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Determining the Impact of Customer Relationships: Social Media Measurement & Analysis

Determining the Impact of Customer Relationships: Social Media Measurement & Analysis

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Published by cterschl

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Published by: cterschl on Oct 13, 2009
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07/10/2013

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4970 El Camino RealLos Altos, CA 94022650.960.3600www.crimson-consulting.com
 
Karen O’Brien
Partner 
Interactive ServicesChris Terschluse
Social Media Analyst 
Interactive Services
Copyright © Crimson Consulting, Sept. 2009
Determining the Impact of Customer Relationships
Social Media Measurement & Analysis
 
 
The Internet has become a vibrant socialspace transformed by web platforms that have enabledcommunication, collaboration, and sharing amongstindividuals online. Online audiences look to build networksand relationships via the social web to connect with people,organizations, and content relevant to their own personalexperiences. In social media marketing, marketers mustwork to establish and maintain these online relationships tocreate an impact on critical business objectives.Today, more than two-thirds of marketers have adoptedsocial media. While adoption may be widespread, many stilldo not understand how to effectively leverage social tools toprovide measurable outcomes. Crimson’s work with avariety of Fortune 1000 companies, has shown that manyorganizations are in various stages of social mediaadoption. While each organization has different needs anduses for social media, providing measurable businessoutcomes for digital marketing efforts has become anecessary challenge for all marketers.Understanding the type of data that exists on the socialweb, as well as defining relative metrics for social mediameasurement, paves the path for impactful analysis.Insights gained from social media measurement canprovide direction for both strategy development andoptimization. Defining strategic objectives and relevantsuccess metrics for social media campaigns will givemarketers the knowledge necessary to determine thefinancial impact of social media marketing efforts.
 
INTRODUCTION
“Althoughcompaniesunderstand theimportance of  social media and PR measurement,they have not yet mastered execution” 
-
MarketingProfs
 
 
 
WHYSOCIALMEDIAMEASUREMENTMATTERSTOMARKETERS
70%of marketers do not believe they adequately measuretheir own social mediacampaigns
THE SUBJECT OF CONVERSATION
The online audience not only connects with colleagues,friends, and family, but a growing majority is establishingconnections with brands and products via socialnetworks, blogs, micro-blogs, and other forms of socialmedia. In a recent study by
eMarketer 
, 52% of US socialnetwork users respondents stated that they had becomea fan/follower of some company or brand. Another 46%said something positive about a brand/company,compared to 23% who had stated something negativeabout a brand/company. Whether companies like it or not, online audiences are talking about their product,organization or brand, making it important to listen towhat customers are saying and establish a dialogue.
MEASURING FOR SUCCESS
Understanding how to effectively monitor and measure asocial media campaign sets apart those organizationsthat successfully utilize social media from those that failto justify its value. In a recent poll by
MarketingProf’s
,more than 70% of respondents did not believe their companies adequately measured their social mediacampaigns. The study also concluded that 25% of marketers did not know what to measure, while another 30% stated they lacked the necessary resources. At atime when social media marketing continues to grow inimportance and use, effective measurement has becomean essential component of social media marketing.Understanding how to measure social media allowsmarketers to learn about their customers and createhighly optimized campaigns that provide value bothfinancially and strategically.
 

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