Posted by: Katy Leuschner | January 27, 2011

How to Measure?

Every company should engage in social media to better connect with their consumers. If you are unsure what even constitutes a social media site, look at the website called “On Blogging Well” for a list of 23 types of social media with brief descriptions and examples. Then, the next step is to learn how your company can track its presence on social media sites in order to acquire substantial evidence of the importance of its presence or to examine what could be done to improve.

As explained in an article written by the editors of CRM magazine, the Harvard Business Review Analytic Services have reported recent results of a survey they conducted. They found that 87% of surveyed companies use social media, but only around 23% use social media analytic tools and 31% do not measure effectiveness of social media. According to emarketer, a different survey had even worse results, concluding that 86% of respondents use social media, but that 84% do not measure their Return on Investment (ROI).

Either way, all companies using social media should measure their ROI in order to know that their investment is worthwhile. Before exploring specific cases of companies’ success with social media, I want to list the potential ways that companies can measure their success.

Here are a few key methods of measuring ROI:

  • Look at your social media measurement tools, like the number of friends/followers, to get a broad idea of who is interested in your company’s presence on social media sites.
  • Splitweet.com is a way to monitor your brand (find out who is talking about it, when, and what they’re saying about it on Twitter).
  • Google Analytics allows you to check how much traffic your website gets and how effective your marketing is.
  • With Google Alerts you can type in keywords that pertain to your own brand and then receive e-mail alerts when your brand is being mentioned somewhere on the web.
  • Peoplebrowsr is also a way to monitor who is talking about you using viral analytics, but it is not always free (although you can receive a free trial).

These aren’t so scary! It is imperative to monitor your company’s presence in social media and to track what is being said about your company that you might not be aware of. What I listed are merely a few tracking devices, but they are probably the most recognized and reliable. If I find any others that are of particular worth, I’ll be sure to post something about them.

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