3 Clever Ways to Measure Return on Investment in Social Media
What's the return on investment (ROI) in social media? That is the million dollar question lawyers and law firms ask marketing managers and social media consultants on a daily basis. ROI is a mystery to most people, and there isn't a highly accepted method to measure the economic beneifts of using social media.
Interested in getting your law firm involved with social media? Here are 3 clever ways to measure return on investment. It's been my experience that key decision makers like to see a strategy, and ways to measure that strategy's effectiveness (ROI).
1. Define your goal. Why do you want to use social media? It shouldn't be because everyone else is doing it. Are your clients using social media? Do you want to use it to disseminate information about your firm? Do you want to gain an expert reputation in your practice area? Be as specific as possible. You will not be able to track your success (or lack thereof) unless you have clearly defined goals for your social media strategy.
One goal to consider would be to increase mentions of your firms name across Twitter, LinkedIn and/or other blogs in your practice area. You can use tools such as Google Alerts to monitor the web for each time your name, or your firms name, is published.
My favorite goal is to get more clients when using social media. To measure this effectively you need to make sure you track the source of work for all incoming clients. Make sure you get the full picture as well. How did this client hear of you? If it was a referral, did they look you up online as well? Try and gather all of this information during the intake process.
2. Define your tools and metrics. Which tools are you going to use to measure ROI? More importantly, what are you going to measure? If your goal is to increase website views, consider using Google Analytics or Get Clicky to measure traffic.
It's imperative you outline what you're measuring and how you'll track it to best gage your successes and losses when using social media for marketing and business development.
3. Set a timeline. How often will you measure your ROI? Create a schedule and stick to it. Most law firms and lawyers that measure ROI do so on a monthly basis. Software such as the ones I mentioned above provide easy-to-read charts that you can present to upper management when needed.
Make sure you ask the right questions when thinking about ROI and social media. Rather than asking what the ROI is of social media, ask what is the ROI of specific activities we engage in via social media. Clearly defining your goals, tools and metrics as well as setting a schedule will help assist you in measuring the ROI on all your social media endeavors.