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. When looking at your ROI 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 reading your blog is going to be much more specific than those that might stumble upon your website, increasing your webstats. It can sometimes take up to two years before there is a real measurable change in business. However, while businesses are expanding their marketing efforts into the social media realm there are many other things 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 you business—with social media integrated in the communications mix.” It is important to also look at the concepts of attention and access. Social media is a tool to share information and forge relationships. As long as your efforts are put forth towards these two goals than you are on the road to expanding your business. To get a good measurement of your ROI, ask these four questions when looking at your social media and blogging efforts:
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