Each quarter Snoo.ws tackles a new series topic to provide our audience with insight, intelligence, examples and ideas. This month is Monitoring Month where we will cover everything from basic monitoring 101 to the top monitoring tools to monitoring’s role in your overall strategy. So, stay tuned – there’s plenty to come.
ROI, or return on investment, is a vital measurement for every business endeavor, and one that particularly comes into play in social media.
Understanding the benefit that comes from our endeavors online is important. How successful is your Facebook page or company blog? Is the time spent creating and maintaining social media accounts worth it? The tools and metrics that help you answer these kinds of questions in a quantitative manner help define your ROI.
Monitoring can be particularly useful in knowing ROI because monitoring platforms provide metrics. The data results from various monitoring tools will tell you how many times your brand is being mentioned, and give you examples of those mentions.
You can gauge how successful various platforms and campaigns are based on what is being said about you. If something from your Facebook page is constantly mentioned, your Facebook participation numbers are high and there’s a strong positive sentiment – you can assume that whatever you’re doing on Facebook is working well.
With so many social media outlets and so much branding being done online – it’s hard to always pinpoint the exact causes of financial returns. Different social media campaigns play off one another, some may drive revenue more than others, etc. Finding exact reasons for why consumers are buying what you’re selling is a challenge for many businesses.
But by taking advantage of social media monitoring, you’re narrowing down your reasons. A company can at least get some ideas about what customers have to say about your brand, what sites/pages are generating more traffic, which locations are talking about you more online and so on. If you compare the various online campaigns you run with your revenue data – you can really start to paint a picture of your ROI.
By monitoring over time and using various platforms, you can get a good amount of data across longer frames of time and then you can really start to notice trends.
If ROI is important to you, and I’m sure it is – you should be monitoring your online endeavors. The data obtained from monitoring will provide you with measurable figures, useful in understanding your brand’s impact online.