Companies are definitely investing further in the use of social media in 2011. According to a study by MarketingSherpa, 89% of US marketeers are integrating social media. And for marketeers, ROI is paramount. But since social media can be elusive, MDG has created an Infographic (below) which sums up upon views on how to measure ROI of social media. It quotes and thus reminded me of Forresters Balanced Scorecard for Social Media.
Four perspectives of ROI in social media initiatives
Forresters Scorecard is more than a year old, but I think there’s an important reminder here. You have to considers metrics from (at least) four different perspectives to get the full picture of your social media efforts:
- Financial: Has revenue or profit increased or costs decreased?
- Brand: Have consumer attitudes about the brand improved?
- Risk Management: Is the organization better prepared to note and respond to attacks or problems that affect reputation?
- Digital: Has the company enhanced its owned and earned digital assets?
Quoted directly from Forrester
So before you get stuck in just measuring clicks and/or likes on your FB page, get inspired by MDG’s infographic and Forresters Scorecard to involve your financial, customer care, PR and sales departments in tracking down performance for your current social initiatives.
Infographic by MDG Advertising