Everyone knows they want ROI and many have no idea how to measure it, or at least they don’t want to take the time to figure it out. Knowledge is the key, but only action gets you through the door.
In B2B business, Social Media endeavors are often funded as pilot programs in hopes that they demonstrate momentum and the rewards will materialize. These pilot programs might be introduced without an integrated strategy, keep the management unsure and unable to assess the return on investment.
Measuring the benefits of social media is not as simple as looking only for a direct sales return from a social media input. Increasing the revenues is the ultimate business goal in B2B. However, customer loyalty, repeat web traffic, and many other factors are measurable milestones and viable business indicators which should not be overlooked. Viewing social media holistically is more beneficial than looking for one single return.
Social media is all about building relationships and networking. Nevertheless, Twitter vs. Facebook, guess which generates more revenue? Quality vs. quantity: how to compare the monetary value of social media channels in terms of “followers” and “likes”? Extensive research by company called Chompon resulted in fascinating findings: a Facebook “share” generated almost three times the dollar value of a Twitter “tweet”, and a Facebook “like” valued four times as much as a Twitter “follow”. I encourage you to download the PDF with their results and methodology.