Establishing metrics to determine the impact of social media initiatives
If you read my four part series on social media you would agree that social media brings with it a wealth of business opportunities. The majority of businesses and the marketers who work for them are in dire need of social media specialists. Some larger companies even employ social media administrators to help them plan, design and run their social media initiatives.
We are done with the ponderous debate about whether we should consider social media initiatives. Social media is here to stay. The new topic of social media revolves around media platforms and what media channels will be best for your business. Social media presents, in many instances, uncharted territories and leaves the door open to explore and discover new opportunities and ways to improve your brand and level of customer service. Regardless of what you carry out in an effort to perfect your social media strategy, never forget to measure your success along the way.
Without proper metrics to measure the effectiveness and efficiency of your social media initiatives you will not be able to see if your efforts made an impact on whatever it was you were trying to accomplish. Business.com identified the most popular success metrics to measure the impact of social media initiatives in their 2009 social media study, and identified web site traffic as the most popular and easiest method of measuring the impact of social media.
Following is a list, in particular order, of the most popular success metrics used by companies today to measure the impact of social media:
1. Web site traffic (65% of companies could see a positive impact)
2. Engagement with prospects (43% of companies could see a positive impact)
3. Brand awareness (38% of companies could see a positive impact)
4. Engagement with customers (50% of companies could see a positive impact)
5. Revenue (54% of companies could see a positive impact)
6. Brand reputation (38% of companies could see a positive impact)
7. Prospect lead volume (55% of companies could see a positive impact)
8. Prospect lead quality (46% of companies could see a positive impact)
9. Useful product feedback (55% of companies could see a positive impact)
10. Other
The average company in this study used four different success metrics among those listed above. As expected, the success metrics listed above cluster into four major focus areas:
1. Web site traffic
2. Engagement – with prospects and customers
3. Brand impact – awareness and reputation
4. Leads – both quantity and quality
As the experience level in social media rises, so does the ability to identify and measure the impact of social media on success metrics. Bottom line, social media offers great opportunities to improve customer service, brand experience, and revenue.
Pierre Fourie is a leading marketing and advertising consultant based in Johannesburg South Africa. He is highly regarded for his expert knowledge on Digital Out Of Home (DOOH) systems and his ability to conceptualise and execute marketing / advertising strategies. Pierre was dubbed the “digital expert” on developing content strategies and promoting branding concepts for private digital advertising networks, including Planet Fitness Gyms and The More Golf Group. His background in the electronics engineering field of study, combined with more than 10 years experience as a business owner, entrepreneur and media expert is reflected on his personal blog: http://mediamarketingandsales.blogspot.com
Tuesday, May 25, 2010
Friday, May 21, 2010
Social Media – Are You In Or Are You Dead? (Part 3)
Find the right audience and give them what they want
UGC (User generated content) is the main media channel on the world wide web that brings names like “Facebook”, “Twitter”, “LinkedIn”, and all the various social media platforms to mind. It enables users to interact with, and contribute towards the content of a website. UGC platforms are developed with the aim to generate substantial amounts of traffic and then hope to cash in by selling advertising and pursuing other revenue streams from their audiences. Think of UGC sites as on-line exhibition centres where you can attract the audience you want, and present yourself in a way that will be embraced.
Each UGC site is developed with specific demographics and psychographics in mind. Each UGC site deploys different strategies and provides different tools in order to create a specific environment that will attract a specific audience. It is therefore easy to understand that a specific UGC site will be preferred for a specific function (using the right tool for the job).
Business.com’s 2009 social media study gives a clear indication of what people demand when using social media as a business information resource. This study identified 12 on-line business information resources. Let’s call this the top 12 business information resources list. It is interesting to know that Twitter came in 10th, followed by participation in discussion on 3rd party sites in 11th place. Saved Business-related links on social bookmarking sites like Digg, Delicious and Stumbleupon came in last.
The first place on the top 12 list for business information resources goes to “Webinars and Podcasts”. 69% of correspondents indicated that they prefer to attend or participate in “Webinars” and listen to “Podcasts”.” Webinars” and “Podcasts” also took first place as the most useful social media resource for business information. It is unfortunate that only a third of the companies who are planning, developing and using social media initiatives make use of “Webinars” and “Podcasts”. Perhaps this can be ascribed to a lack of social media experience, seeing that two thirds of companies who do have social media profiles have less than two years experience in new media.
The Top 12 list of the most popular social media resources for business information:
1. Webinars and Podcasts
2. Reader user ratings & reviews for business products or services
3. Company profiles on social media sites
4. Company blogs
5. Searches for information on social media sites
6. Participation in online business communities or forums
7. Read or download business-related content on 3rd party content sharing sites
8. Ask questions on Q&A sites (Yahoo! Answers, LinkedIn, forums, etc)
9. Subscribe to RSS feeds of business-related news or information sites
10. Use Twitter to find or request business-related information
11. Participate in discussions on 3rd party sites
12. Business-related links on social bookmarking sites (Digg, Delicious, Stumbleupon, etc.)
Pierre Fourie is a leading marketing and advertising consultant based in Johannesburg South Africa. He is highly regarded for his expert knowledge on Digital Out Of Home (DOOH) systems and his ability to conceptualise and execute marketing / advertising strategies. Pierre was dubbed the “digital expert” on developing content strategies and promoting branding concepts for private digital advertising networks, including Planet Fitness Gyms and The More Golf Group. His background in the electronics engineering field of study, combined with more than 10 years experience as a business owner, entrepreneur and media expert is reflected on his personal blog: http://mediamarketingandsales.blogspot.com
UGC (User generated content) is the main media channel on the world wide web that brings names like “Facebook”, “Twitter”, “LinkedIn”, and all the various social media platforms to mind. It enables users to interact with, and contribute towards the content of a website. UGC platforms are developed with the aim to generate substantial amounts of traffic and then hope to cash in by selling advertising and pursuing other revenue streams from their audiences. Think of UGC sites as on-line exhibition centres where you can attract the audience you want, and present yourself in a way that will be embraced.
Each UGC site is developed with specific demographics and psychographics in mind. Each UGC site deploys different strategies and provides different tools in order to create a specific environment that will attract a specific audience. It is therefore easy to understand that a specific UGC site will be preferred for a specific function (using the right tool for the job).
Business.com’s 2009 social media study gives a clear indication of what people demand when using social media as a business information resource. This study identified 12 on-line business information resources. Let’s call this the top 12 business information resources list. It is interesting to know that Twitter came in 10th, followed by participation in discussion on 3rd party sites in 11th place. Saved Business-related links on social bookmarking sites like Digg, Delicious and Stumbleupon came in last.
The first place on the top 12 list for business information resources goes to “Webinars and Podcasts”. 69% of correspondents indicated that they prefer to attend or participate in “Webinars” and listen to “Podcasts”.” Webinars” and “Podcasts” also took first place as the most useful social media resource for business information. It is unfortunate that only a third of the companies who are planning, developing and using social media initiatives make use of “Webinars” and “Podcasts”. Perhaps this can be ascribed to a lack of social media experience, seeing that two thirds of companies who do have social media profiles have less than two years experience in new media.
The Top 12 list of the most popular social media resources for business information:
1. Webinars and Podcasts
2. Reader user ratings & reviews for business products or services
3. Company profiles on social media sites
4. Company blogs
5. Searches for information on social media sites
6. Participation in online business communities or forums
7. Read or download business-related content on 3rd party content sharing sites
8. Ask questions on Q&A sites (Yahoo! Answers, LinkedIn, forums, etc)
9. Subscribe to RSS feeds of business-related news or information sites
10. Use Twitter to find or request business-related information
11. Participate in discussions on 3rd party sites
12. Business-related links on social bookmarking sites (Digg, Delicious, Stumbleupon, etc.)
Pierre Fourie is a leading marketing and advertising consultant based in Johannesburg South Africa. He is highly regarded for his expert knowledge on Digital Out Of Home (DOOH) systems and his ability to conceptualise and execute marketing / advertising strategies. Pierre was dubbed the “digital expert” on developing content strategies and promoting branding concepts for private digital advertising networks, including Planet Fitness Gyms and The More Golf Group. His background in the electronics engineering field of study, combined with more than 10 years experience as a business owner, entrepreneur and media expert is reflected on his personal blog: http://mediamarketingandsales.blogspot.com
Tuesday, May 18, 2010
Social Media – Are You In Or Are You Dead? (Part 2)
Social media is not just about Facebook and Twitter
Social media includes UGC (User Generated Content) web sites like Facebook and Twitter. These particular web sites pitched large tents in the social media world, but it is important to know that the phrase “social media” refers to various media channels and platforms that enable and encourage users to interact with each other and the brands they are exposed to.
A single UGC site can, for example, host a variety of media platforms and combine different media channels in order to enhance the user’s experience. UGC sites are ultimately designed to drive large amounts of traffic, hoping to accumulate large membership numbers that increases advertising interest and provide alternative revenue streams.
In order for you to conduct a business transaction you will need three things; a supplier (entity who wants to sell a product or service), a buyer (entity who has the need for your product and the means to pay for it), and obviously a product or service to sell. The marketing function of any business is to identify who the potential buyers are, what products and services they demand, how much they are willing to pay, and what information resources these potential buyers consult in order to make an informed purchasing decision.
I would recommend that you include Facebook, Twitter and LinkedIn Companies as part of your brand strategy for social media in order to maximise results. The next step requires some research planning, and attention to detail. Determine exactly who the players are, what media platforms you should focus on, what social media channels you should use, and what emotions and sentiments you would like to pin down.
The average company in Business.com’s 2009 social media study is currently planning, developing or running seven different social media initiatives. Over 1,900 participants in this research indicated that they work for a company involved in social media initiatives. The vast majority (92%) are directly involved in planning or managing these initiatives and spend, on average, 18% of their time in a given week on business social media activities.
Pierre Fourie is a leading marketing and advertising consultant based in Johannesburg South Africa. He is highly regarded for his expert knowledge on Digital Out Of Home (DOOH) systems and his ability to conceptualise and execute marketing / advertising strategies. Pierre was dubbed the “digital expert” on developing content strategies and promoting branding concepts for private digital advertising networks, including Planet Fitness Gyms and The More Golf Group. His background in the electronics engineering field of study, combined with more than 10 years experience as a business owner, entrepreneur and media expert is reflected on his personal blog: http://mediamarketingandsales.blogspot.com
Social media includes UGC (User Generated Content) web sites like Facebook and Twitter. These particular web sites pitched large tents in the social media world, but it is important to know that the phrase “social media” refers to various media channels and platforms that enable and encourage users to interact with each other and the brands they are exposed to.
A single UGC site can, for example, host a variety of media platforms and combine different media channels in order to enhance the user’s experience. UGC sites are ultimately designed to drive large amounts of traffic, hoping to accumulate large membership numbers that increases advertising interest and provide alternative revenue streams.
In order for you to conduct a business transaction you will need three things; a supplier (entity who wants to sell a product or service), a buyer (entity who has the need for your product and the means to pay for it), and obviously a product or service to sell. The marketing function of any business is to identify who the potential buyers are, what products and services they demand, how much they are willing to pay, and what information resources these potential buyers consult in order to make an informed purchasing decision.
I would recommend that you include Facebook, Twitter and LinkedIn Companies as part of your brand strategy for social media in order to maximise results. The next step requires some research planning, and attention to detail. Determine exactly who the players are, what media platforms you should focus on, what social media channels you should use, and what emotions and sentiments you would like to pin down.
The average company in Business.com’s 2009 social media study is currently planning, developing or running seven different social media initiatives. Over 1,900 participants in this research indicated that they work for a company involved in social media initiatives. The vast majority (92%) are directly involved in planning or managing these initiatives and spend, on average, 18% of their time in a given week on business social media activities.
Pierre Fourie is a leading marketing and advertising consultant based in Johannesburg South Africa. He is highly regarded for his expert knowledge on Digital Out Of Home (DOOH) systems and his ability to conceptualise and execute marketing / advertising strategies. Pierre was dubbed the “digital expert” on developing content strategies and promoting branding concepts for private digital advertising networks, including Planet Fitness Gyms and The More Golf Group. His background in the electronics engineering field of study, combined with more than 10 years experience as a business owner, entrepreneur and media expert is reflected on his personal blog: http://mediamarketingandsales.blogspot.com
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