Monday, February 11, 2013

Measuring ROI of social media

Nowadays, business owners have adopted the principles of social media pioneers, like John Bohan and Jay Baer, and many entrepreneurs would agree that measuring the ROI of social media is one of the building blocks in coping with social media trends and strategies. How does one put a corresponding amount to a ‘tweet’ or a ‘like’? Here are some points to help businesses get started in calculating digital success.

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This article discusses metrics that online marketers can use as benchmarks that determine whether their social media efforts are paying off or not:

Re-examining content strategy. Social media platforms should be able to interact with their target audience by asking them questions, speaking with them, and creating dialogues. Reviewing their content strategy should be done to make room for this practice.

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Sharing of voice. It is the online marketers’ duty to make it a point that their brands’ presence can compete with other brands’ image in the industry. This has something to do with the size of their audience, followers, and fans.

Acknowledging advocates. Engaging and leveraging the loyalty of avid followers, re-tweeters, and pinners for the brand kicks businesses into higher gear.

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To complement the above-mentioned practices, tools such as SourceMetrics and Klout help companies improve their bottom line.

This website provides industry news and tips on measuring social media’s ROI.

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