Tools to track the value of social media

Metrics like Virality show social media’s return on investment

There are a number of methods company managers can use to measure the return on investment of their social media marketing, Daniel Edward Craig writes. Metrics such as “reach”, “virality” and “engaged users” measure the level of engagement consumers have with a company brand. Managers can also use tools to see the effect of online reviews on booking numbers.
At this time of year, many marketing teams are back in the hot seat, justifying the money they’ve requested in next year’s budget, Craig writes, and the issue of social media may be high on the agenda. Engagement with social media users may not satisfy the head of the company as an argument for more marketing resources, so marketing teams need to track the effects of social media activity on revenue.
Tools like adding a booking widget to the Facebook page and monitoring your number of followers give only a partial view. Better metrics, all of which are accessible through Facebook Insights, include Reach, Engaged Users, Talking About, Virality and Were Here.
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