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.
Here are 7 steps to master the measurement of social media ROI:
1. Establish clear marketing goals for your product or brand, and then identify social measurements that directly support those objectives.
2. Organize your measurements and metrics in a logical framework.
3. Take a long-term outlook with social media interactions and measurements. It’s a commitment, not a campaign.
4. If hard ROI metrics are difficult to track directly, consider a range of softer metrics that can be linked back to desired business outcomes. (See my previous post on 10 Ways Social Media Could Be Benefitting Your Law Firm.)
5. Determine a dollar value for clients who choose to opt in and engage with your brand via social networks.
6. In your ROI calculations, don’t overlook the value of cost savings that can result from ongoing social listening and tracking.
7. Build the technological capabilities to measure your prospects’ complete digital footprint in real time.
One of the hardest ones for most attorneys to grasp is #3 – it’s a commitment, not a campaign. Building a social media presence takes time. You can’t expect to throw up a few blog posts and have prospects knocking down your doors. Create content that is relevant to your targeted prospect, keep pumping it out there, and they will come.
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