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Yes, Zozolo.com is a venture which helps brands measure Social Media ROI.
Zozolo is a loyalty & rewards program for social media that allows fans to collect points through social media interactions with our brand. It incentivizes and rewards engagements. Fans can redeem those points for special offers/discounts, etc.
For each activity such as Liking, commenting, inviting friends, playing a game, subscribing to newsletter, etc. Zozolo rewards fans and followers with certain points. Fans/followers can redeem those points for purchases done offline or online.
Brands can integrate this Zozolo tool with Facebook page and/or Website and run a campaign. All the redemtions and purchases can be tracked to measure total sales, and thus ROI from Social Media.
Twitter and Instagram can also be added to further expand the reach and measure ROI from those platforms too.
Metric Tools
Facebook doesn’t limit page administrators to the data on their own admin panel. One example is Conversion Measurement, a Facebook tool that allows those who advertise on the platform to record the behavior ofthose who click on ads.
“If a customer clicks and then goes on your site to register, then you have proof that the ad was at least effective for that,” writes Todd Wasserman for Mashable. ”Of course, the ideal scenario is when a customer clicks through an ad and then buys something on your site.”
Wasserman says that tools used in combination can be more powerful, such as Conversion Measurement and OptimizedCPM, which helps Facebook ads target the right people. Already knowing who has clicked through your ads can make future ads even more effective. How effective? Wasserman says the company Fab used that same pair of tools to cut its new customer acquisition cost by39%.
Interactions
It used to be that interaction was the only way to tell that your audience could hear you at all. Though the measurement seems to have lost its weight between impressions and likes, as Michael Cohn explains forSocial Media Today, interactions are still very relevant — particularly when you understand what each one means.
“Every single comment, photo, video or post takes a few seconds for a user to digest,” writes Cohn. “It is estimated that the average ‘like’ on Facebook takes seven seconds per person while close friends of this person will take an average of five seconds to digest that ‘like.’”
Analyzing these numbers by how many likes were received, multiplied by how many friends of those likes witnessed the action give a more accurate — not to mention sunnier — idea of how far your message reached.
Analyzing Traffic
Your website’s analytics can tell you how often people find your page via Facebook or Twitter, but it’s not always easy to tell what actions on these social media cites have driven that traffic, or how much that traffic truly cost. By analyzing your website analytics against pay per click, or PPC campaigns, however, says John Souza for Fast Company, much more becomes clear.
“[Look] at the average cost of those PPC campaigns per person then analyze that cost against how many visitors you get from free social media placements,” Souza writes. “You can then put a dollar sign on the traffic you derive from Facebook pages, Twitter links and the like.”
Though no social media ROI measurement is perfect or comprehensive, neither are many measurements of ROIs in other PR and marketing efforts. Using these methods, and using them over time, will be revealing of current ROI, as well as create benchmarks against which to measure future social media efforts and strategies.
