit.
Which, of course, while nice, isn’t strictly ROI in the bottom line sense of the term. So, is true social ROI an elusive myth, or have the rules changed and we’re looking at all of this the wrong way?
I think so. Right now at least, social ROI is far more about measuring the impact of campaigns than it is by the success or failure of any monetary outcome. But this will change – ultimately, we’ll have the tools in place to assign an actual financial value to our social endeavours.
Brands, too, are slowing coming round to this conclusion – 64 percent believe that social marketing will eventually produce a legitimate return on investment, and just 6 percent are complete naysayers about the prospect. Marketers are measuring the reaction to their efforts via more standardised measures, such as Likes, retweets and shares, qualified leads and website visits.
This infographic from Pagemode takes a closer look at how we are slowly but surely getting to the ROI of social media.