Approach 3: Measuring is knowing
It remains a cliché statement, but it covers the load completely. Measuring is knowing. If you are your own boss, the Just do list to data it approach is not a problem. However, it is often difficult to do this if you have to justify your choices to a more sceptical superior. Then hard figures are needed. But what figures then? Is it possible to calculate everything to get the most complete picture of efforts and returns? Or do you then spend too much time measuring that you even have to include that time in your ROI calculation?
When it comes to measuring your efforts, it's important to measure the right metrics. Einstein was way ahead of his time, as he wrote:
“Not everything that counts can be counted, and not everything that can be counted, counts.”
So measure what is relevant and measurable. Only then will you have the true ROI of social media. At the macro level, that is quite difficult. The book by Olivier Blanchard with the (yes, very appropriate and not surprising) title Social Media ROI , focuses on measuring at the macro level. Where you have to pay close attention to eliminating the results of your other media efforts (such as radio, TV and print) and your presence in the media (negative or positive messages) in order to measure the 'clean' ROI of social. A complex process.
On a micro level it is easier. Google Analytics, Bitly, Facebook Insights and many social media monitoring tools make it easy to measure the impact of a few messages or a campaign. Plus compare it to the (financial) investments.