The purpose of this paper is to research and identify three ways organizations can see a return on their social media investment. According to a recent survey conducted by eMarketer.com, organizations that have an established social media presence reported an ROI of more than four times greater than organizations that conducted little or no social media marketing (Lerner, 2014). Based on statistics, social media marketing can add value to your organization as well as your consumers. Following are three methods organizations can use to measure the ROI of their social media marketing.
Source: Franchise Essentials (2014). Retrieved from: http://franchisessentials.com/category/social-mediadigital-marketing/
Although many believe it is impossible to measure the return of a social media investment, research shows many different techniques organizations can use to measure the ROI. Most organizations use the simplest method by researching and comparing statistics. Statistics that can be used to measure the return of a social media investment include “measuring the number of fans, likes, released-tweets, traffic and mentions” (Lerner, 2014). Most social media platforms provide users with statistics to track user engagement; these are great tools for tracking statistics within a particular platform, however they won’t help organizations determine how much traffic is being driven to their own website (Lerner, 2014).
Oktopost is an ideal example of a platform that gives organizations the ability to see the return of their social media investment. Oktopost incorporates “Lead Capture Technology” which allows users to see their ROI and other powerful metrics. “Whenever a lead is generated from an Oktopost link, the platform will be able to show you exactly which post, social profile and LinkedIn discussion group they came from” (Lerner, 2014). Generating a list of leads is one of the most useful tools in proving the effectiveness of your social media marketing. Using a platform such as Oktopost not only gives organizations the ability to access quick and accurate information used to determine the return on their social media investment, it also allows them to track and measure leads which is considered an asset to any organization (Lerner, 2014).
SocialMention is another platform used to collect the appropriate information required for determining the return of a social media investment. SocialMention is a free website where users can input a search term, based on the search term Social Mention will provide organizations with information such as whether the sentiment was positive or negative, top key words for the search term, top users, top hashtags and top sources. Since SocialMention requires no signup, I tried it by typing in the name of my current workplace “Telus World of Science Edmonton”. I found it interesting that even WordPress came up as one of the top sources; I have discussed Telus World of Science in every one of my blogs on my WordPress account. I also learned that most of the mentions about Telus World of Science are neutral. I found this website to be very helpful with a lot of applicable information organizations can use to calculate the return on their social media investment (SocialMention, 2014).
Franchise Essentials (2014). Retrieved from: http://franchisessentials.com/category/social-mediadigital-marketing/
Lerner, M. (2014, February 7). Social Media Marketing: Generating Leads and Measuring ROI. Retrieved from Business 2 Community: http://www.business2community.com/social-media-marketing-generating-leads-measuring-roi-0771186#!bwyt8m
SocialMention. (2014). SocialMention. Retrieved from SocailMention: http://socialmention.com