MEASURING SOCIAL MEDIA 4
Thesocial media have been recognized alongside broadcast and print as avaluable marketing tool for businesses. It is ranked on the samestandards as these channels. As a result, the social media Return onInvestments must contribute to the business. In order to warrant thesocial media investments, there is a need to track on the socialinfluences on all the transactions with the clients (Hoffman &Fodor 2010). An effective social media measurement should begin bychanging the traditional Return on Investment. It implies thatmanagers should consider customer`s motivations to use the socialmedia and then measure their investments that these customers make.
Measuringthe inventiveness is important as it helps one understand the socialmedia efforts are performing, but it may prove difficult to identifyparticular parameters needed. The measurement of social mediaeffectiveness occurs in different ways as every organization hasdifferent approaches. The first step in measuring social mediasuccess is aligning the objectives alongside the metrics (Hoffman& Fodor 2010).The objectives must adhere to the “SMART”methodology meaning that they must be Specific, Measurable,Actionable, Realistic and Timed.
Thesecond step is measurement awareness and attention. The social mediaallow customers to share information about a particular product andservices with their families and friends online. Further, they ensurethat the brands have a direct link with the customers. It is achievedthrough sharing of conversation, inbound links as well asrecommendations (Hoffman& Fodor 2010).The other step involves the measure of conversions and sales. Whatmatters most is the response from the people as a result one`sefforts on social media. Communication means taking actions. Itincludes either making purchases online or filling forms.
Trackingand measuring social media leads is another step. It includes using aspreadsheet or other systems to track the prospects (Hoffman& Fodor 2010).The last step is the measure of cost saving. The value of any ventureis what comes down for example costs. Social media are most effectiveon the consumer’s side, training as well as communications. Themain reason for measurement is getting accurate information andapplying it in your tactics.
Themetrics presented by Hoffman and Fodor are correct because the socialmedia is becoming more preferred as compared to other methods. Inaddition, it improves the market research as well as leading to costsavings. For instance, marketers set online forums that allowcustomers to comment on products and services as well offeringimprovements for the already established products (Hoffman& Fodor 2010).
Hoffman,D.L & Fodor, M. (2010). Canyou measure the roi of your social media marketing?