Measuring social media ROI is not easy. There are a few handy procedures to calculate effective social media benefits. Let us explore them. Content, advertising, research, leads are different tools to calculate the level of benefits.
You need to focus on the tactics for reaching a well-defined goal metrics to achieve ROI opportunities. Now, let us have a look at the social media tactic planning procedures.
- Well-defined metrics to compare different tactics:
Effective scale measurements (high, low) are needed to aid different scoring process on the basis of business priorities. Resources, timings, goal alignment, risk factor and budget are other deciding factors of that score.
- Different brainstorm tactics are for business and user goals:
There is a wide range of options to choose from. It can range from relevance methodology to magnetic campaign. Different brainstorm possible factors like, testimonies, leads, user-generated contents, comments, web traffic, social shares, legal considerations, and support costs are involved in this particular tactic.
- The list of benefits and costs:
The aim should be the high level objectives like reducing costs, growing revenue, and ultimately improving satisfaction. In order to avoid potential risks, you need to estimate the probabilities of its occurrence. It is important to compute the estimated level of benefit and costs.
- In order to leverage benefits, you need to focus on a list of effective processes. You need to do a cost based analysis. It is important to determine the difference between total cost and total benefits. It is important to weigh different factors to score different tactics for comparing different candidates.
The most difficult part of the “tactics selection” process is comparing costs with benefits. Marketers agree on the point that social media metrics are available. Still a bit of confusion remained in the process of measuring the actual level of benefit.
If the core business objectives can be followed, it will become easier to grow revenue, reduce cost, and the ultimate goal of improving satisfaction. This way finding the gateway to real benefit formulas become easier and effective. Once you jump into the process, it does not remain much difficult anymore.