Determining the ROI of customer relationship management (CRM) using social media strategies has become easier with tools like Google Social Analytics, Adobe Social (part of the Adobe Online Digital Suite) and HootSuite. There was a bit of lag in the development of tool like these in relation to the growth of social media, but now I’m noticing more and more of them.
The big question is how do “likes” “shares” and other social interactions translate into monetary terms? Is it really worth it for a business to devote a large budget to social media? How can we use social media strategies most efficiently? These tools help business answer these questions.
Social CRM’s a Tough, Worthy Goal, is a great real-life snapshot of successful CRM through social medial translating to ROI. The article provides compelling examples, like this:
[Bank of the West] has since found that about 38 percent of the variation in its online account openings can be attributed to direct referrals from social media sites. The firm marks a similarly significant referral rate to its branch locator page from such sites.
I find it interesting that the banks mentioned in the article were using analytics systems developed in-house for at least some of their measurement.
I think that out of all the social CRM tracking tools, Adobe Social is probably the best. I have not used Adobe Online Digital Suite, so I can’t say for sure, but that’s my educated guess. I would love to try it out. I think this because you almost always get what you pay for. Also, I’ve used HootSuite and wasn’t overwhelmingly impresses with it, and Google’s Social Analytics don’t go as in-depth. Additionally, I just really love Adobe products because in my experience, they are superior.
I used HootSuite to manage social pages for clients, and I don’t like that everything you post using it says “Via HootSuite” after. Also, for most links you post using it, it generates a new link, so it changes the link referral path, which I also didn’t like. They do have a lot of cool analytics features though, especially for companies that can’t afford the Adobe Online Digital Suite.