I’ve recently been asked by one of my clients to send them the ROI for our Social Media Campaign that’s been running since the beginning of the year. Phew! Ok, where to begin? The ability to align social measurement with the same metrics you use to measure your other marketing channels is a powerful tool to have. Now finding the numbers and standing behind those numbers are little difficult to find.
I’ve got Google Analytics, Facebook Insights, and Hootsuite analytics. Some of the numbers don’t aligh and some do. That’s where I see the problem. There are so many different ways to enter into a site, to navigate through the site, to engage on the site and then exit or even share the sites. How are all of these different tools I’ve got going to align so that I can show my client what they are getting for the money they are spending.
Last year I read that a facebook fan who likes a business page is worth $134 for the whole year. Now, that number is down to about $8-$12 per “like”. Now a typical Facebook tile ad that I create costs about $0.89 per click. Social media software publisher Vitrue ran some numbers. According to their research, if a brand had one million “likes”, posted twice a day and applied a conservative CPM estimate of $5, then an individual fan was worth $3.60 per year. Research firm, Hotspex, issued a study that estimated an earned media value of $6.79. Those reports mainly examined consumer-facing brands.Again, how do I measure how much profit my client will actually make via having a facebook page?
My head starts to spin when I read all the white papers that are out there. My BIGGEST suggestion to those that are int his same quandry is to IGNORE any article that is more than 3 months old. I’m sorry, but if you read something that was published in 2009 or even in January of 2011, you’re already way behind. Social Media is like a wildfire, it catches so much momentum that its spread so far beyond our capabilities to slow it down. If youa re not constantly learning and reading about what is going on right now in social media, you are already behind.
Now, Facebook JUST changed its Ads Manager and insights page again, this time I love it. It’s got improved performance graphs, new, real-time measurements and inline ad management. I can even see all of the ad creative that I’ve uploaded since the beginning of any campaign.
Check out the new Facebook Ads Manager, it won’t disappoint and I suggest you take a look at it SOON, because it just might change AGAIN soon.
So, how are you measuring social media? Are you using any new tools? I’d love to know! I’m still researching for the best ones out there.