Social Media is About Reach and Engagement, see past the Dollar-Value Returns — Here’s What Marketers Should Measure Instead

A fantastic article published by John Heggestuen in Business Insider reinforces the idea that Social Media Marketing isn’t always about the dollar value returns, but should be focused toward new metrics that evaluate social media strategies in terms of audience-building, brand awareness, and customer relations. It’s important to have clearly defined business objectives and realistic expectations before launching a social media strategy, and the points below really emphasize the larger picture of what marketers should be measuring.

The recent Business Insider report, In-Depth Research On What Matters In Digital reviews how social media strategies are involving:

  • The decline of ROI metrics: Between 2010 and 2013, the percentage of marketers using a revenue-per-customer metric on social media dropped from 17% to 9%, according to the February 2013 CMO survey. The percentage tracking conversion rates also dropped, from 25% to 21%.
  • Even as the vogue for ROI indicators fades, social media budgets are ballooning. On average, top marketers expect to devote 9% of their budgets to social media spend in 2014, and 16% by 2018, according to the same survey.
  • Exceptions: Of course there are exceptions to the move away from ROI. Some social commerce applications and direct response campaigns will achieve measurable results on Facebook, or other social networks. And the end of the ROI-fever definitely doesn’t mean that all metrics can be thrown out the window.
  • The metrics to watch are audience reach, engagement, and sentiment. On Facebook, it’s always important to remember that due to algorithmic filtering, brand or business posts will only be seen by an average 16% of their fans.
  • Facebook shares are particularly valuable, because normal users’ posts are seen in a relatively high percentage of friends’ news feeds (compared to posts by brand pages); between 29 and 35% according to one study.
  • Improving the most common metrics: Insights, Facebook’s built-in analytics tool, offers great basic data for measuring reach and engagement. We show you how to transform those numbers into richer and more valuable metrics.
  • Post reach is the most fundamental indicator of reach on Facebook, but it’s important to track it relative to number of page fans and enrich it with complementary indicators. We show you how, and include screenshots.

The report also emphasizes the importance of reach and engagement as well as other benefits of social media below.  It’s a great report to reinforce that in order to embrace social media you must see past the immediate revenue and dollar value returns, and see the larger picture!

Image

Please leave a comment below, or tweet me @Marissapick with feedback, enjoy!

Meet Mike, Your Customer in 2015 (Infographic)

Meet Mike, Your Customer in 2015 (Infographic)

Always connected, opinionated and sharing it, requires immediacy, and so much more. This is Mike, and he’s your customer in 2015. With 34% of people turning to social media to air their feelings about a company, you better know what your consumers/followers are saying, and monitor and respond.

Some great stats in the infographic above. Tweet me @MarissaPick or share your comments below.

The Ugly Truth about Social Media.

marissapick:

Great post from my colleague Anna Lee about the truth of social media. Enjoy.

Originally posted on Small thoughts, big ideas.:

Social_Media_Cupcakes_CROP
  1. It’s really hard work.
  2. It doesn’t happen overnight.
  3. It’s not a magic bullet.
  4. It’s not free.
  5. You have to invest.
  6. ROI? LOL
  7. Not everyone is a natural.
  8. Engagement cannot be automated.
  9. Crisis plan. Get one. Or be sorry.
  10. There is absolutely no substitute for brilliant content.


Hhhhhhh.

Remind me again why we’re doing this?

Oh yes…

“The ROI of social media is your business will still exist in 5 years – Erik Qualman” Tweet this.

Back to it then.

View original

My guest appearance on FIR #B2B Show #6 with @pgillin & @allanschoenberg

This week I had the honor of joining Paul Gillin and Allan Schoenberg for their FIR B2B Show #6 titled Marketers Struggle With Reinvention.

Paul and Allan discussed the latest in B2B and Social Media News covering:

1) Recent research from Demand Metric reinforcing the importance of lead generation as just 9% of B2B marketers say they are highly effective at generating leads..

2) A study from IBM which discusses that although CMOs believe that advanced analytics play a significant role in helping them reach their goals, most feel their organizations are not in a position to leverage data to its full extent to gain a deeper understanding of the customer.

3) A new research study of 350 business buyers by the CMO Council and Netline finds that third-party sources heavily influence B2B buying decisions. That’s not surprising, but what’s depressing is that only 9% said vendors are trusted sources of content. “Marketing executives unanimously agreed that a solid content strategy is imperative for building awareness it requires them to position themselves as trusted experts in their field,” the report concludes.

During this podcast we discussed the numerous channels we use at my company Euromoney Institutional Investor to leverage social media across our publishing and events businesses, as well as the power we’ve found through paid advertising on Facebook, and the importance of word of mouth marketing. Click the link below to listen to FIR B2B Show #6 “Marketers Struggle With Reinvention.”

Image

Leave me a comment below or tweet me @MarissaPick to share your feedback with this FIR Podcast.