|Return on investment after training and resourcing an Otago Polytechnic teacher how to use social media for open education (Photo credit: Wikipedia)|
A business that wants to track their ROI from social media should start with a baseline of your company's current growth, website visitors, online transactions, telephone inquiries, etc. If you don't have this information, start tracking it.
Next, create an activity timeline that tracks all new social media projects: blog launches, new Twitter campaigns, press releases, etc.,
By stacking these timelines on top of one another, your company can create a picture of which efforts are working, and which ones aren't. Over several months, you can graph your progress and watch for correlations between events, such as certain blog articles equaling more customer calls, or positive online mentions and a jump in site visitors.
Keep in mind, though, that another part of a good social media campaign and tracking ROI is having a goal in mind when you start so you know where you want to be. Your goal could be monetary return (more sales), or non-monetary (brand awareness, increase in social media mentions). It's not too late to start tracking your progress so your business will know how your social media efforts are affecting your company.
With social media being a prominent mode to gain popularity, companies streamline their efforts to build an entire presence through twitter, facebook & other popular social media outlets. Talking about ROI, it is indispensable to form parameters before measuring the profits for a company. Hence, business and marketing professionals who embark on the journey of social media should define what they want to achieve from using social media marketing.