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Yes, You Can Measure the ROI of Social Media
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Re: The problem with channel goals
  • 1/11/2015 1:24:00 AM
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One issue is measurement of what is contributing to sales and what is not. In case of social media marketing, it is difficult to relate but most big brands have understood that effectiveness of a Facebook page is almost as important as a TVC. Number of likes is one component of it and a measure of how much people admire the brand.

Re: The problem with channel goals
  • 1/5/2015 1:46:37 PM
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@kq4ym. I'm with you in being skeptical of how Facebook likes translate into sales. However, I know there are people who swear by the concept. I know that in my personal case mapping my likes will tell an advertiser that I like family, dogs and sports. I don't think that sets me apart from much of the population.

Re: The problem with channel goals
  • 1/5/2015 10:40:30 AM
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I'm a bit skeptial of FB likes and other similar guesstimates of how they relate to sales or other financial gains. The consumer will not know how large or small the company's social media promotion budget is and how that relates to those likes. And the company may not be able to figure precisely enough how those like factor in to sales either if the posts are not related directly with a product or service that can be correlated to the posts.

Re: Actually very easy
  • 12/31/2014 11:21:06 PM
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Broadway, yes it is very difficult to correlate online sales with a marketing effort. But you can correlate as to the frequency of advertisement in times in different modes (i.e. FB ad or a TVC) with the sales generated during that time. Ofcourse other modes of advertisement will still have a little role to play in it.

Re: The problem with channel goals
  • 12/31/2014 11:17:58 PM
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Maryam

"Jim I agree the likes may not mean anything and may not add up to any additional sales, that when social media budgets are in jeopardy"

I think likes do generate additional sales. Ofcourse not directly but they contribute a lot. Let's say a friend tells me of a brand. Now to verify its reputation, I will open its Facebook page and if I find 20,000+ likes, I will get motivated to try its product. Secondly, 'likes' also mean you start following the brand's page and there you will see the offers they make on your newsfeed also triggering purchases.

Re: Actually very easy
  • 12/31/2014 10:24:27 PM
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Seth, wow, try to measure the value of a comment in sales? Good luck with that. Marketers still have a hard time trying to determine what drove a sale online. Was it that native Facebook ad? Was it the time you spent on Amazon yesterday doing research? Was it the TV commercial you saw the day before but can't be tracked online?

Re: The problem with channel goals
  • 12/31/2014 9:58:58 PM
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@anilesh Haha! I have to admit to being a strategy junkie. It's not a lot of help at work when your clients aren't the types to pay for it :P

Re: The problem with channel goals
  • 12/31/2014 9:38:52 PM
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@Jim- Well, if that is really the only strategy your CEO is articulating you are in trouble. I've personally never worked for a company that was that vague, but I'm not saying it doesn't exist. 

Re: The problem with channel goals
  • 12/31/2014 4:30:53 PM
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Jim I agree the likes may not mean anything and may not add up to any additional sales, that when social media budgets are in jeopardy. The value of social media needs to be demonstrated to justify the funding it can't simply be a "me too" initiative.

Re: Actually very easy
  • 12/31/2014 11:59:41 AM
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@Seth. I like your suggestion about taking the next step to see what social media comments are worth in sales. However, to do that I think you would have to build in a bit more interactivity on the social media side. For example, you need to take some steps to tie those comments to customer records (new customer or established). So, marketing, sales or someone else would need to reach out to the comment's author and make sure they get looped into the CRM system.

Those commenters who can't or won't be linked to some buying history will simply have to be recorded as contributing to the company's positive branding initiatives. Those who do get linked into the system are people you need to value.

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