How to Measure ROI
Our Social Times recently hosted a webinar on ‘How to Analyse and Optimise Campaigns’ with Matt Rhodes (Fresh Networks), Richard Jones (Engage Sciences) and Ritesh Patel (CCC) . One of the key talking points was the challenge of measuring Social Media ROI. Matt Rhodes argued that just because something can be measured does not mean it’s important. By focusing on the number of Twitter followers or Facebook likes, it is easy to lose focus on what really matters to the business. Jimmy Choo provided a great case study. The company has over 1 million likes on Facebook, but that is only important to the community manager or social media agency. What is significant to the business executives is the fact that Facebook has become the second biggest driver of traffic to their e-commerce site. This has real value to the business and offers proof that social media is a worthwhile investment.
Measuring Brand Awareness
Having conducted brand awareness campaigns, Ritesh had a slightly different approach. During these campaigns, basic metrics such as likes, comments and RTs are very relevant. He emphasised the importance of having clearly set targets as part of your strategy, but also 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 and Engage Sciences. They see fan acquisition as the start of a funnel process. 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 your fans and followers on an on-going basis. The result of this is that you increase customer loyalty, create brand advocates and collect data about your 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 through to its conversion point, making it easy to track ROI.
Our Social Times are hosting a free webinar series - The Science and Emotion of Social Media Marketing – and last week we kicked it off with ‘The Science of Social: How to Analyse and Optimise Campaigns to Increase ROI’. Hosted by our own Luke Brynley-Jones, we were very pleased to have Richard Jones from social marketing platform Engage Sciences, Matt Rhodes from Fresh Networks and Ritesh Patel from Chandler Chicco speaking. You can view the recorded webinarhere.
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.