To accurately measure social media ROI, you should be 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, including:
- Number of visitors
- Number of fans, followers
- Total traffic
- Search engine rank changes
- Leads generated
- Comments posted
- Sign-ups for e-newsletters or freemiums
Qualitative measurements are those relating to or concerning quality and measures how your social media program is performing on the influence level. Some of the ways leading law firm marketers are using qualitative measurements for social media include:
- Increase in communication with prospects and clients
- Strengthening existing relationships with clients
- Increase in referral relationships
- Increase in brand visibility
- Increase in client retention
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 engagement, 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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In less than a few hours a month, you can produce an effective electronic newsletter, also known as an “E-newsletter.”
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