Quantifying goals can sometimes be difficult, as occasionally you will encounter metrics that cannot easily be measured. While you can quantify the number of social followers in terms of actual number, it will be more difficult for you to measure the actual amount of assets those followers are worth. Since social media activity requires an investment, which includes paying for the person managing the accounts, paying for the graphics or any type of content that will be used in the social media marketing, etc. You will plan these assets in the initial planning phase of the social media strategy. However, you need to compare these assets to the outcome of your social media activity, which has to be evaluated in order to be compared. This means that you should analyze your social media performance, as well as the results you have achieved in terms of sales and profit, in order to set a value for the specific metrics, such as followers, leads, etc. This can be done by an in-depth analysis of your social media activity and the operation of your business, using advanced statistics options. For example, determine the exact number of followers you attracted during the specific social media strategy. Compare this to the sales, and you will see how it affected sales. Let us say that we got 1000 new followers, and this resulted in the increase of sales up to 200 sales per month. This means that those followers are worth the value of 200 sales, which allows you to compare the costs of acquiring those followers to the revenue you have earned later on. In addition, you have to have in mind the recurring sales which results in good quality and trust in the certain brands. So maybe this number of followers resulted in 200 sales this month, but perhaps you will keep those customers and acquire the same number of sales the next month. You have to evaluate the benefits as realistically as possible, in order to get the exact figures and be confident in your evaluation of ROI of social media.
While you can try to quantify some goals in order to measure ROI of social media, some goals are indeed hard to quantify, in which case you will have to establish some qualitative goals. Instead of providing the exact value and calculation, the evaluation of qualitative goals will rely on descriptive assessment of goals. One of the most difficult metrics to quantify is the influence on a particular social network. The influence of your accounts is the result of popularity, the engagement you can create, as well as trust and loyalty you gain from your social followers. Branding is also something that is difficult to measure, but it certainly affects your business, as it is the association people have related to your business or products.
Instead of trying to measure these goals, you will have to provide descriptive analysis of the initial situation and the results after social media marketing strategy has been conducted. You will use feedback and statistics to assess which way social media has affected your business, in order to provide a descriptive evaluation.