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Measure the value of a Facebook “like”

Measure the value of a Facebook “like”

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Published by Larry Williams

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Published by: Larry Williams on Apr 26, 2011
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Can you measure the value of a Facebook “like”?:Webcast Guide
As more and more individuals use social media to stay in touch with friends, organizations,and their interests, it makes sense that businesses use it as well. Consumers use socialmedia to talk about the brands and products they like—and those they don’t. In turn,retailers can use it to nd out how people are talking about them and to create moreengagement and beer customer experiences.
This guide is for online marketers who want to integrate e-commerce with social media to strengthen theirbrands, engage customers, and generate sales. The Aberdeen Research Group has been collecting data aboutsocial media for years—even before companies were ramping up their programs—focusing on how retailersare using social media for online merchandising and digital marketing. This guide describes some of their keyfindings and how Active Network has successfully used social media to increase revenue.
Social media: Still in infancy among retailers
Although social media is pervasive, many companies aren’t reaping the full benefit. According to Aberdeen’sresearch, 85% of retailers have a social media initiative in place, but only 44% are able to quantify their effortswith hard data. In many cases, this is because it’s still new territory for many businesses: Over 50% of retailershave embraced social media just in the last two to three years. And many of them are doing so without a plan;26% are using their intuition, and 24% have no plan at all. It turns out that only 6% of retailers have a well-crafted social media strategy.But the lack of know-how hasn’t tempered the willingness to dive in. Retailers understand the value of socialmedia, even if they can’t quantify its results. So they’re using it for softer metrics, such as engaging customersand developing customer relationships. Retailers know that they have to start using hard data over the longterm, but for now they’re happy with what they can get from it. Here are a couple of examples:Timberland has an e-boot congurator that consumers can use to create the boot they want. ey canchoose their own stitching, design, and size, and they can post a picture of the boot on Facebook for theirfriends to comment on.Virgin America allows site visitors to talk about the destinations that interest them, and then the companymeasures how many people are responding to each idea, which has increased their boom line by 1%.However, those companies that are quantifying the results are able to accurately calculate their ROI from socialmedia, and they know which areas of the business are improving, whether it’s customer service, gross margins,or sales levels. This information helps them make the changes necessary to increase engagement and sales.
Can you measure the value of a Facebook “like”?An e-commerce social media rule book
Presented jointly by:Greg Belkin
Aberdeen Group
 Justin Ramers
Active NetworkCompanies that aremeasuring their socialmedia initiatives areseeing a diference.
 
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Can you measure the value of a Facebook “like”?:Webcast Guide
Taking advantage of customer affinity
In many cases, this investment is based on customer affinity, and 28% of retailers are adopting social media forthat very reason. It’s hard not to see the ubiquity of sites like Facebook and Twitter. Some companies are usingthis to their advantage:Target posted a video on YouTube about a new band called e Like. e video showed the band modelingdierent clothes from Target. As the video went viral, viewers became interested in the clothes worn by theband and started to look for them in Target stores, which happened to feature them on their oors.Home Depot has over 22,000 followers on Twier who receive deals and oers from the site. But followerscan also monitor complaints from other customers and drive them toward issue resolution, essentially actingas advocates for the store.But those affinities can also change over time and, in a year or two, another site might be the social media hub.Retailers need to be able to track these changes and follow their consumers no matter where they go.
How are you using social media? Are there other ways that you can use it to your advantage?
The way retailers use social media depends on their size. Smaller organizations, those with less than $1 billionin revenue, are more focused on social media monitoring. Consumer sentiment is a top priority for them, sothey take the information they collect and tailor their offerings around it. On the other hand, organizations withmore than a $1 billion in revenue use social media across the enterprise. They recognize the benefits of socialmedia for marketing, sales, and customer support, so they use it to sell more products and communicatewith customers.
Building internal support for social commerce
A successful social media strategy relies on internal support, particularly from top executives and a dedicatedresource team. Without hard data, retailers are struggling to justify their efforts in the social space. The bestplace to start is with the management team, which has a broader view of the organization and can see howsocial media would fit in.This buy-in also helps when it comes time for disparate areas of the organization to work together. Studies showthat 47% of retailers are trying to establish a dedicated social media team, which means they need people tofocus on monitoring, issue resolution, coordination of sales results, and responding to customer feedback.
ree keys for establishing a strong social media program
Use analytics to collect information
Only 26% of retailers are using analytics, so most companies aren’t seeing the full impact of social media ontheir boom line. Moreover, they aren’t able to coordinate their eorts with the rest of the enterprise.Vendors should make social media eorts as visible and transparent as other business strategies.
Embrace nontraditional social media tools to increase competitive advantage
Companies oen turn to Facebook and Twier, but they overlook less traditional tools like document sharingand podcasts. In fact, only 17% of retailers use document sharing, which equates to a lost opportunity. Forinstance, an electronics retailer could use document sharing to oer instruction books or warranty informationto increase sales, which would be a great value to consumers who research products before buying them.
Monitor potential threats to mitigate any negative impact on the brand
Companies need to monitor social media to understand how the marketplace responds to the brand andwhether the overall perception is positive or negative. If it’s negative, the company must be able to respond
A dedicated team thatkeeps the initiativemoving throughout theenterprise is necessary tomake social media work.
 
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Can you measure the value of a Facebook “like”?:Webcast Guide
to mitigate the eects on the brand. However, 78% of retailers aren’t monitoring social media, which meansthey’re not opening themselves up to opportunities to create a beer reputation among social media users.
How much aention are you giving to social media compared to other channels? What are the mosteective ways to engage the social consumer?
Active Network: Using social media analytics to gain ROI
Active Network provides registration technology that allows event organizers to reach potential participants. Italso hosts event calendars that help visitors find information on the activities that interest them. ActiveNetwork has 75,000 B2B clients and generates 50 million transactions a year, while its media properties getabout one billion page views a year.Since Active Network launched its social media initiative, it has learned a few things along the way. Itsmarketing team is responsible for promoting the brand and events through social media. Active Network hasincreased revenue by making social media a key marketing strategy.When Active Network began its social media push in 2010, it initially didn’t want to spend a lot of money.Instead, it wanted cost-effective, high-ROI ways to drive people to its properties and then push relevantcontent to those users to drive incremental visits and conversions. Social media, in essence, became itsconsumer media vehicle. For one, social media is a great way to find new customers.Social media is also a great way to reengage existing customers as often as you want. Unlike emails, which canonly be sent every few days or weeks, Facebook pages can be updated several times a day, which bringspeople back to the website over and over again at no additional cost. Moreover, it keeps those customers fromstaying away too long. Active Network tries to encourage new customers to go to its Facebook page so thatthey can see the constant stream of news and updates. Previously, after someone registered for an event, theymight not come back to the Active Network website for another year, if at all. But Facebook makes it possibleto constantly deliver relevant content that drives incremental visits and conversions.
Drive Internet users tosocial media channels toacquire new customersand reengage existingcustomers.

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