How to Measure Social Media ROI for Business

image

My post on Mashable today is about measuring social media ROI for business. This was a difficult post to write for several reasons.

First, I know there are a lot of smart people already talking about this and I wanted to make sure I added to the conversation. It’s hard to do that when there hasn’t been a ton of progress or much movement in the last 12 months. In the research I conducted, I found the same themes in blogs tackling the subject today as I found in those from a year ago.

Second, there’s still no answer. It depends on the tactic, the audience, the objectives, the measurement tools and the department (i.e. PR or Marketing) conducting said measurement. That’s just one of the reasons I feel in large organizations, social media fall under the guidance of the PR team. I’ll address that in another post.

Finally, communicators or experts in this space need to come up with a set of measurement guidelines for the value of a conversation. In the absence of any proposed guidelines for social media measurement, we’ll see the regurgitation of the same points time and again. For example, PR firms generally agree that the value of an article placed in a newspaper is three times that of the value of an advertisement in the same paper of roughly the same size. I’m sure there’s some sort of study out there that supports it, but it seems pretty arbitrary as a rule of thumb. But it’s something.

So here’s my question: who should be tasked with developing standards for social media measurement? What organizations are already working on it? How do you measure social media success for your company?

31 thoughts on “How to Measure Social Media ROI for Business

  1. I really appreciated your post and while I agree since there are no standard metrics – it makes it hard to measure and compare ROI – but you can evaluate the ROI at a company level or perhaps individual blogger level.

    Avinash Kaushik has a good framework for looking at the ROI of blogs
    http://beth.typepad.com/beths_blog/2008/08/measuring-the-v.html

    For nonprofits, with technology investments – we usually have to look deeper than how did it cost and how much did we earn .. because our bottom line is social capital or social change.

    Intangible benefits – while hard to quantity – end up being really important. And the qualitative data – is also important because that’s where the stories are – and that is what sells an ROI report.
    http://legalservices.wikispaces.com/

  2. I really appreciated your post and while I agree since there are no standard metrics – it makes it hard to measure and compare ROI – but you can evaluate the ROI at a company level or perhaps individual blogger level.

    Avinash Kaushik has a good framework for looking at the ROI of blogs
    http://beth.typepad.com/beths_blog/2008/08/measuring-the-v.html

    For nonprofits, with technology investments – we usually have to look deeper than how did it cost and how much did we earn .. because our bottom line is social capital or social change.

    Intangible benefits – while hard to quantity – end up being really important. And the qualitative data – is also important because that’s where the stories are – and that is what sells an ROI report.
    http://legalservices.wikispaces.com/

  3. Do you have a spam issue on this site; I also am a blogger, and I was curious about your situation; many of us have created some nice procedures and we are looking to exchange solutions with others, why not shoot me an email if interested.
    ??? ??? http://www.izi1.com/rimowa-???-japan-4.html

  4. Have you ever thought about adding a little bit more than just your articles? I mean, what you say is valuable and everything. But think about if you added some great graphics or video clips to give your posts more, “pop”! Your content is excellent but with images and video clips, this website could definitely be one of the best in its field. Very good blog!
    ?????? ?? http://www.fotoespacio.net/?????????????-japan-6.html

  5. Hey this is somewhat of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding expertise so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!
    ????? http://www.zanaan.com/adidas??????????-japan-46.html

  6. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several emails with the same comment. Is there any way you can remove people from that service? Bless you!
    ????? ??? ?? http://www.karamell.biz/?????????????-japan-4.html

  7. Have you ever thought about publishing an ebook or guest authoring on other blogs? I have a blog centered on the same ideas you discuss and would love to have you share some stories/information. I know my readers would enjoy your work. If you’re even remotely interested, feel free to shoot me an e-mail.
    ????? http://www.h2ce.net/

  8. When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove people from that service? Thanks!
    k2 ?????? http://www.pro-journal.info/????-?-japan-8.html

  9. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You definitely know what youre talking about, why waste your intelligence on just posting videos to your site when you could be giving us something enlightening to read?
    ????? http://www.cumonfeet.org/??????????-sv-????????-22g-2000???a117027?chanel??-jp-2723.html

  10. Wow that was odd. I just wrote an incredibly long comment but after I clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over again. Regardless, just wanted to say wonderful blog!
    ???? http://www.longwayid.com/????-japan-3.html

  11. Hi there! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My web site looks weird when browsing from my iphone 4. I’m trying to find a template or plugin that might be able to resolve this problem. If you have any recommendations, please share. Thank you!
    ????? ?????? http://www.bizcom1.info/??????-??????-japan-6.html

  12. Hello would you mind letting me know which hosting company you’re using? I’ve loaded your blog in 3 different web browsers and I must say this blog loads a lot quicker then most. Can you recommend a good hosting provider at a reasonable price? Thank you, I appreciate it!
    ?????? http://www.shorttrip.biz/???????????????????ssk??????-?????-??????rb1-????–jp-3264.html

  13. Please let me know if you’re looking for a author for your blog. You have some really great posts and I believe I would be a good asset. If you ever want to take some of the load off, I’d absolutely love to write some articles for your blog in exchange for a link back to mine. Please send me an email if interested. Cheers!
    ??? http://www.kobeszko.com/

  14. I really like your blog.. very nice colors & theme. Did you make this website yourself or did you hire someone to do it for you? Plz reply as I’m looking to create my own blog and would like to know where u got this from. cheers
    ??????? http://www.sickinfo.biz/

  15. Have you ever thought about creating an e-book or guest authoring on other sites? I have a blog based on the same topics you discuss and would love to have you share some stories/information. I know my visitors would enjoy your work. If you are even remotely interested, feel free to shoot me an e mail.
    ?????? ? http://www.allods2.net/

  16. I am really loving the theme/design of your website. Do you ever run into any internet browser compatibility issues? A handful of my blog visitors have complained about my website not operating correctly in Explorer but looks great in Firefox. Do you have any tips to help fix this problem?
    ?????? http://www.decorado.biz/???-???-japan-2.html

  17. Hey there, I think your website might be having browser compatibility issues. When I look at your website in Ie, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, superb blog!
    ????? http://www.filebuffer.org/???????-japan-9.html

Comments are closed.