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BizReport : Social Marketing : June 16, 2010

ForeSee introduces new social media ROI measurement tool

Key to the wide-spread adoption of social media by marketers is the ability to measure its impact and return on investment. Online customer satisfaction firm ForeSee Results has just introduced a new service aimed at providing marketers with just such information.

by Helen Leggatt

foresee logo.jpgThe new tool, dubbed "social media value calculation" will allow marketers to measure the impact their social marketing strategies are having in real terms. It uses customer satisfaction measurement technology developed at the University of Michigan.

"Most businesses have accepted the marketing value of social media without any real proof points," said ForeSee Results CEO Larry Freed.

"We can count how many Facebook fans, how many Tweets, how many complaints, and how many people click through ads on social sites, but we haven't had a way to calculate a tangible return on investment for social media efforts, not to mention other marketing initiatives. Now we can."

In a nutshell, ForeSee's social media value calculation will link whatever social media drove a customer to a website with the outcome of that visit, such as a sale or action.

Tags: campaign metrics, return on investment, ROI, social marketing strategy, social media

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