Return on investment (ROI) in marketing terms is “the contribution attributable to marketing (net of marketing spending), divided by the marketing ‘invested’ or risked.” Basically, what did we get for our spent time and money. So what is the ROI for your social media efforts? How do you value the 50,000 likes on your Facebook page or the 10,000 Twitter followers you have. If the numbers you are tracking don’t give you an action, how valuable are they?
Fenton recently released a guide focused on developing actionable social media metrics called: “See, Say, Feel, Do: Social Media Metrics that Matter”.
“Before you start measuring, you need a social media strategy that you can measure against. The greatest obstacle to determining ROI doesn’t happen on the back end once you’ve collected mounds of user engagement data like RTs, bounce rates, and the number of “Likes.” The main obstacle to determining ROI comes from a failure to define the “R” on the front end. What is the return you are trying to create? Without knowing what you are trying to accomplish, it’s impossible to measure your success.” — Fenton
This guide breaks down reporting metrics into four categories: SEE, SAY, FEEL, DO. Each category measures a different element of a campaign or organizational goal. The guide includes a space for identifying and tracking the data, as well as a place to include the insights and actions associated with it. The best of the guide book, though, is the inclusion of an example reporting form and a template for your organization to create a metrics report.