subject: Measuring ROI in Social Media [print this page] Measuring ROI in Social Media Measuring ROI in Social Media
In this ever changing world of social media and less budget, we are more and more held to the budget, even if you are lucky to have any budget (please see higher education).
I think that we can measure ROI several different ways. First, think of social media as an invaluable way into "consumer insight". Folks are talking back and forth regarding different brands (higher ed or business) pretty freely and comfortably. Think of this as free feedback, no surveys required!
Second, think if there is misinformation out there about your company or school, how much is that costing you? How much trouble would it be to have an individual sign up for multiple social media outlets to turn that around? That individual can get the message out rather quickly through those channels, hence more students or more revenue.
Also, engage these individuals in conversations. For example, if you are in higher ed, have students meet you once a week on a college forum, ask them questions, these students are typically very comfortable and familiar with this form of communication. If you are a business, engage as well, follow twitter, be friends on facebook, linked in, etc...... engage, engage, engage! More specifically, do not be afraid to ask an individual if they say something poorly about your school or company, and then learn from it.
Social media is a powerful tool to protect the brands reputation, be prepared to defend it! What does that cost the company if things are incorrect or unsatisfied customers???
These are all some ways we can better measure ROI, make it a little more tangible.
