Measuring Social Media ROI: Digital Customer Experience Holy Grail….
“That’s nice that they ‘liked’ our status, but did they go and buy our product?”
Proving the specific influence that social media has on an organisations finances has traditionally been a tricky one. Metrics have often evolved alongside the medium, with a certain degree of Wild West accountability being employed. Unless an organisation is offering specific promotions through social media (see Dell’s Twitter feed which has accounts directly for over $2 million in sales) then it can be hard to track a consumer journey and the impact that social media has had at any point along that journey.
As the medium does develop more into an established channel, more and more organisations are looking to venture into the new space. Cautious organisations provoked media agencies to put some effort in and establish exactly what return on investment they can expect from an social media venture. If you Google “Social Media ROI” you’ll get nearly 2.6 million views – but none put quite so clearly and succintly as Brian Solis has scribed over at Social Media Today.
If you’re still looking for some clarity, then check out this video.
We’ve also previously written a piece on proving social media ROI here:
I bet you can’t prove ROI on Customer Experience Investments…
By Colin Shaw | Published: March 26, 2010