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  • Measuring Social Media Marketing Success in 40 Characters

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    The document discusses measuring the success of social media marketing. It notes that objectives should be defined upfront and may include customer support response rates, ideas incorporated into products, traffic and sales conversions, loyalty and reputation metrics. Tools for monitoring social media are mentioned, as well as ways to measure engagement. While ROI is commonly asked about, the document argues the question should be reframed, as ROI on social media may refer more broadly to financial accountability. Examples given include comparing campaign performance or forecasting sales with and without social media. Ultimately, returns may be measured not just monetarily but also through consumer behaviors like connections, sharing and comments.

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    social media

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    Class-SocialMediaAnalytics ROI S

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    The document discusses measuring the success of social media marketing. It notes that objectives should be defined upfront and may include customer support response rates, ideas incorporated into products, traffic and sales conversions, loyalty and reputation metrics. Tools for monitoring social media are mentioned, as well as ways to measure engagement. While ROI is commonly asked about, the document argues the question should be reframed, as ROI on social media may refer more broadly to financial accountability. Examples given include comparing campaign performance or forecasting sales with and without social media. Ultimately, returns may be measured not just monetarily but also through consumer behaviors like connections, sharing and comments.

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    7 views15 pages

    Measuring Social Media Marketing Success in 40 Characters

    Uploaded by

    neha bhatia
    The document discusses measuring the success of social media marketing. It notes that objectives should be defined upfront and may include customer support response rates, ideas incorporated into products, traffic and sales conversions, loyalty and reputation metrics. Tools for monitoring social media are mentioned, as well as ways to measure engagement. While ROI is commonly asked about, the document argues the question should be reframed, as ROI on social media may refer more broadly to financial accountability. Examples given include comparing campaign performance or forecasting sales with and without social media. Ultimately, returns may be measured not just monetarily but also through consumer behaviors like connections, sharing and comments.

    Copyright:

    © All Rights Reserved
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    of 15

    Social Media Marketing

    Strategy and Analytics


    Measurement
    How Do you Measure Success?
    • What were your objectives?
    – Hence, starting with an objective is crucial

    – Customer Success
    • % of support questions answered by community

    – Product Feedback
    • No. of ideas incorporated into product / new product

    – New and Repeat Business


    • Traffic from community to revenue generation outcome

    – Loyalty, Awareness and Reputation


    • Actionable conversations, click back to your main site, action taken

    – Community Overall
    • Members, participation (90:9:1 Rule)
    Some Tools for Monitoring SM
    • Hootsuite.com

    • Sproutsocial.com

    • Nimble.com

    • Trackur.com

    • Alterian.com

    • Radian 6
    Websites
    • Klout.com

    • Hootsuite.com

    • Insidefacebook.com
    Social Media

    ROI
    Most SM Marketing Managers Ask…
    • How do you measure ROI on Social Media?

    • Let us consider the following:

    – Is it the right question to ask?


    • What is the ROI of social media?

    – Should the question be rephrased?

    – What can it be rephrased to?


    • What is the ROI of sales on SM for campaign A?
    • What is the ROI of consumer insights on SM for campaign A?

    – What do we want to measure?


    The Jury is Out
    • Regarding how you can measure ROI on social media, the jury
    seems to be out

    • Various practitioners suggest different things

    • Academicians (including publications in HBR) are still grappling


    with this issue

    • However, all seem to agree that the meaning of the term “ROI
    on social media” refers to:
    – The financial accountability of social media
    Social Media ROI (?)
    • One of the ways of undertaking calculations on ROI on Social
    Media:

    • 1. Define your social media goal

    • 2. Based on the goal define your social media return

    • 3. Finally, define how you will tie “money” to social media return

    • Possible implications
    – Compare the efficiency of marketing campaigns
    – Negotiate budgets with your management
    – Acquire new customers
    – Retain customers
    http://www.socialmediaexaminer.com/how-to-estimate-your-social-media-return-on-investment/#more-11999
    For Example
    • Some suggest:
    – ROI on sales (from social media)

    • 1. Define goal: Increase sales through social media


    • 2. Define the SM return: Return on sales through SM
    • 3. Define value: The monetary value from sales through SM

    • The above can be accomplished by providing users with a SM


    “only” coupon code for a specific campaign

    • Or, a forecast can be made, and the sales “with” and “without”
    SM campaign can be compared

    • ROI = (Return – Investment) / (Investment)%


    Other Examples
    • Others suggest…

    • Instead of tracking the marketing investments, and calculating


    the returns in terms of customer response, managers should
    begin by considering consumer motivations
    – Then, they need to measure the social media investments consumers make
    as they engage with the company’s brand

    • So, what is the SM initiative for?


    – What is the marketing objective? (e.g., Brand engagement)
    – Why do consumers visit the blog? (e.g., to learn about new products?)
    – What behaviors might consumers engage in) (e.g., post comment)

    • Therefore, return on SM will not always be measured in terms of


    monetary value, but also in terms of “consumer behaviors”
    Can you Measure the ROI of Your Social Media Marketing?, Hoffman and Fodor 2010, HBR
    SM Measurements Rooted in
    Consumer Behaviors
    • Connections

    • Creation

    • Consumption

    • Control

    • The above can be monitored in order to monitor levels of


    – Brand awareness
    – Brand engagement
    – WOM

    Can you Measure the ROI of Your Social Media Marketing?, Hoffman and Fodor 2010, HBR
    Thank You

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