Social Media ROI Metrics Still Chaotic
Brand marketers continue to struggle with determining return on investment for social media campaigns. Eighty-eight percent admit to gaining positive ROI on campaigns, but a study released Wednesday from Wildfire, a social media platform company, shows that the metrics remain all over the map.
While inconsistencies make it difficult to create and follow industry standards, Wildfire CEO Victoria Ransom said 75% of survey participants said they still plan to increase their social media budgets this year.
Gaining positive ROI is great, but what do marketers measure?
What where the top strategic priorities for social media marketing in 2011
A study recently released by Marketing Sherpa polling CMOs (Chief Marketing officers) reveals the top strategic priorities for social media marketing in 2011
- Recruiting interdepartmental staff to perform social marketing activities 8%
- Improving the quality and cost efficiency of customer support programs 9%
- Integrating social media monitoring and analytics into a single dashboard 11%
- Integrating social marketing data with CRM and other marketing systems 21%
- Achieving or increasing measureable lead generation from social marketing 43%
- Achieving or increasing measureable ROI from social marketing programs 46%
- Improving search engine ranking positions 50%
- Developing an effective and methodical social marketing strategy 53%
- Converting social media members, followers, etc.into paying customers 63%
- Improving brand awareness or reputation 66%
- Increasing website traffic through social media integration 71%