L is how to you measure leads from Social Media!
Today, I'd like to discuss "L" from the ANGELS framework: Leads and Revenue which is really the bottom line! Check it out at:
http://www.youtube.com/watch?v=S70moQZPcPc&feature=PlayList&p=0270CF7431B8451D&index=5
We look at how do you "show the money" from your Social Marketing? Highlights include:Metrics: don't just measure the start and the end but look at the in process pieces ie: a lead from a virtual event, from Twitter, etc. How do you make sure Marketing and Sales are teaming together in the middle to progress that lead. Use in-process metrics!
Use a Dashboard: create an automated one such as a campaign effectiveness session or a response mgt session, that would allow you to automatically reach out to your customers.
Understand your dashboard ... more than just ROI ... sync it in to your business strategy and goals
What are the new metrics now that you have inserted social media into your plans: it's all about the Marketing Mix. You may need to tweak it. Live events, search, virtual events, advertising ... you need to optimize across the mix. Also, look at a lot of new metrics for on-line engagement, such as involvement, on-line interactions, are you getting the right audience. Look at the frequency of conversations, how many are converted relationships from negative to positive, relationships to purchase, on-line conversations that mention your brand, etc.
ROI can be tricky - measure the value of new social relationships, looking at innovation, at awareness, extended reach, word of mouth, communities, etc. Use and understand your Dashboard!
