Myth #2: I Can’t Measure the Impact / ROI of Social Media on My Business

The social media return on investment debate has been picked apart by so many intelligent and creative marketers, you would think it wouldn’t make this list.  But it continues to rank high on the list of objections about social media and I completely understand why.

Since the interaction mechanisms are different with social media than traditional marketing, judging purchase intent and likely customers from social media behavior is a completely new skill for many marketing professionals.

But there are methods to measure the impact of your social media campaigns:

Include Your Phone Number – If your business has more of a consultative sales process, starting conversations on your social networks or blog is a great way to generate more leads. And then be sure to include your phone number in every update or post that you make. You can use a separate Google Voice number that allows you to track the number of inbound calls you receive from your social media activities.

Promote offline events – Facebook has a robust functions for creating events and promoting them. You can post pictures and event location information, while also inviting your entire fan base to participate. You can also send reminders as the event draws nearer.

Offer Coupons Exclusive to Social Media Channels – Make specific offers through each social media channel you use, like 15% off a purchase if you print a coupon from Facebook, or a buy one, get one free if you use a code that was sent out via Twitter. Keep a spreadsheet of the different offers and what the response rates have been, to allow you to optimize your marketing campaigns for each channel.

Connect Your Social Media and Email Campaigns – Many businesses have established email lists they use to stay in touch with customers. Drive visitors on your social media accounts to sign up for your email list to receive more information about your business. Getting social media visitors on your email list can connect you with people you might not otherwise reach with social media. Bolstering your email list gives you an additional way to inform people about offline events and specials, in case they don’t see a specific offer you make on a social media channel.

The important thing to note is that you CAN tie online behavior to purchase decisions or offline actions, so you can track the impact social media is having on your bottom line. Also, pay close attention also to the referrals from social media sites on your web pages and these people’s behavior compared to users who get to your site through other means.