Our latest free ebook, 5 Steps to Effective Social Media Measurement, explains — in detail — how to measure the success of your social media efforts.
It’ll walk you through how to measure
- awareness, attention and reach
- leads
- conversions and sales
- cost savings for training and support
Here are the equations.
Potential Reach of Social Media
Potential Reach = Social Shares + Fans in their NetworkExample: If you have 1,000 fans and followers, and together they have 90,000 followers, then you have a potential reach of 91,000.
Value of Fan
Value of Fan = Total $ Value of Transaction Resulting from Conversations / Actual ReachExample: If you’ve generated $25,000 of revenue from your 1,000 fans, each fan is worth $25 to you.
Value of Facebook Like
Value of Facebook Like = Total revenue in a Month from Facebook traffic / Total Number of LikesExample: If you received 200 Facebook likes in March, and generated $3,000 in revenue from Facebook traffic, then each Facebook like was worth $15.
Share of Conversation
Share of Conversation = Posts discussing topic and your brand / Posts discussing topicIf 50,000 of the 80,000 posts mentioning “smartphone” also mentioned “iPhone” or “Apple”, then Apple’s share of conversation is 62.5% share.
(Radian6 CEO Marcel Lebrun defined Share of Conversation in this post two years ago.)
Social Media ROI
ROI = (Revenue – Cost) / Cost, x 100Example: Your social media efforts cost you $150,000 but drove $225,000 of business, meaning you had an ROI of 50%.
(We recently published a free ebook by Dr. Natalie Petouhoff (@drnatalie) called Social Media ROI that provides more detail on this important topic.)
Cost per Issue Resolution
Cost per Issue Resolution = Daily Support Costs / Average # of Issues Handled DailyExample: Your 5 team members, office space, and equipment cost you $1,500 every day. On average, your team handles 175 issues each day, meaning your cost per issue resolution is $8.57.
Issue Resolution Time
Average Issue Resolution Time = Total Work Hours Resolving Issues in a Month / Number of Issues Resolved in a MonthExample: In March, your 3 full-time and 2 part-time team members spent 128 hours resolving 1,870 issues. The average issue resolution time was therefore 0.068 hours, or 4 minutes and 5 seconds.
By: Bart Byl
http://www.radian6.com
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