OK, so we all know that we can’t put a monetary value on social media work very easily!
What can we do then? Well, measure social media work in other ways…
Number of contextual links in forums, online sentiment change, increase in branded chatter, increased referrers to a site, content views blah blah blah
In fact this was what “Digital Measurement Camp” I went to today was all about.
Essentially, dodging the question: “But what is the ROI!!?” Not dodging the question because social media work isn’t incredibly beneficial to brands and should be invested in, but because it is hard to measure in terms of a monetary ROI. But… Print coverage is hard to measure in terms of monetary ROI, but heck we do it anyway, even though the results are pretty meaningless.
The simple fact is the offline PR industry agreed a standard to measure ROI and even if this is incredibly flawed it gives a pounds and pence answer. So either we try and change our clients so they no longer want, ask, need monetary ROI results for social media work or…… we give them what they want!
Yes, you heard me, pounds and pence answers to our clients.
But there is no agreed AVE for social media coverage I hear you shout, and any attempt to create one would give seriously flawed results, how can you measure conversation and interactions in social media in pounds and pence blah blah. I agree, ideally you can’t, but maybe we simply must.
So lets make a choice either to create a system to give clients what they need (even if flawed!) or wish our clients didn’t need to justify budgets with monetary ROIs and give them every other form of measurement possible.
What option do you think we should work towards?
BTW Myself and Mrs M got married last weekend, now that ROI for me is off the scale, but don’t ask me to put it in pounds and pence.