Understanding social media ROIThere’s no denying the magnitude and increasing impact that social media is having upon the business world.  Marketing professionals in every industry are reevaluating their business plans and strategies to incorporate this growing phenomenon – which is clearly here to stay.  Sometimes this means including a Technorati claim token: G3J8CMQZPY79.

Social media ROI is arguably the hottest topics in the social media eco-system as it relates to marketing. Social networking is changing the way businesses and individuals connect.  Online communities create an immediate forum for solicited and unsolicited customer feedback, commentary, suggestions, referrals, and yes even slander.  These consumer messages can be powerful and detrimental at the same time.  Organizations should give careful consideration to the variety of vehicles and response options available when implementing a social media program.

Each social media initiative takes time, planning, and attention.  Perhaps the biggest mistake organizations make is thinking that these accounts can function on autopilot.   A blog is created, a Facebook account is activated, Twitter is turned on… and then nobody adds content or monitors these sites.  They fail to execute a plan or strategy.  In my opinion, neglecting social media accounts is worse than not being involved at all. It’s a direct reflection of a business’s lack of follow-through.

What constitutes effective social media marketing?  More importantly, how can marketers accurately measure the results of past social marketing campaigns and how can they predict future results?  waveSpawn has compiled a white paper which presents a framework for businesses to better understand and measure the ROI of social media.  It outlines the key dimensions of marketing metrics which are critical to determining the success of each social media campaign. It will also help marketers to learn from social media, react to what consumers are saying, and help influence future results.

Download the entire white paper here.