As a marketer, being able to measure your work is always important. But it isn’t always that easy nor is it always done. According to a 2013 online study of 1,000 U.S. digital marketers by Adobe Systems and ResearchNow, 76% of survey respondents believed measuring marketing performance was important, yet only 29% felt that they were doing it well (FulcrumTech, 2014).
Social media is an important part of digital marketing and being able to measure its success is just as vital. Marketers struggle with measuring social media ROI. In Social Media Examiner’s Social Media Marketing Report, 37% (about 1 in 3 of the respondents) agreed that they were able to measure the ROI of their social media activities. This was up from 26% in 2013. Fortunately, we are seeing some improvement with an 11% increase year over year, but it simply isn’t enough and it isn’t fast enough.
In the mentioned Social Media Marketing Report, 88% of marketers want to know how to measure the ROI from social media. While the number of fans and followers is a start, marketers should be paying attention to engagement. How close is your brand to your community, how many comments do the social assets receive everyday? How many of them are being replied to? What is the social sentiment of the brand? While positional equity is determined by quantitative measurements such as number of likes, fans, shares, etc., relational equity requires more refined measurement as it is determined by the kind of responses or feedback on your posts/photos/videos/infographics (for example, thank-you messages, messages of encouragement, positive shares, etc) (Forbes, 2014).