Every company that decides to get involved in social media asks the same questions…what does success look like and how can I measure it? The Social Media ROI Model attempts to create a measuring system designed to capture the cause and affect of all the hard work that goes into executing a social media strategy.
One of the main points I wanted to drive home in this presentation is the concept of “Engagement Value“. Companies sometimes spend a majority of time focused on attracting new customers when really they should be focused on taking all the steps necessary to retain their existing customers. Done right social media can be an amazing communication tool to strengthen your company’s relationships with existing customers.
“Engagement Value” as presented here is a way to place a monetary value on customer engagement through social media.
This model serves as a starting point and will continue to adapt to the changing communication landscape around us.
Lastly…not every company will utilize every piece of this Social Media ROI Model. A small business does not have multiple departments to track BUT they can take the basic premise to measure if what they are doing in social media is helping them achieve their business goals.
