Social Media – Translate Metrics into Financial Impact

By | August 16, 2011

In the previous post we have outlined several examples of how do you define a “win” or “success” of your social media goals/objectives. You need to establish how to track these “wins” or “success” through a special tracking program e.g. Google Analytics, Twinfluence, Twitalyzer, and Klout. Of course, there would be many other programs available that you can alternatively use to track your social media marketing campaigns, goals, and objectives.

But, the key factor that you need to understand is how to translate these metrics into information about the financial impact on your business. You need to find out how the social media engagement & marketing campaigns are performing. Are these campaigns driving you closer to those objectives, is it creating the buzz that you planned for?

This can take various forms, depending on your specific goals and internal KPIs (Key Performance Indicators) as outlined below:

  • Financial ROI (Return On Investment)
  • Amount of new review generated that can be attributed to Social media campaigns
  • Cost per lead
  • Amount of money, time/resources saved

 

 

 

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