Tag Archives: ROI

Do You Know What A Like Is Worth?

In this age of social media everything, companies are scrambling to find ways to measure and quantify their social media activity.

Likes, Followers, Shares and ReTweets have given way to a cottage industry of measurement tools, but, in lieu of traditional ROI, do any of these metrics, like Klout Scores and Peer Indexes, provide a key indicator for success?

I’m of the mind that they don’t. While they measure activity, they don’t translate this information into sales or at the very least learning.

Creating engagement through social channels is important. Here are a few ways to move your friends and followers into a more results oriented relationship:

  1. Incent people to opt-in for email communication.  Doing so allows you track how they heard about you, and then you can actively market and test offers.
  2. Use microsites and unique URL promotions on social channels to measure interest of your fan base.
  3. Use coupon codes (or actual coupons if a CPG company) that are specific to a social channel to track activity to sales.

By knowing if people are coming to your site or store from social channels you can begin to measure the value of a Facebook Fan and the return on your marketing efforts.  This will help you determine if it is worth growing your fan base or followers.

Social media can play an important role in your marketing communications plans, and just like any media, you need to put the tools in place to determine what its worth to your company.

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Measuring The Impact of Social Media

image.axdThe attraction of social media is based on its ability to reach an audience with few out of pocket costs.  However, social media does require a financial investment through an employee’s hours and opportunity costs.

As a result, companies need to know how their social media efforts are making an impact on their business.

Part of that impact should be measured by social media activity that was generated by consumers, not your marketing department.  By measuring consumer comments regarding your company, you get a good sense about their interest in your brand – good or bad.

Two new tools can help measure this activity:

BackType lets you monitor what people are saying about your company or your competitors.  Its trend section is under development but will allow you to trend activity.

Addictomatic creates a dashboard of things like flickr, digg, twitter, youtube, blogs and other tools to give you a current picture of what is being said about your brand.

The benefit of social media is bringing you closer to your consumer by understanding what they are saying about you.

BackType and Addictomatic are two tools that help make that goal easier.

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The Importance of Timing

Calendar_2007_SmNovember 1, 2009

I went out to get my Sunday paper (yes, I still read the paper) to find it polybagged in an advertisement for Snickers. The bag included a coupon for a bag of Snickers’ Minis.

Does anyone else find it odd that I received a coupon for snack-sized Snickers the morning after my children are waking-up from their Halloween-induced coma?

Return on investment is crucial for your marketing efforts, but some things are out of your control – like natural disasters or a surprise launch of a competitive product at the same time as yours.  However, there are some things you can control –  like timing.

A few years back I participated in Bzz Agent’s word-of-mouth marketing program where they were getting people to try Hershey’s new Take 5 chocolate candy bar.  The problem was they sent me the product in July in Georgia.  The melted glop that remained was not very appetizing.

When I brought this to Bzz Agent’s attention, they stated they had received similar complaints and would rectify the situation.  They did resend the bars – in August.

I can’t imagine Hershey’s received the return they had hoped for based on poor timing on behalf of them and BzzAgent.

Just last month, Toronto’s subway newspaper, the Metro, began running ads promoting their mobile website, suggesting that the website was so riveting it might cause car accidents. Their timing, however, was lousy, since the Toronto government had just passed legislation making it illegal to drive and use a cell phone at the same time.

There are many things not in your control when marketing, but to ensure the best possible return on investment make sure you control what you can.

Do you have any marketing disaster stories caused by poor timing?  Let us know.

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