Last week kicked off our latest webinar series, The Science and Emotion of Social Media Marketing. Hosted by our own Luke Brynley-Jones, we were very pleased to have Richard Jones from leading social marketing platform Engage Sciences, Matt Rhodes from Fresh Networks and Ritesh Patel from Chandler Chicco speaking. You can view the recorded webinar here.
How to Measure ROI
One of the interesting discussions to come up was how to measure Social Media ROI. Matt Rhodes argued that with so many metrics readily available and easy to measure, we can lose focus on what really matters to businesses. To measure ROI, you need to forget about how many people follow you on Twitter or like you on Facebook, and look at what the actual benefits are. Jimmy Choo provided a great case study. They have over 1million likes on Facebook, but that on its own is meaningless. The proof that social media is a worthwhile investment for them is that Facebook is the second biggest driver of traffic to their e-commerce site. Before conducting a social media campaign, always ask, how can you prove that this is a worthwhile investment?
Measuring brand awareness
Of course, there are times when these basic metrics are important. Ritesh used brand awareness campaigns as an example. He emphasised the importance of having clearly set targets as part of your strategy, whether that is to get 10, 20, or 1000 people talking about a product. In this instance, the number of RTs, comments and likes are very relevant. However, there is a lot more to a campaign strategy than setting targets. Be sure to consider where conversations are already happening; what tools you will need; how are you going to engage the community; how you are going to keep the conversation going; and what you will do if the campaign goes wrong.
Social Media Strategy
‘Acquiring fans is not a social media strategy’ – that was the message from Richard Jones. Fan acquisition should be seen as the start of a funnel process, and you need a strategy to drive people through the funnel, with the end result being revenue. To do that, you need tools in place to engage with fans and followers on an on-going basis. There are many benefits to this. You increase customer loyalty, create brand advocates, and tools help you collect data about your most engaged customers. This data can be used to target future campaigns across any of your existing channels, not just social. It is also possible to track the effect of each campaign, whether that is a promotion, a quiz or a contest, right through to its conversion point, making it easy to track ROI.
The Emotion of Social
Be sure to join us on June 20th for ‘The Emotion of Social: How to Identify & Reward Advocates’. Register here for free.