Social Analytics Formulas to Use for ROI Reports
Reporting on Social Media Marketing involves defining a unique set of key performance indicators (KPIs) that help to measure the level of activity and effectiveness of your brand within the social realm. Social analytics can measure the impact of social media on your business. This means collecting intelligence from aggregating and analyzing online conversations and social activity generated by your brand. By using this data, your company will be able to improve and report on brand awareness and reputation, marketing and sales effectiveness, and customer satisfaction and advocacy. The benchmarks to focus on will be those that combine specific engagement metrics that result in lead generation. This reporting will help define the effectiveness of social media as it relates to marketing, sales, and customer service performance. We have created the reference charts below with basic formulas for analyzing the metrics for the KPIs listed based on an Infographic created by Awareness Inc.
These insights will help your company adapt to the social environment it participates in and to improve on the relationship people have with your marketing, sales, and customer service initiatives. Social analytics can be a combination of real-time analysis for campaigns, or historical trend analysis of engagement and growth metrics. By evaluating your company’s social analytics, you can report on the return on investment from participating in social media marketing successfully.
What are other KPIs that your company uses as a measurement for social media success? Share your ideas or questions via the comments box below. We look forward to hearing from you.