Nowadays, it’s no longer enough to say that it’s great to have a social media presence. With limited resources for nonprofit organisations and businesses, it is becoming increasingly important to see the value of the investment going in to social media – whether it is a quantitative or qualitative outcome.
This article, “How to calculate the value of a like” shares a tool called Value of a Like Tool (aka VOAL Tool) based on this formula:
Whilst it’s an interesting way of calculating social media ROI, goals/objectives/expected outcomes of each social media outreach are different.
When I shared this article on Twitter, Chloe Reschke-Maguire, Yelp Adelaide Community manager commented:
— Chloe RM (@Chloe_CRM) November 28, 2012
So, we agree that a one-size-fits-all tool/formula doesn’t always cut it.
Here at Vervely, we offer customized insights in to basic raw data derived from social media platforms like Facebook and Twitter as part of our services. This gives our clients the opportunity to understand the impact of the social media outreach that they’re doing.
And, while attaching a dollar figure to ascertain social media outreach value is certainly doable, the path to arrive at that formula isn’t always straightforward.
In any case, do check out the ValueOfALike Tool. It might be one that is applicable to what you need in order to assess your organisation’s social media ROI.
And, writing of formula, here’s one on Social Media Engagement Metrics that we shared some time back.
Shai Coggins is the Manager and Chief Digital Media Specialist at Vervely, an Australia-based agency serving local and international clients. One of the company's main clients is Microsoft. Shai has been featured in a number of media due to her online work, including being named as one of Fast Company's "Most Influential Women in Technology" list (2009).