Measuring the ROI of a social media campaign can be a difficult task - especially because it is hard to tell how some interactions, such as likes or retweets, translate into conversions.
However, The Echo System recently launched the Echo Effect Analytics platform to help social media managers monitor their social ROI. The platform combines social data with transactional data in order to measure the value of fans, sharing, social engagement and individual website visitors.
With Echo Effect Analytics, marketers are able to compare revenue per visit, conversion rate and average order size between different social segments - such as non-social visitors, social visitors, sharers, members, and Facebook fans. The sharing data exposes which channels are driving referrals, as well as the revenue impact of those referrals.
The platform also creates a unique profile for every website visitor, by combining their shopping, sharing, interest and influence data. Each visitor is also assigned an Echo Effect score from 1 to 100, which indicates their value and impact on a specific brand. Additionally, these profiles and their data can then be exported and combined with other data, such as CRM and email databases, so that marketers can create more personalized marketing campaigns.
"With Echo Effect Analytics, our customers can pinpoint their most valuable social segments and customers with real ROI metrics," says Lance Neuhauser, CEO of The Echo System. "Our dashboard presents data clearly with intuitively-designed visuals and data that can be exported and further analyzed. Companies of all sizes need to monitor their social efforts and be able to prove their worth to management. Armed with Echo Effects Analytics, marketers can better understand the revenue impact of social engagement, compare social and non-social audiences, identify influencers, and adjust accordingly."