Grabbing a viewer’s attention has become the new ROI (Return on Influence). Having the skills to grow your magnificent idea or project on various social platforms is essential.
How do you measure your projects Return On Influence (ROI) as you engage with Social Media?
ROI involves deciding what content you will generate/curate and which platforms to offer the right mix of online presence coupled with an ability to garner a genuine connection with others. Unfortunately, many aspiring collaborators lack the focus, skills or resources to achieve what some experts call an excellent Return on Influence (ROI).
You’re an aspiring cause-driven community builder trying to directly measure what type of impact your social media strategy is having on your project.
Return on Influence (ROI) is a growing term related to engagement associated with social media metrics rather than the monetary investment and profits (ROI – Return On Investment).
Influence is the capacity or power of persons or things to be a compelling force on or produce effects on others’ actions, behaviour, opinions, etc.
For instance, how many of your fans take the action you ultimately desire? Amy Jo Martins offers an insightful perspective on the new ROI.
I offer a word of advice — generally speaking, there are plenty of folks out there trying to sell you books, consulting services or systems prescribing to solve your ROI metrics dilemma. In the initial days of your venture, you stay clear of complex ROI strategies and metrics if they distract you from your core focus on mission-critical tasks.
Social influence occurs when one’s emotions, opinions, or behaviours are affected by others. Social impact takes many forms and can be seen in conformity, socialization, peer pressure, obedience, leadership, persuasion, sales and marketing.
My advice —- Keep it Simple
Google the term ROI – Return On Influence, and you’ll quickly discover a plethora of consultants suggesting that to be successful online, you must purchase their methodology or application to ‘up your score’ and make a difference.
Go for it if you have the money to invest in these resources. Still, suppose you’re a solo entrepreneur. In that case, chances are you won’t have the adequate funds, desire, time or justification to overlay complex metrics into your strategy — so don’t sweat it or get distracted.
Consider These Two Approaches
1) Set Manageable Social Media Goals: What factors are you measuring, and what does success look like — as YOU define success? For instance, 85 people wished me a happy birthday on my birthday (up 20% from the previous year), but only one FB friend took the time to call me– success or failure?
On the other hand, 95 Facebook friends (up by 50%) clicked like on a recent photo I posted, and 12 people posted a favourable comment within 1/2 an hour of sharing. These results tell me sunset photos taken off the bow of my sailboat resonate with my community. Plus, while at a recent social gathering, many shared how they find my Facebook and Pinterest posts inspiring — now that’s music to my ears! The qualitative comments measure success here; my posts garner coupled with the number of click-through, shares and likes I’ve observed.
When my business grows to a point whereby I have extra funds (or time), I’ll consider overlaying a more sophisticated way to measure ROI results.
2) Determine the Right Platforms: Choosing which social media platform to engage with your audience can be a daunting task. Before engaging on a platform, make sure you have a good understanding of your audience? (more on that in another post)
- There are free tools for tracking. I’ve stumbled across Social Media ROI: 11 Free Tools for Measuring Social Media Success via Search Engine Watch. Here Chuck Price shares 11 free social media monitoring tools, but the site looks like a free bait and switches to a fee solution, so caution is advised.
- I recommend reading Robin Goods post: Online Marketing Strategy: Trust Economy And The Value Of Attention (2009)
- My favourite piece of advice on the subject is ‘take the time to CONNECT with your audience and build a RELATIONSHIP.’
A genuine relationship comes before the sale!
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TOPIC: Know Your Return On Influence (ROI) [ST-M3]
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