February 23, 2016
/ by Katie Gaab
Your brand manages a handful of social accounts. But does it know the outcome of investing so much time, money and manpower into each?
Eighty-five percent of brands haven’t proven social’s ROI quantitatively. Without benchmarks to reference and goals to meet, most brands aren’t using social to its full potential.
Is your brand unknowingly giving up opportunities to bypass competitors?
Stay one step ahead with Cision’s “The 9-Step Guide to Measuring Social ROI.” The free tip sheet provides communication professionals the insights and tactics needed to track, measure and prove how important your social efforts are to your brand’s success.
Here are three ways measuring social ROI will have a positive impact on your brand:
CMOs plan to double social spending to almost a quarter (23.7 percent) of marketing budgets by 2020.
But, as Michelle Vangel, Cision’s vice president of insight solutions, points out, “If marketers are unable to map social media back to business objectives, board members and C-suite executives won’t take their efforts seriously.”
When communication professionals calculate their social ROI, they’re able to point to specific numbers, not blind estimates, to demonstrate how their social strategy contributes to the larger business picture.
And with data to prove how social efforts are already succeeding, CMOs will have a better chance at growing their social budget.
Your audience turns to their preferred social platforms to express themselves. Whether they complain or rave about their recent experience with your brand, customer service experience, what they say impacts your reputation. In other words, money isn’t everything when it comes to social ROI.
It is also tied to your brand’s pulse. Social listening can be used to calculate your net promoter score (NPS) by subtracting the percentage of complaints from the percentage of recommendations for your brand.
This information can then be used in correlation with customer satisfaction surveys or brand tracking data to determine how well your brand is doing to meet its customers’ needs.
Social platforms are constantly evolving to meet users’ needs, and brands should be using social ROI to keep up with these changes. Measuring social’s impact is not a one-and-done deal.
Not only should communication professionals recalculate results frequently, but you should also look to identify the “why” behind their resulting data.
In doing so, you’ll pinpoint variables that impact how your social strategy drives leads. Making connections between the two will help drive better decisions, whether in regards to a single campaign or your brand’s overall social presence.
Images via Pixabay: 1, 2
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