May 28 2011

How can a business measure the effectiveness of social media?

Category: Social Networking

Answer:

When companies integrate social media as part of their overall marketing plan, they need to also develop precise ways to quantify success and prove a return on their investment. Here are some of the metrics businesses can use to measure the results of their social media initiatives:

  • Monitor social bookmarks and brand mentions on blogs and within online forums.
  • Use Google Analytics and/or create a Google Alert for brand-relevant keywords.
  • Track the number of links coming from complementary web sites.
  • Note any increases in followers, fan pages, network connections and product referrals.

Measurable increases in any of the above are clear indications that social media marketing efforts are succeeding. If there are no changes, or only minimal upticks, the strategy may need to re-evaluate. In order to take full advantage of social media channels, a marketing team needs to execute strategic marketing plans that clearly define their goals. This will often include a way to track and measure performance. Only in this manner can social media marketing prove itself worthwhile for reaching business goals and objectives.


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