Giles Palmer, the CEO of Brandwatch spoke on three approached to ROI (research, problem/solution, and program-based). One issue that arises is how to measure the payback of social media followers and the like. ROI, according to Palmer, depends on the context.
Palmer presented a case study where a publisher used social media marketing to drive traffic to their web site. Their strategy was to engage social media users online through a variety of networks, and they promoted their site content through sharing and bookmarking sites.
When developing a social media monitoring and marketing strategy, Palmer recommends several steps:
1. Set objectives
2. Finding the conversations
3. Set Benchmarks
4. Only show users what they need
5. Give it time
In setting the objectives, it’s critical to align your monitoring and marketing with one another and the organizational structure. Palmer recommended several metrics that a company can for monitoring benchmarks:
1. Web stats
2. Conversion rates
3. Volume of conversation
6. Type of conversation
Note that there’s a cost to responding to conversations, so be judicious. Set up your dashboards to only show the metrics that are important to the customers.