Social media is rapidly becoming one of the most relevant platforms with which companies can promote their brand. Unfortunately this means many businesses are now drowning in an overwhelming amount of new information that they are unable to sift through. Companies are putting an extensive amount of time into creating social media campaigns, but are not following through to see if they are actually effective.
After a little research through the ever informative website Mashable, I came across an article that breaks down "How To: Calculate the ROI of Your Social Media Campaign".
The article focuses on three main objectives; Quantitative Metrics, Qualitative Metrics, and ROI Metrics. The main objective (ROI Metrics) of the article is to show businesses that the ever-daunting math related tasks that come with calculating their social media ROI are really quite simple. These metrics allow companies to effectively sort through the vast amount of information provided for them online and find what is effective for their business.
The article also really wants to hit home the idea that social media for a business is not about socializing, it's about building a brand. A companies online value proposition must be consistent throughout their entire online presence.
I felt as if this article went hand-in-hand with the Google AdWords project we're currently working on. We may be solely focusing on driving traffic toward our companies' websites, but it's important to be aware of what kind of traffic these ads will also funnel toward their social media sites. So, think about it, is your company using social media to its advantage?
Great post Jaclyn.
ReplyDeleteI completley agree with you in regards to this article relating to our Google Adwords assignment. It's really important to remeber that the ads we develop need to be effective in not only driving traffic and sales, but that they properly represent the brand and attract the right consumers, and drive sales in the right way for the company. It's hard sometimes to not get caught up in the numbers associated with doing business. But in order to be ethical, responsible, and effective it's important to remember the big picture!
This is an interesting point Jaclyn!
ReplyDeleteWhen I consider businesses using new innovative trends around social media I often do not recognize that they too need to consider their ad costs. By calculating the response rate of attracting new customers and comparing this to the cost of each advertisement provides very valuable information of whether their money is being used effective. This is directly related to our Adwords project.
Thanks, I keep meaning to research this, but forget. I always get asked about how effective social media really is and if it is worth the investment. Keeping in mind some of it is free, however, time is still an investment. This ties in nicely with the Adwords project - but also considers other mediums of social media. Adwords provides all the metrics one could hope for but the others do not. Different measurables. This gives me a better idea of how to answer those questions. So thanks!!!
ReplyDeleteyour article would have been the perfect thing to my last marketing project at school. we developed a sociak marketing campaign for a client but our prof always asks us to calculate ROi and i had no idea how. if i would have read this article beforehand i would have done so much better on the project.
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