As marketers, we’re under constant pressure to prove that our tactics are working. In order to show that what we’re doing is effective, we need numbers – cold, hard, measurable numbers to back up a high return on investment.
Unfortunately, when it comes to social media, finding those measurable numbers can be quite challenging.
Marketers cited the “inability to measure ROI” as one of the largest barriers to adopting social media tactics by their company, according to MarketingSherpa research.
“This barrier is more of a perception than a reality because social media often requires qualitative measurement rather than the quantitative metrics that online marketers have become accustomed to,” say the Sherpas.
In order to measure ROI, you need two numbers: an investment cost and income returned. The easier you can find these two factors, the easier it is to measure your tactic and show that what you’re doing is working (or not).
MarketingSherpa’s most recent Chart of the Week reveals the social media tactics marketers find to be the most accurately measurable.
The top three most measurable tactics include advertising on blogs or social networks, online news release distribution and user reviews or ratings.
Instead of throwing out the bottom tactics – forums or discussion groups, blogging on a company blog, creating profiles on social networks – the Sherpas suggest factoring in more qualitative values into your perceived ROI.
“Those who don’t include qualitative factors in the planning of their social media programs may find themselves employing much less effective tactics, simply for the sake of perceived measurability, resulting in a loss of confidence in performance.”