Just a quick programming note, I will be in San Francisco on Tuesday, September 25th, 2012 hosting a session at the Social Media Strategies Summit.
Nick Cifuentes over at ClickZ penned a great piece on measuring the impact of social media, breaking it down by translating five traditional metrics:
Social media ROI analysis is in its infancy. I believe this is a result not because we lack tools and metrics, but rather there is a disconnect between data analysts who lack understanding of social media, and social media managers, who lack an understanding of analytics.
I’m always being asked about which tools are the best for monitoring and measuring social media. That’s a difficult question for me to answer without first understanding your business objectives, of course…
What exactly is the ROI of social media? When Gary Vaynerchuk was asked this question, he replied, “What is the ROI of your mom?”
I will be presenting at the 2012 Las Vegas Social Media Strategies Summit at the Mirage Hotel.
For small businesses, I’m not sure all of these are applicable, as it may take more time to measure than benefit gained from knowing the results. So don’t get hung up on daily, or even weekly monitoring.
How much is a “Like” worth to your business? Do you count the number of likes you have and eagerly report those totals to your management team to proclaim your social media success?