Social media has outgrown its experimental play-money stage. With marketers sinking up to $6 billion into social campaigns this year (according to eMarketer), the category has officially become a legitimate form of advertising. But with newfound legitimacy comes a whole new problem: How do we know it’s working?
Thus far, there’s no standardized best practice for measuring social media performance. And that’s not for a lack of options. The past year has seen a flood of new analytics tools hoping to definitively crack the social ROI code: Do customer conversions matter? What about cold, hard sales? Or maybe it skews more intangible with metrics like “buzz,” “engagement,” and “impressions.”
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