When companies and brands adopt social media into their business and marketing plans, it is important that they understand how to measure success. It can be difficult to measure return on investment in social media as one cannot tell if a purchase is directly related to a post on a social media platform. We are still experimenting to find the best ways to measure social media success, but this article covers the basics. The first step discussed is to know your goals. Is the goal of your social media presence to increase product sales? Is it to increase awareness? In order to measure success, you must know where to focus your attention when analyzing results. The second step is to establish your baselines. Based on the goals set in step one, we must understand how to measure. Should we be looking at the increase in number of likes on Facebook or at the spreadsheets for increase in sales? The right quantitative measurement in of huge importance. The third step is to track your efforts. Sites such as Facebook and Klout track the success of each post and interaction on social media. This will allow you to learn which posts are working and which are not receiving much attention among your customer base. The final step is to stay informed, but to trust your instincts. Some strategies might work for other companies and other brands, but may not work for yours. It is important that you trust your instincts and stick with what's working, even if it isn't the norm among your competition.
Inbound marketing is all the rage. Social media has us consumed. B2B Marketers are creating more content than ever before. We’re optimizing everything we possibly can all with the intention of driving more people to our sites, engaging with them and offering them opportunities to raise their hand and announce themselves.
For many of us, it’s working! Visitors are showing up at rates we’ve never seen before. Some are just stopping by to see what we’re offering, some clicking around the site to check us out and of course those that decide to take the bait, oops, I mean fill out the lead form.
This article discusses the ways the inbound, social media, marketing can effect your outbound, traditional, marketing efforts. As companies are beginning to understand that their customers are constantly online and that social media websites are an effective, inexpensive way to communicate with them, budgets are going up. Businesses are allocating more money to social media marketing. When thinking of the flaws in social media marketing, this one is not something I had previously thought of and I find it very interesting: Companies are having their customers fill out information such as names, email addresses, birth dates, etc. through social media webpages. They are then using this information to determine target markets and necessary traditional media that should be used. Many customers, though, are not comfortable giving out their personal information over the internet, and are giving these companies false information. This false information can effect the success of any traditional campaign, and something needs to be done to avoid this. The article gives a few suggestions, such as requiring valid email confirmation, that I now understand and believe should be done. When measuring the success of your traditional media, it is important to measure the success of any social media efforts used to fuel the traditional. This is something to keep in mind while measuring.
This article discusses the common misconceptions of social media, its importance, and how to measure its success. While "busting" the five myths of social media and its return on investment, the author makes its obvious that the use of social media is becoming increasingly important to businesses and their customers. Customers are looking for ways to communicate directly to a company rather than voicing their opinions one-way in a blog or a review. When adopting social media use in a business plan, it is important to understand that return on investment is not only measured through its effect on direct sales. By opening communication, a company is able to conduct market research through social media at little to no cost. Any information you gain through social media use has a positive ROI, as there was no original cost of setting up a Facebook or Twitter page. Social media ROI can also be measured through number of likes, referrals, mentions, and with tools offered through Google Analytics. If your company is just starting to adopt social media use, it is imperative to understand that although you may feel like other companies have an advantage and are communicating better than you, only 5% of customers receive replies to their comments. There is a huge opportunity for growth, and companies are still learning the best ways to use this popular marketing tool. Social Media is definitely worth the investment.
This article discusses the misunderstanding of a company's success on Facebook. Many companies strive to increase number of likes, believing that this will increase brand awareness and sales of products and services. In reality, it is not so important to have a huge number of likes on Facebook but a large customer engagement. People are liking so much on Facebook and subscribing to so much content that they are ignoring information and forgetting quickly. But, when your customers are engaging with the content that you post, real success results. Interactions result in mentions and shares, greater reach, and more connections. Engagement also results in easy market research - as customers interact with your business they will share opinions and experiences with products and services, and companies will begin to understand how customers feel about them and what their brand image is. Companies will also be able to research the engagement that competitors are receiving in general or on specific marketing campaigns. I believe that this concept is something that more companies should become aware of. As a student leader on campus, I have first hand knowledge of running a social media webpage and the objectives and goals my organization had set to measure its success. We opened our Facebook page, and completed a campaign to increase number of likes. As our likes increased, our engagement rate remained almost nonexistent. We needed to post more interesting content that encouraged communication - just as many big name brands need to do with their Facebook pages.
This article is very interesting and discusses the two sides to measuring social media return on investment. The author opens by explaining that 57% of marketers struggle with measuring the impact the social media has on their business and then explains that, in order to understand its impact, we must understand that there are two sides to social marketing value. The first side is ROMI: Return on Marketing Investment. This is the overall contribution that social media has made to the business long term. It is the big picture and displays the overall effectiveness of the platforms used. In order to measure the impact, companies first add all marketing expenditures, determine the social media's contribution to business results, and then calculate ROMI (social return/social investment). The other side of social media marketing is ROMO: Return on Marketing Objectives. This measures how well marketers are generating interest from campaigns and is more short term than ROMI. The two ways to calculate ROMO are: through lead generation effectiveness during the campaign and through marketing program effectiveness (i.e. social reach, growth, engagement). I found this short article to be very useful as it explains that there are several different ways to calculate return on social media investment and that it can be measured in the long term and in the short term by using different types of calculations.
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