How do you measure the benefits of Social Media?

When discussing the topic of social media, the first thought that comes to my mind is that the sky’s the limit for social media in general. There is so much that can be done (it’s possible there are some things out there in which we haven’t seen yet to use social media for) with social networking sites and it’s pretty evident. Many people have taken off with it and have done very well using these sites. But how do people reap the benefits from using social media? While reading a blog on the value of social media, the author explains how to actually measure these benefits effectively in sections. First, data must be refined and analyzed. This means that not all data from businesses or consumers is valuable. Just because “new” data is released about a product or service, social media analysts and marketers must conduct research to reduce repetitive information. This is where a listening platform comes in to show a company where conversations/interactions are taking place and if they are relevant.

Next, having a fan base for a company is always valuable. Having “likes” on Facebook and people following Twitter accounts definitely carries more weight than “non-likes” and people who are not following. It’s a fast way of showing who is engaged with a brand and usually results in having an “additional promotion team.” This is because people are more likely to share links and info they care about to their friends and then that will be shared again, etc. Also, it is most important to have interactions with valuable consumers. This builds loyalty, trust, and sales for a company easily. Traffic and Sales on social networking sites can prove to be quite useful, but be more concerned about quality over quantity. You don’t want your company to make a lot of products that will eventually fail within a year or so just to make money.

Next, make sure the marketers/social media experts that handle advertising on sites use keywords when explaining a product or service. This helps when someone searches for an item through Google and that particular company could get a lot of referrals on just one website for other products they make. Remember, (for the most part) all kinds of criticism from consumers is a good thing. If someone disagrees with a topic strongly, allow the conversation to play out and then type a response back. Finally any company that can capitalize on engaging customers effectively on social media sites and having those fans keep coming back for more will result in profits and positive traffic. When used well, social media can be a company’s best friend and a valuable asset in a business plan.

http://econsultancy.com/us/blog/7838-11-ways-to-measure-the-value-of-social-media

-John

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