Review of tools which help you measure investment in Social Media to justify existing and future resources and spend
It is easier for e-commerce businesses to track direct impact of social activity on sales particularly if they have Facebook e-commerce enabled pages or they simply track social referral conversion to online sales.
Tools to help measure ROI on Social Media advertising and activity:
Many social networks offer some form of advertising options such as Facebook Ads; YouTube video Ad targeting; Twitter advertising etc. The benefit of many of these advertising options is the level of targeting you can impose on your Ad campaigns. Some of the tools which can help you to measure, analyze, adapt and improve your campaigns (and therefore deliver a better return on investment on social advertising) are –
Tools that encourage social referral at the product level and measure ROI
Less quantifiable Benefits of Social Media
For non e-commerce businesses it can be very difficult to measure return on investment when it comes to social media.
The difficulty is that there are many additional reasons for engaging in social media that are not quite so directly related to sales and revenue such as brand enhancement, customer engagement, encouraging referral and recommendation, improved customer service, establishing expertise and authority, building relationships, networking etc.