Measuring the ROI (return on investment) on social media efforts for most companies is generally pretty straightforward as it is based on the increase in business. However, these results are not always immediate and it can take some time before you can fully reap the benefits of social media marketing, especially in the case of law firms. When looking at your ROI you have to keep in mind that the measure of success is not going to be the same as looking at hits to a website since the demographic of people that are reading your blog is going to be much more specific than those that might stumble upon your website, increasing your webstats. Cordell Parvin, a nationally recognized career and client development coach for lawyers, says that it can take up to two years before there is a real measurable change in business. However, while firms are expanding their marketing efforts into the social media realm there are many other things that they should be looking at as a measure of their ROI. Valeria Maltoni suggests that, “performance can and should be measured as part of a process along a continuum designed to expand reach, increase engagement, build influence, and request action on behalf of your business—with social media integrated in the communications mix.” To get a good measurement of your ROI, ask these four questions when looking at your social media and blogging efforts:
- Am I expanding my reach? Are more people within my target audience seeing me? It could be via search engines, but more importantly do they see you quoted in blogs and by reporters? Do they see you speaking at conferences or seminars they attend?
- Am I engaging my target audience of clients, prospective clients, referral sources, and the influencers of those three (reporters, bloggers, association leaders, conference coordinators, and publishers)?
- Am I building my influence among this target audience? Measure influence by how often you are cited in other blogs, Twitter, and the like. Citations are a measure of whether you’re viewed as a reliable and trusted authority in your niche.
- Does your target audience request action? Are they asking to talk with you? Do they want to review with you a matter they are working on?
Categories: Social Media