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“We all know that tracking social media success is important, and this chart helpfully breaks down exactly what measurements each person in a social business should be taking. What tools do you use to take those measurements? Here is a sample, from the “bottom>>up” of the pyramid.”
“Promoting a brand’s image in a setting such as Facebook means creating two-way conversations that eventually lead to more revenues. Using specific monitoring services helps cut to the core of the most successful social media strategies. We’ve selected ten products that offer quantitative data to help companies tailor content for to their audiences, and monitor the return on investments for these strategies.
Of course, there’s far more products in this space than we have room for in a list of ten. So feel free to post comments about ones we haven’t included in addition to the applications we’ve listed here.”
“The Return on Investment that Shift brings in embedding new collaboration practices at CEMEX is hard to measure. With a relatively small investment, (in the low hundred thousand dollars, for a global company) Shift has brought both tangible and intangible results. The benefits that can’t be measured in dollars and cents are the most significant, since they not only increase our bottom line, but help ensure that the talent at CEMEX continues to collaborate in a positive environment that fosters innovation.”
“Let’s look at what ROI was, how it needs to be changed and how to recapture its original intent in the network era, in which continuous learning and knowledge work are becoming inseparable. As Steven Forth of the LeveragePoint division of the Monitor Group puts it, “Too many people who talk about the ROI of learning are focused on being precisely wrong rather than directionally correct.””
“In summary: we don’t need one Social Media ROI model, we need many of them. None of the ones emerging now is perfect, none will ever be. You may need to have a few in your toolkit and develop a sense of which one to use in each case.”
“Measurement will look more toward the bottom line
Marketers appear to be inching closer to answering the question of social media ROI—or at least making a serious effort—as the stakes get higher.
Site traffic, which was the top metric for social marketing success in 2010, will still be on top this year. But the No. 2 spot will change hands, as twice as many companies plan to pay attention to conversions. More marketers will measure success with conversions than by tallying fans and followers, positive buzz and a variety of other “soft” metrics. Revenues will see a similar surge in interest.”
If you’re following along closely, you might have recognized a trend: the people you employed in the past for customer centric positions are still, and will likely always be, facing outwards. They’re the talkers who already enhance the buzz. Feed & fuel them with regular doses of useful corporate content.
A different strategy is required for marketing to past resources like Rick’s engineers, (who aren’t the easiest to communicate with at the best of times. You know it’s true. ;>) These resources aren’t likely ardently active in the same social media channels that the corporation is selling to, yet still hold much value as back-channel voices in their industry.