How do you measure ROI for a social media campaign? Boy that’s a loaded question. Are we talking “return on investment” or “return on influence?” Those are very different things.
I think most companies choose investment since they’ve got cash in the game. They want to know what they’re getting for their money. That goes for an ad buy on a blog all the way to creating their own social networks via tools like Twitter. I attended a session on this subject this morning and afterward spoke with one of the panelists, Jim Marks, Virtual Results.
Jim says the most important component is setting goals and expectations up front. What is it that you hope to achieve for example? Then he does place a lot of weight on traffic (to your blog, # followers, # friends, etc.) and conversion.
Listen to my interview with Jim here: bwe-09-roi.mp3