Wednesday, September 5, 2012

Social Media ROI: How To Define a Strategic Plan

As marketers are tasked with the challenge of doing less with more, there's an increasing demand to quantify the value of social media. Here's a guide to mapping a social media strategy with meaningful KPI's that align to business objectives for tangible measurement!

Following the Social Media Strategy Funnel

Quantifying the value of social media can be a daunting task. Unclear objectives and numerous metrics add confusion. It's time to ground your social media initiatives with a strategic plan that makes measurement clear and easy.
Start by following the social media strategy funnel. Before diving into tactics, you need to define social media goals that align with business objectives.
Social Media Strategy Funnel
"80 percent of marketers incorrectly begin with tactics instead of goals." -eMarketer Report
Like most marketers, you probably began using social media because it was new and fun."Everyone else is doing it… we probably should too."

Mapping a Social Media Strategic Plan

Start social media planning like any other strategic plan. My favorite method is using a "Who > Why > What > How" model to build a cascading tree for "Scope > Mission > Goals > Tactics". See the charted template example below.
Social Media Strategy Goal Planning Tree
Note: Red circles depicted on the chart above denote the step number below.

Strategic Planning Steps:

  1. Select Scope (i.e., department, business function)

  2. Gather Scope's Business Goals
  3. Define Social Media Mission/Purpose
  4. Define Social Media Goals
  5. Define 1-2 KPIs for Each Goal
  6. Choose Tactics for Each Goal
  7. Define Metrics for Each Tactic

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