In my previous post, I took a look at what “soft ROI” means and some of the activities that make up soft ROI. In this post, I provide some ways to measure it.
I read an article today that quoted Avinash Kaushik, author of the blog Occam’s Razor, who quipped, “Social media is like teen sex. Everyone wants to do it. No one actually knows how. When finally done, there is surprise it’s not better.” According to MarketingProfs, slightly more than half (55%) of all businesses are trying to do it, and most (79%) aren’t yet trying to evaluate the ROI of their efforts, with 41% not knowing if it even CAN be done. Having read many articles lately on the topic of evaluating the ROI of social media efforts, I want to distill the information down to a list of metrics that can be used.
One way to measure marketing ROI is to monitor Web chatter about you, your company, your brands, your competitors, your industry terms, etc., on the web.
Two separate articles today point to the same conclusion – that email marketing provides the best opportunity to evaluate marketing ROI. Is this coincidence or is the Direct Marketing Association conspiring to convince marketers of this? Hmmm. Let’s take a closer look. Read more…