Are You Measuring the Wrong Thing in Your Social Media Program?
I did a webinar a recently with my friends from Expion about cross channel social media analytics.
One of the great points that Albert, who’s Expion’s Chief Strategist and technical guy, brought up in the webinar is that so often we’ve got tons and tons of measures around social media outputs.
We know likes and comments and shares and all those things. Hell, the social media tools put those numbers right out there, built into the tool for you. There’s no excuse for not knowing what your outputs are.
Where we all fall down, in terms of social media measurement, is actually measuring the inputs.We spend almost no time figuring out how much does it actually cost us to do these things?
It’s not that difficult to figure out what you’re paying either your agency or your social media team and figuring out what it costs you, on a per day basis, a per month basis, even a per post basis, to actually create all the social media that you’re trying to use to attract people to your business, or convert interest to action, or get customers to sing your praises.
We can measure outputs very easily, but we almost never take the time to measure inputs.
If you don’t know the inputs, your ability to make sense of the outputs is mitigated considerably.
You cannot figure out ROI without first knowing the “I.”
So my advice is to spend some time thinking about what are your true costs in social media are and how to amortize those costs on a weekly basis, a monthly basis, a per channel basis, and/or a per post basis to figure out what your actual return is.
If you do those calculations and you put that together, I think your understanding of where you really are in social will be much, much better.
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AI Consultant for Successful Entrepreneurs | Digital Marketing Strategist since 1994 | Productivity & Customer Journey Expert
10 年I agree Jay. I think it's also important to set realistic goals as to when you should reach an acceptable ROI by channel. Investments rarely have immediate return. And, what happens when you declare failure for a major channel - one that appears to be a good fit for your company? Don't walk away - that will only hurt you in the future, when your competition has learned how to dominate that channel (uncontested by you). Once you've given a particular strategy a go for a specified period of time, if you haven't achieve an acceptable ROI - it's simply time to adjust and try again.