Social Media ROI. Every CMO’s nightmare. Lots of things happening – but where’s the ROI on this? – Is the million dollar question. Whether you’re a B2B, B2C or C2C portal – Social and Mobile is the future. On the Social front, there are 2 ways in which the efforts of a company could be classified and further studied in detail:
- Qualitative Efforts, Strategies & ROI
- Quantitative Efforts, Strategies & ROI
Ignore meaningless metrics like ‘number of followers’ etc.
A successful social media campaign includes:
- Building online brand presence
- Strengthening online brand presence with already existing customers/clients (via Royalty programs)
- Repositioning the brand (e.g. Myntra.com starting out as a Custom-Gift-E-Retailer to Apparel & Fashion e-Retailer now)
- Community Management
Thus, a campaign objective should be defined when conceptualizing a campaign; and corresponding success metric(s) should be defined, which helps us in achieving a bigger Goal.
Measuring Qualitative Efforts:
Measuring Quantitative Efforts:
Different Social CRM platforms like Sprinklr, Radian6, Spreadfast and others could be used to dig deep into Social Media campaign parameters and figure out Branding and Brand Identity Key Performance Indicators (KPI)s or metrics. See a few screenshots to get an idea.