When it comes to investing in a new marketing medium or service, a very big part of the decision is the potential ROI the new medium promises. Return on investment is crucial for online business and anything that will be making more money than it costs at the end of the day is typically regarded as having a positive return.
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It’s 2014 and the digital world has changed tremendously over the last couple of years. With this it’s important that businesses should remember that ROI really doesn’t just apply physically to the financial side of things. We are living in an age where education-based marketing is becoming more popular than the traditional hard sell approach.
Working out the ROI of your social media marketing campaign can be tricky, but I’m sure that businesses can benefit from an improved digital footprint, and being positioned as thought leaders in their niche. How are you going to tie a financial value to these benefits that is directly related to social media?
This post is about measuring social media conversations. If you are interested in a more hardcore social media ROI approach, I have written about it before.
How to measure social media conversations
To start measuring social media conversations, start with basic metrics such as who is talking about your brand and company, when are they mentioning you, how old they are, and where are they based. Also look at what people are currently saying about your brand. This is where you can measure it even further by analyzing the sentiment about your brand on all the various social media channels you are using in your campaign. This is important as even a neutral sentiment shows that you should up your game on the social web.
When people are already talking about your brand on the social web, it’s also important to check how influential these people are online and in their own social networks. If they are influential on Facebook and they can influence their own social circle, it’s important to keep them on your radar. Also make a point of using them for any targeted communication strategy you are using.
I have also found that monitoring the location and which time people are actively talking about your brand can also be useful if you want to target specific areas and times with your campaign.
Content is king with any digital marketing campaign and can also increase the reach of your social media campaign. When done right, it can open up a whole new world of potential customers and get people talking about who you are and what you do.
Millions of conversations are happening everyday on the social web. It’s up to your brand to get involved and engage with your target audience. Social media is a medium that facilitates social behaviour. Use it to let people start talking about your brand and share your message along with their own social circles. Measuring social media conversations is great for your campaign.