The Social Media MBA Guide to ROI: How to Measure and Improve Your Return on Investment

3Tools

Learning Objective

From the previous chapter you will have gathered ideas to measure the ROI on individual platforms. If you want a holistic overview there are several tools that will help you.

In this chapter I will look at some of the most common tools used to monitor your performance against the goals you defined from the Strategy chapter. The selection here is based on those I have come across the most often; there are, of course, a wide range of options on the market. For that reason, I've also included some advice on how you make sure you get the most out of your supplier, whichever one you decide to use. The chapter also features a case study illustrating how to calculate the ROI from investing in a paid-for monitoring platform.

This chapter is for those of you not already using a monitoring tool or for those interested in sourcing a more sophisticated tool.

Choosing a Supplier

Five Ways to Choose the Best Supplier for You and How to Get the Most from Them

There are many social media suppliers to choose from and the market is also in a constant state of flux. With so much growth in this area, it can be tricky to keep abreast of the latest developments. The starting point for choosing your supplier, therefore, must be your objectives.

1.  Objectives

You need to pinpoint exactly what it is that you need to do:

• Are you trying to assess your brand performance against the competition?
• Do you want to monitor the online chatter which is taking place in and around your ...