Tracking ROI from social media

Do social media generate bookings and ROI?

In summary: yes

The article is more than a bit vague on the details, but here are some of the success stories they listed.

• Air Asia sold 800,000 tickets in two days using social media.
• Expedia saw an increase of 70,000 bookings in two months because of their facebook page.
• Mary Kay saw a 260% increase in purchase intent (there’s no info on how many actual purchases they gained though)

So how do you know if your social media efforts are working or not?

There is a wide array of methods in tracking the ROI when social media is involved. Generating Promo codes or special rates for social media users is a basic method in tracking direct bookings. Social Media teams had met success with fans clicking Facebook RSVP's for events in hotels or other establishments. Promoting TweetUps can increase revenue and at the same time tracking ROI. Hotels often give food and drink discounts for those attending their TweetUps.

*Promo codes
*Special pricing offers
*RSVPs for facebook events
*F&B vouchers for tweetup attendees

Are you doing something different? How are you keeping track of your ROI or bookings from social media?