Talkwalker's Christophe Folschette: How to Measure Social ROI for Global Businesses with Local Needs
It's a key question for businesses in all industries as the number of people active on social networks continues to increase but the methods of translating social activity to actual turnover remain somewhat unclear.
What metrics should businesses be tracking? How do these metrics correlate to sales figures and in the end, is social media investment worth the money?
To answer some of these questions and explain how Talkwalker social media analytics can help, Talkwalker Founder Christophe Folschette recently attended the annual global FIBEP conference in Vienna to present how Talkwalker believes this pivotal issue of measuring Social ROI can be solved.
To find more insights about measuring social ROI and the real value of social media in general, register now for our webinar on December 3rd/12pm ET hosted with Social Media Today featuring Talkwalker CEO Americas, Todd Grossmann, Forbes Top 50 Social Media Power Influencer, Neal Schaffer, IBM Senior Managing Consultant for Social Consulting, Ben Kay and former Forrester analyst and now Senior Director, Product Marketing at Jive Software, Kim Celestre. Our expert panel will be on hand to answer any questions you may have to help your business be more effective on social media.
The 3 Levers of Social ROI: Revenue, Cost Reduction and Risk Mitigation
These are three of the main ways that businesses can track the ROI of social media activity. Depending on company size and business sector, companies should focus on different elements of these levers according to their needs. For example, tracking the social ROI of risk mitigation may be easier for listed companies than for smaller businesses.
Revenue and Social ROI
By plotting revenue figures and social media metrics on one graph , businesses can get a clearer idea of how social media activity correlates to sales. By dividing social media metrics by platform, businesses can dig even deeper to see which social networks deliver the most ROI. Such integration is most useful for B2C industries where there is often a more direct link between social media activity and sales.
Cost Reduction and Social ROI
Effective use of social media allows companies and brands to reach thousands, even millions of people, at a fraction of the cost of TV or print advertising. Through careful tracking of social media metrics, B2B companies can monitor the cost savings of acquiring leads through social media activity as opposed to more traditional marketing methods.
Risk Mitigation and Social ROI
Social media has many benefits for business but one of the side effects of being able to instantly reach a massive global audience is that bad news travels fast. For major glob