Be able to measure the Return Of Investment is essential for a company which try to use social media marketing. Indeed, as every other marketing the company allocate a budget we can easily understand that the organization wait for a positive financial impact.
The company can use are different tools in order to determine this ROI:
1) First of all they can use a baseline, the company needs just to observe the year over year change before and after using social media. It is easy to understand and implement but it is not really specific, it can be by chance than company revenue increase in the same time than social media and it is not personalized for each social media.
2) However, create a Activity Timeline is more specific and you can clearly see the impact of each social media because you take down every action and plan that the company does. The negative aspect is the lack of real data and number using this method.
3) Using data chart; it allows to find out the variation of the sales revenue, the number of transaction and the number of new customer. It will give the opportunity to have a global thought of the impact but this tool takes a lot of time because it involves all the data of the company on a long period of time.
Other tool can be used but whatever how you will measure it every company should be aware of the importance of the ROI.
The company can use are different tools in order to determine this ROI:
1) First of all they can use a baseline, the company needs just to observe the year over year change before and after using social media. It is easy to understand and implement but it is not really specific, it can be by chance than company revenue increase in the same time than social media and it is not personalized for each social media.
2) However, create a Activity Timeline is more specific and you can clearly see the impact of each social media because you take down every action and plan that the company does. The negative aspect is the lack of real data and number using this method.
3) Using data chart; it allows to find out the variation of the sales revenue, the number of transaction and the number of new customer. It will give the opportunity to have a global thought of the impact but this tool takes a lot of time because it involves all the data of the company on a long period of time.
Other tool can be used but whatever how you will measure it every company should be aware of the importance of the ROI.
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