The Importance of Defining Social Media Success

Man, if I had a nickle for every tweet, comment and blog posts about social media ROI, I’d be….Well, you get the picture.

Don’t get me wrong, ROI is important because it’s part of social media’s evolution from a corporate novelty to a key strategic and tactic asset. But part of the challenge in attempting to define ROI is the metrics are hard and soft – everything from Web site traffic and click-throughs to better customer service and a higher profile brand.

Some you can easily measure, and some are abstract but just as valuable.

So, what do you do?

Perhaps a small step forward on the path to an ROI that satisfies the corporate bean-counters is defining what success looks like. For some companies, “success” is better customer service or having as strong a social media presence as the competition.

For other companies, success is simply higher sales. However success is defined, it’s how companies begin to get a handle on their social media investments.

Even the most basic metrics (e.g. establish a social media foothold) are a way to do some kind of assessment. In time, corporate metrics can become more complex and sophisticated but everything needs a starting point – even social media ROI.

One Comment on “The Importance of Defining Social Media Success”

  1. I often have this conversation with clients – defining benchmarks for each campaign is tricky in the social media space, as many agencies are unwilling to publish click through rates, bounce times and other valuable data for others to compare with, and obviously each industry and niche market has their own special audience. In house data, while readily available, is not sufficient to use as a definitive source – every company has different successes depending on many things, beginning with campaign creative.

    Encouraging consumer interaction and gathering insights from this interaction will, for the foreseeable future, be the value we find in social media campaigns. The leaders in this field are going to be the ones who know best how to extract and analyse this data.

    While click-throughs and other metrics are important, it has been found that strong and memorable creative may draw potential users to a site at a later date and they may not click your banner at all. Just a thought…

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