With the number of social media users projected to reach 2.5 billion by 2018 I would hope by now that even the most ardent social media denialists will be able to accept that social media is not going anywhere soon.
Businesses extensively use social media as part of their activities including for customer service, where efficiencies and savings can easily be demonstrated; and for marketing where both paid and earnt activities can have a huge impact on the reach of a campaign.
Despite the use of social media by businesses maturing, still many struggle to measure the impact of their social media. They struggle because often it is difficult to accurately attribute the benefits of particular activities, especially where you have activities across a number of mediums. It is easy to count the number of followers, retweets, post likes etc actual impact on the bottom line that you can directly attribute to social media is harder and sometimes impossible to record accurately.
If you are experiencing the challenge of measuring the impact of social media on your business, as you can see from this survey by the CMO you are not alone. However as the share of marketing spent on social media increases the need to measure becomes even more important.
Important things to look at when measuring social media:
- Put measurement in from the start of your campaign, not an afterthought
- Agree what you are measuring against – what good looks like – otherwise the social media denialists will move the goalposts
- Accept somethings cannot be measured accurately and see these as indicative measures
- Attribute indirect influence by measuring trends over time
- Keep it simple – by attempting to measure too much you will end up measuring nothing
Finally social media can be of huge benefits to your marketing activities, however where it cannot provide the measurement you would like to see – ask yourself if your other activities could provide that information before dismissing using social media for that purpose.