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Forrester ROI Social Media Marketing

Forrester ROI Social Media Marketing

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Published by Lithium
Forrester Research Inc. shares primary research results about the factors marketers should consider when determining the return on investment of their social media marketing efforts.
Forrester Research Inc. shares primary research results about the factors marketers should consider when determining the return on investment of their social media marketing efforts.

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Categories:Types, Business/Law
Published by: Lithium on Jun 19, 2013
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04/30/2014

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Making Leaders Successul Every Day
J 16, 2010
 The ROI O Soia Meia Marketig
 Agie Raor Iteratie Marketig Proessioas
 
© 2010, Forrester Research, Inc. All rights reserved. Unauthorized reproduction is strictly prohibited. Inormation is based on best availableresources. Opinions refect judgment at the time and are subject to change. Forrester®, Technographics®, Forrester Wave, RoleView, TechRadar,and Total Economic Impact are trademarks o Forrester Research, Inc. All other trademarks are the property o their respective companies. To purchase reprints o this document, please email clientsupport@orrester.com. For additional inormation, go towww.orrester.com.
For Iteratie Marketig Proessioas
ExEcuTIvE SuMMARy
Te demand has never been greater or marketers to validate and measure the benets delivered by their increasing investment in social media. Marketers oen rame this question as, “What is the ROI(return on investment) o social media?” but nancial metrics are just one way o evaluating socialmedia marketing programs. Social media marketing delivers a wide range o benets to organizationsthat are benecial in the short term and long term in ways both quantitative and qualitative. o properl value the impact o their social media marketing investments, interactive marketers must align theirobjectives, metrics, targets, and strategies across our perspectives — the nancial perspective, thedigital perspective, the brand perspective, and the risk management perspective.
 TAblE OF cOnTEnTS
Socia Media Deivers Rests Tat Are MoreSbstatia Ta Mere ROIA Baaced Socia Media Mareti ScorecardDeivers Te Etire PictreTe Fiacia Perspective Measres SociaMedia’s Impact O Saes
Sre cosmers To Measre The braPerspetie
Te Ris Maaemet Perspective Is ROI YoCaot Measre Bt Ca EstimateTe Diita Perspective Compemets OterPerspectives
REcOMMEndATIOnS
Robst Ad Varied Metrics Vaidate SociaMedia Ivestmets
WHAT IT MEAnS
Socia Media Is Matri; Metrics MstMatre Ao Wit ItSppemeta Materia
nOTES & RESOuRcES
Forrester iteriewe see eor a serompaies, iig bazaaroie, best b,im
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, lithim Tehoogies, Razorsh, Toota,a Zappos.om.
Reated Researc Docmets
J 16, 2010
 The ROI O Soia Meia Marketig
A baae Marketig Sorear Thorogh vaiates Soia Meia vae
by Aie Ray
with nate Eiott, Emi Rie, a Jeier Wise
23567899
 
©2010, Forrester Researh, I. Reprotio ProhiiteJ 16, 2010
 The ROI O Soia Meia Marketig 
For Iteratie Marketig Proessioas
2
SOCIAl MEDIA DElIVERS RESulTS ThAT ARE MORE SuBSTAnTIAl ThAn MERE ROI
Marketing investment in social media is increasing, yet marketers continue to struggle with themethodologies or validating these investments. In the absence o standardized best practices, someturn to ROI as a means o proving social contributions, but many benets delivered by social mediaare not easily measured in dollars and cents.
1
Marketers can and should measure nancial return butcannot overlook other vital measures o social media success and contribution.Brands that sell directly to online consumers can easily match social media tactics to nancialoutcomes, but what about brands that do not sell directly? Some marketers try to use proxies toassign nancial value to nonnancial metrics such as likes, ollowers, retweets, blog comments, andpositive reviews. For example, a brand might calculate the advertising or PR value o impressionsmade in a newspaper ad or article and then apply this same value to impressions on witter. But thistype o proxy carries risks that include:
·
Failing to measure true business value.
Assigning a value to a an on Facebook is problematicbecause ans have little innate value; it is what brands do with their ollowers — not merely that they have them — that creates value. A mass o ollowers that “like” the brand but neverreturn to the an page is ar less valuable than a handul o ollowers who requently share brandupdates with riends.
·
Getting in the way o achieving objectives.
For example, a brand that sets out to increaseunaided awareness may implement a strategy to grow witter ollowers via a social mediasweepstakes. But i the brand only counts ollowers, hashtags, and retweets while ailing tomeasure i consumers recall the brand when asked in the appropriate context, it cannot know i the program achieved its original marketing objective.
·
Arriving at an incorrect value or social eorts.
While it is tempting to take the costs and values rom other channels and apply them to social interactions, this can result in inaccurate value outcomes. For example, a marketer wishing to ascertain the value o trac rom a socialsite may apply the Cost Per Click rom a Google AdWords campaign to each visit received romwitter, but unless both channels produce equivalent conversions and deliver consumers o equal value, this value calculation will be inaccurate.
·
Failing to attribute results to those channels and investments that deliver the results.
Socialmedia marketing is not limited to social networks or even online channels. PepsiCo supportedits social media program, Pepsi Reresh Project, with a television campaign to drive awarenesso the program and trac to the Pepsi microsite. With oine, online, and social strategiesincreasingly integrated, attributing value to the “last touch” on social networks can result inundervaluing other marketing vehicles.

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