Objectives, Metrics and ROI
“on the Social Web, conversations are driven by actual experiences, which are themselves driven by operations policies and practices.”
-Social Media Marketing An Hour A Day
Well how does this relate to real life you ask? Simple consider the Super Bowl, the greatest day of the year for American football fans. However the Super Bowl has become more of an advertisers dream then the actual game itself. The experience of football fans is no longer just the talk of the game the next day but which commercials were the best. The whole experience of the hours spent on Super Bowl Sunday have been measured for the year 2012 in the following graph for what was talked about most on social media channels.
“Super Bowl commercials don’t sell products so much as entertain, often with great storytelling. Even considering the cost, a primary benchmark for success is the Water Cooler Factor, the brand buzz and many conversations that occur after the game that cause us to like the brand and keep it top-of-mind throughout the year.”
When engaging in Super Bowl ads companies know that they are also engaging in social media buzz, their commercial may get bashed or praised due to the high volume of viewers watching the game that day. They need to consider what and where to measure, this makes sure that the consumers are talking positively about their brand and the company is aware of any back talk.
The key points to remember is:
Content, Relevance and Impact
CONNECTIONS TO THE SOCIAL FEEDBACK CYCLE
It’s important to remember your audience because they add depth to the conversation and helps to prove who is leading them versus who is being led. It’s most important to as who are the influencers and are others more or less likely to follow along?
Another important point is engagement, this is the feeling that a consumer has towards your product, service or brand and the elements of social media that are involved in this “relationship.” Having post comment or post to comments allows for consumer participation and will help to measure what consumers are talking about.
Another thing to look for is loyalty this is when a consumer makes a repeat visit or purchase of a similar product from the same brand. Also referred to as brand loyalty and can be measured through consumer promotion of their positive experience by using social media to influence others using word of mouth.
The last important point is action, this is where you evaluate the role of social media in the conversation. This is where your ROI comes into play, this refers to the return on investment, it plays the best measurement in determining the impact.
Social media can be measured to help better your brand, products and services. Knowing how to measure it is a whole other story, if you can take what your customers are saying then you’ll have a better handle of what influencers consumers have over your brand.