If there’s one thing we’ve learned here at our Orlando ad agency, it can be very difficult to offer a clear cut return on investment for social media efforts. In fact, most companies inherently sense that there is some value in having an active and engaging social media platform, but because they can’t always tie it to an actual return, it can be difficult to determine the exact value of a Twitter follower or a Facebook “like.” While it may be slightly easier to determine a return based on a campaign that successfully incentivizes people to purchase a product, it’s nearly impossible to determine how a successful campaign leads to brick and mortar sales, brand perception and other valuable consumer information.
But, a new method of thinking suggests that marketers look to other data points beyond a dollar for dollar return. These new media experts suggest that, in the same way that advertisers can’t necessarily calculate an exact ROI based on the success of a single television commercial campaign, they should stop trying to attach a ROI to a social media campaign. [quote] In fact, with the field of data science constantly growing in value, it’s highly possible that in the future, big data will be more valuable for a company than dollars spent.[/quote]
The following are some metrics that advertisers can use in order to help them determine an actual return on investment for a social media campaign.
Data through qualitative responses: One of the best ways to find out what consumers want from your company is to ask them directly. If the goal of your social media campaign is to ascertain data about customer wants, then incorporating questions that encourage them to engage by providing information such as their favorite websites or types of features they’d like to see integrated with your product, then a breadth of data can be invaluable.
Sharing: People tend to share content that triggers an emotion, and that they feel the need to share with others. On Facebook, “likes” are valuable, but sharing is what brings your content into the minds of people who wouldn’t have seen it otherwise. You can calculate shares in terms of impressions, and can compare your shares against previous campaigns.
Click-through rates, conversions and other analytics: You can also use data tracking tools such as Omniture to find out where people are finding your content, how long they stay on your page and other useful information that can help you build more successful campaigns in the future.
Press Impressions: You know you’ve built a strong campaign if the press are covering it in a positive light. AdAge and other companies are always reporting on businesses that use social media and digital marketing in innovative ways, and being able to capitalize on this helps to bring attention and viewership to your campaign so that even more people will pay attention.
At our Florida advertising agency, we understand that the importance of developing social media campaigns that drive sales in the short term while also providing a lasting brand-to-consumer relationship. And in our book, a happy customer is always the epitome of success.
Contact us for help developing your social media campaign today!