Rethinking Social Media ROI
At first when I saw 10 Really Tangible Ways To Measure Social Media Success on Microgeist I thought that somebody had cracked the code behind social media investments. Sadly the article is primarily a collection of platitudes; there is still no reliable way to measure return on an investment in social media. Luckily, I have a few suggestions.
· Set a reasonable goal as well as a series of intermediate milestones
· Establish limits on the amount of time and money you will set aside
· Figure out how to measure and record your progress ($$, clients, etc.)
· Engage users and add to the feedback loop; measure, adjust, repeat
Unfortunately manylawyers who throw together blogs and websites or sign up for Twitter or Facebook accounts, do so without a plan. How surprised are they when they fail to connect with prospects or colleagues? For those willing to put in the time however, here are a few suggestions.
Getting Started
· Prepare an outline and action plan including spending limits related to social media
· Make sure you understand what social media is, isn’t, and what it can reasonably do
· Be prepared to adjust expectations and tactics; social media is not a one-shot deal
Early Going
· The quality of responses doesn’t matte yet; you are not ready to present yet
· Instead just see if your message resonates with your chosen audience (listen)
· Once you’ve made a connection, fine tune it by posting and gauging response
The Feedback Loop
· Once you’re up and running, feedback is key, and feedback is dynamic
· Watch, listen, adjust, repeat: measure user responses to each change
· Media isn’t social people are social, so ask for feedback and then listen
· Ask for comments, ask questions, encourage discussion, be provocative
Milestones to Consider Using
· # of followers (but this alone tells you little)
· # of followers from within your industry
· # of followers who could become clients?
· Amount of time you spend on social media daily
· Amount of activity that social media generates
Find the Right Online Contacts
· Is there is a growth trend in your followers/readers?
· Is your message compelling to your target audience?
· Do people see you as a conduit for quality information?
· Negative feedback is inevitable; what kind do you get?
· Do your followers’ followers become your followers too?
Show Me the Money
If you post ads on your blog or website, remember that revenue is not their real purpose. In reality, ads can provide an invaluable insight into what your readers/users/visitors are interested in – the first step to connecting with paying clients.
