For A Positive ROI With Social Media

While doing Social Media implementation, collect and categorize two customized lists.
One is the internal list that has to be done as part of planning for a good social media implementation. Second, a list of metrics depending on the social networks to measure the impact of the social media strategy.
Let me share a sample list.

Social Media Planning

Social Media Metrics for Impact Measurement

  • Business Objectives
  • Strategies
  • Target Customers
  • Geography
  • Identifying Networks where Target Customers flock
  • Profile of your Brand in Social Networks
  • Positioning of your Brand in Social Networks
  • Monitoring your Brand
  • Training Employees
  • Monitoring Competition
  • Study of worst-case scenario
  • Cultural changes
  • Social Media policy
  • Number of Subscribers (Passive customers)
  • Number of Customer Interactions (Active Customers)
  • Number of Referrals
  • Quantitative mentions ratio (How many times your brand has been mentioned)
  • Positive/Negative mentions Ratio
  • Comments/Forwards (also called retweets in the case of twitter) Ratio per post
  • Number of participative actions
  • Quantifiable increase in customer satisfaction or Sales
  • Awareness of Brand
  • ROI calculations by way of leads, sales, conversions, earnings, goodwill etc. etc.
  • Baseline and the deltas after implementing Social Media Strategy
  • Activity Time-Lines and Monitoring Sales with appropriate relative metrics
These metrics have to be customized basis their relevance to your brand’s business objectives. Monitoring such customized metrics will help you to be more focused and being more productive with your Social Media efforts. Once you learn to fine-tune the monitoring and reading of the metrics, you will start to see a positive ROI with Social Media implementation.
With my customers, I call these two lists as Subjective and Objective lists. The subjective list deals with the matters of the business and its objectives which is internal to an organization. The objective list deals with the tangibles of Social Media, some of which are listed above, as metrics for impact measurement which is external to an organization. These two lists can further be divided into sections while formulating the social media strategy so that training your staff is easier and KRAs(key result areas) can be derived from there.
The objective list becomes a source of information on the market and also reflects, many a times, the changing aspects of the market. These insights give an organization the opportunity to fine-tune their subjective list and prepares them with great details to anticipate the future of the business. If the metrics are chosen and evaluated well, the metrics shall present realism and immediacy of the markets so that the organization can grab the business opportunities all the time and well into the future.
Still got questions? Buzz me here. I am happy to help.

Originally posted on http://blog.varadh.com
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