L is how to you measure leads from Social Media!March 16, 2009
Today, I’d like to discuss “L” from the ANGELS framework: Leads and Revenue which is really the bottom line! Check it out at:
We look at how do you “show the money” from your Social Marketing? Highlights include:Metrics: don’t just measure the start and the end but look at the in process pieces ie: a lead from a virtual event, from Twitter, etc. How do you make sure Marketing and Sales are teaming together in the middle to progress that lead. Use in-process metrics!
Use a Dashboard: create an automated one such as a campaign effectiveness session or a response mgt session, that would allow you to automatically reach out to your customers.
Understand your dashboard … more than just ROI … sync it in to your business strategy and goals
What are the new metrics now that you have inserted social media into your plans: it’s all about the Marketing Mix. You may need to tweak it. Live events, search, virtual events, advertising … you need to optimize across the mix. Also, look at a lot of new metrics for on-line engagement, such as involvement, on-line interactions, are you getting the right audience. Look at the frequency of conversations, how many are converted relationships from negative to positive, relationships to purchase, on-line conversations that mention your brand, etc.
ROI can be tricky – measure the value of new social relationships, looking at innovation, at awareness, extended reach, word of mouth, communities, etc. Use and understand your Dashboard!