Measuring Social CRM ROI

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.

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2 thoughts on “Measuring Social CRM ROI

  1. Wow, Kim, really appreciate your real life experience with Hoot Suite. Wonder if the company offers a higher cost subscription that they would “fix” some of those detriments for a client or perhaps they think they have more to gain by the exposure on social media? Before I would have assumed the former, but after this week’s reading, not so sure.

  2. It must be difficult to weigh what Likes and Retweets are worth or there wouldn’t be so many services popping up to track them. One thing to look at that I feel might be useful would be companies who were popular on social media but still ended up failing? I was unable to find any useful information like that on Google, but it could be interesting to see. If anyone knows of a good resource for that, please share it.

    I think how big of a budget a business devotes to social media depends on what and where they are selling. Businesses who rely solely on online purchases probably devote a bigger amount than businesses who don’t. It also depends on the companies reach. If a company primarily deals locally, their presence would obviously be more geared to their area, and may not require as much time or money to be successful.

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