Starting your social media strategy with a focus on objectives is a sound way to begin the journey and ground your social business. Ensure that your goals are SMART:
Establishing a framework and gathering historical data to benchmark against will assist your organization to evolve as you learn. It is critical to capture and provide reporting across activities, channels and devices to inform future actions based on data. The ability to collect the data and assess the change over time (daily, weekly, monthly, annually) will be invaluable to your organization.
Focusing on areas like the following will assist to develop your social business program and measurement discipline:
Creating and refining the metrics/KPIs for your objectives
Listening (where your customers are interacting with you)
Socially participating and contributing to inform and transform the customer experience
Engaging, influencing and advocating to evolve customer relationships
Definitions: Social Media Strategy and ROI
Social media strategy is the deployment and development of modern strategic plans for social media. A social media strategy incorporates these new ways of communication where media is not only broadcast but also shared, commented, opined edited or modified by the public at large. (Wikipedia)
Social media ROI is defined as a measure of the efficiency of a social media marketing campaign. Social media return is the value that you derive from social media based on the goals of your campaign. Social media ROI = (SM return – SM investment) / SM investment %. (Social Media Examiner)
( Benefits - Costs ) / Costs (Search Engine Watch: Social Media ROI: 14 Formulas to Measure Social Media Benefits)
45% of CMOs are confident “that they know which metrics or business outcomes their key stakeholders care about.” (MarketingCharts)
35% of B2B marketing executives say they can calculate the ROI of their marketing spend most or all of the time. 42% say they can calculate ROI only some of the time, rarely or not at all. (B2B Marketing)
83% of B2B marketers invest in social media to increase brand exposure; 69% to increase web traffic; and 65% to gain market insights. (Social Media Today)
“Data analytics are currently most commonly used by B2B marketing leaders to measure and report marketing’s performance (64%), as well as to justify (55%) and allocate (52%) the marketing budget. Analytics are least commonly used to fine-tune the marketing mix (14%).” (MarketingCharts)
79% of B2B marketing executives report noticeable skills gaps in the teams they manage. The top areas for skills gaps are in data analysis, customer insight, and digital marketing techniques. (B2B Marketing)
Establish and document your social media objectives first.
Create metrics and define systems of measurement that will be used to capture the data.
Focus on tracking activities and campaign or event analytics with a clear beginning and end.
Monitor, report and evolve your social media measurement and approach - this is a journey, not a destination.