The Rainmaker Blog : Law Firm Marketing and Business Development : The Rainmaker Institute : Stephen Fairley : Professional Legal Marketing

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Last Friday, I blogged about a social media marketing study just out from KingFish Media, HubSpot and Junta42 that showed 75% of B2B and B2C marketers surveyed have a social media marketing program in place.

I want to revisit that survey again to discuss how marketers measure social media ROI using both quantitative and qualitative metrics.  Both measurements are important because social media is really about two things:  engagement and influence.

Quantitative measurements are those counted in quantity – it’s the “show me the numbers” part of research that can determine how your social media program is performing on the engagement level.  There are a number of different quantitative measurements for social media, as shown here:

Qualitative measurements are those relating to or concerning quality and measures how your social media program is performing on the influence level.  Here are some of the ways leading marketers are using qualitative measurements for social media:

For both quantitative and qualitative social media measurement, check out this Wiki of social media monitoring tools: http://wiki.kenburbary.com/.

As you develop your social media marketing plan, take the time to determine what you want to know.  Your plan should be able to identify all of your target audiences, the key influencers to those audiences, and your effectiveness in reaching them.  You should be able to track the conversion rate of prospects to clients, the response percentage to your marketing messages, and who is responding to your messaging.

However you choose to measure social media, it is imperative that you have a success metric in mind before you begin. Without some sort of benchmark, determining your ROI is impossible.

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