Categoriesadvertising Apple blog brand brand experience branding Brands business customer experience design digital Digital Marketing News Digital Marketing Podcast Digital news ecommerce Entrepreneurialism & mentorship facebook Featured Global Google innovation Internet M-Commerce Making Marketing Marketing Strategy media mobile Networks news online Online Marketing Online shopping PR Remarketing RSS Feed SEO Shopping cart abandonment simplicity social media Social Media Marketing Technology Twitter Ve Interactive Ve Interactive UK
How We Measure the Value of Social Media
VeInteractive | July 23, 2012
We have all heard of the global plague that is Big Data – and how it has been changing the way we measure our marketing efforts. As we explained in our recent article about Big Data in Boston, an excessive amount of information should not be the issue, but rather how to properly analyze, refine and understand it.
From benchmarking to brand building, there is currently no black and white way to measure the value of social media – and until a mutual understanding of social media value is established, the collective uncertainty surrounding best practices will continue to leave organizations worldwide unable to understand the explicit and implicit results of their social programs.
This lack of understanding lends an unfamiliar, exciting opportunity for any business to institute their own innovative ideas and instructions. And once marketers agree upon a common meaning of social value, the rapid adoption of social media will allow companies to leverage it as an effective marketing tool.
In the meantime, many organizations have identified with a three step approach similar to this:
to understand the lessons of trends and conversations that pertain to your industry.Data is already rich. Your company can increase intelligent insight by understanding the accurate target for actions and resources, because decisions with insightful solutions equal a unique business advantage.
with existing and unidentified customers based on a shared interest or intent. Mingle with the party, multiply your reach and connect with your audience on an emotional level. Harness the power of global communication and empower human interaction.
products and services with a salesy approach that enables accelerated purchases. Once you can understand who starts valuable conversations, what important events are influencing your industry, and who to engage with, you will have the power to push appropriate products and services to those people.
With this common plan, social media success in seen in an entirely new light – focusing on experimentation, education and optimization opportunities instead of traditional return on investment.
Although a straight number of sales can’t be associated with social media today, these steps concentrate on and perceive value in other brand-focused metrics that can support the complex structure and methodology of social media marketing. After all, regardless of it’s inability to show ROI, it is far too accepted to ignore or even temporarily avoid the biggest echo chambers in the world – social media sites.
It’s all about how you assess your efforts, and in the meantime standard ways of measuring social media such as traffic, sales and leads are always available to support your success. That said, referral traffic metrics, transactions or downloads must be valued with the understanding that quality is more important that quantity – because we all know it isn’t truly valuable to have 4,000 website visitors if only three of them completed a purchase.
The best way for CEOs to validate their investment in social media is to understand the valuable role it will continue to play in online marketing – and worry about it being measurable in the future.
Leave your reply