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No marketing campaign lasts long without a way to assess its return on investment (ROI). With social media, though, accurately measuring ROI can be tricky. ROI is a basic mathematical formula:

Profit (or Gain) Cost

Just like any other formula, however, it needs real numbers in order to work correctly and this is the challenge in measuring the ROI of a social media. How can marketers and small businesses transform likes, retweets, pins, comments and other engagement markers into concrete numerical values - or better yet,  into dollars? 

Published in The Marketing Edge
Wednesday, 27 February 2013 14:00

Customer retention: a marketing goldmine

In the complex, competitive cycle of recruiting new customers, many businesses make the huge mistake of overlooking the valuable customers they already have. According to 'Forbes,' it's nearly seven times less expensive to retain an existing customer than to gain a new one. Customer retention is an ongoing process - a constant cycle of building relationships. On the other hand, businesses only gain customer loyalty by continually proving value and measurable ROI. The 'secret' is as simple as the following:

Published in The Marketing Edge

Understanding the Return on Investment (ROI) of your social media marketing program is crucial for any business. The key step that many marketers and small business owners struggle with, however, is accurately measuring a program's effectiveness and translating that measure into a dollar value.

It is important to understand that ROI is a formula, and it needs real numbers in order to work correctly. So, the first step in measuring the success of your campaign is to establish concrete numerical values. Start by identifying your campaign's goal. This might be stimulating community engagement, increasing website traffic, improving the overall customer service experience or promoting your brand. Next, with the campaign goal in mind, determine the hours of work that went into the campaign, the cost of social media advertisement (if any), and finally, the rate of your gain (profit). Be aware that the profit can be difficult to assess, because its value may vary for different parts of your business. (One-size-fits-all social media campaigns are nearly impossible to measure.)

Published in The Marketing Edge

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