Monitoring the Return on Invest
Monitoring first and foremost is about listening. Monitoring for social media can involve measuring the company’s return on investment. What this means for each organization will vary slightly depending on the goals that organization has for social media. When developing a plan for monitoring and measuring it is important to, as a team, ask a few questions. These questions were provided by SOHO (Social Mindset, Strategies, Toolsets).
1. What types of statistics do we need for effective monitoring?
2. How do we want to track successful engagement and participation?
3. How much activity time do we need to invest?
4. How do we manage the brand’s reputation while influencing the community?
5. How do we increase participation?
6. How do we measure succeess?
When the organization has laid out clear goals for monitoring, they may find that there are several tools available to them that can aid in the monitoring process.
Another thing an organization needs to consider is the two types of monitoring: keyword monitoring coupled with data measurement, and online reputation management. Keyword monitoring focuses on the data that can be collected by the sites. Online reputation management involves responding to any customer feedback.
Return on investment is about calculating the opportunity cost for the organization. For organizations, they need to know that this idea will work better than anything they have tried before. In order to get funding, typically something else needs to be taken out of the budget. To demonstrate this to decision makers, it is important to decide on measurement tools, and how this will effect the organization.