Web currency? What is web currency? Social media marketing is not easily measured in dollars as you cannot put a price on building relationships, sharing information and knowledge. So, the way to measure your social media marketing efforts is in web currency. Web currency is the reward of the time spent Twitter, Facebook, LinkedIn, FriendFeed, on other blogs, forums, Q&A sites in building personal and brand awareness.
Measuring ROI in Web Currency
1. Blog Subscribers. A new blog subscriber, especially for a new blogger is a pat on the back that they are providing information worth reading. The user is taking the time to subscribe and committing to reading.
2. Blog Reaction. A fellow blogger who mentions and links to your blog within theirs builds credibility and exposes you to all their readers.
3. Retweet/FB Share. An article you wrote or shared that is retweeted or shared on FB also builds credibility but
4. Blog Comments. Leaving and receiving and feedback to comments not only builds links but also shows that you have something worth pointing out and worthy of people taking the time to throw their 2cents in.
5. Links. Good or great links tell the search engines that your site is worthy of crawling more frequently and has relevant content that deserves to be seen via a higher ranking. We all want #1 rankings for our keywords.
6. Increase in Traffic. A spike in traffic tells you that you are doing something right. A great article, positioning a new product or even a well said blog comment gets you noticed enough to increase traffic.
7. The “Go To”. Answering questions and helping people is rewarding but it also opens the door to becoming the “Go To”.
Social media marketing is not new and small businesses and even big companies are looking for that monetary ROI. Traditional marketing is the monetized, social media marketing brings back the days of reaching out to people because we can and care.
How do you measure your social media ROI? Web currency or real dollars? Can we put a price on making new contacts that enrich our lives?
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