WalshWorld

Saturday, March 26, 2011

Social Media metrics

I have been looking for the best way to measure individual success with Social Media. I am always aked, how do you know it is actually effective. Keep in mind, this is an average user who is not overly engaged in the various forms of media. Many of these people are trying to run their business day to day. I have been looking for a one size fits almost all answer and have not found one. I know measuring success is complicated and very different for each business. In the end, I would stick with google Adwords, at least their is analytics at your finger tips, although many business do not use them.
I found a simple measurement in another article. Set your goals and beanchmark against existing sales and marketing budget ratios. If you spend $100k on direct mail and it generates 1M in sales. Take 10% of that budget and invest it in social media efforts and see if it exceed 100k in sales as would have been generated with direct mail. VERY simple.

Unfortunately it really isn't that simple and it depends on what your goals are. The attached links are to a site that break it down... but did not make it much easier for me to understand. Maybe you will have better luck. I have not done extensive research into this, but if you come across something feel free to add it here. I will get to the bottom of this.
Within the site are some powerpoint presentation, They are long, I warn you! Scrollclose to the end to view presentations.

And seriously... is there no spell check on here? Really? It isn't me, my cat strols across my keyboard,

http://www.web-strategist.com/blog/category/social-media-measurement/
http://www.slideshare.net/jeremiah_owyang/social-marketing-analytics-4464428?from=share_email