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
Showing posts with label Prospects. Show all posts
Showing posts with label Prospects. Show all posts
Tuesday, May 25, 2010
Friday, May 14, 2010
Social Media – Are You In Or Are You Dead? (Part 1)
Changing the paradigmatic business utilisation of social media.
Mention the phrase “social media” or “new media” to business owners and you are likely to get a puzzled facial expression, followed by concerning remarks about how difficult it is for businesses to keep up with all the latest changes, trends and demands of the modern business world. Define social media with words like “Facebook”, “Twitter” and “LinkedIn”, and all of the sudden every person you talk to is a “social media specialist”.
According to Business.com’s 2009 social media study it is now known that nearly 50% of adults participate in social media with 25% of those doing so weekly. Business people utilise social media today to find business-relevant information and to talk with peers and colleagues. There is no question about whether social media will be adopted and accepted as a communication channel.
Achieving success by utilising social media channels is all about understanding how to take advantage of this new media. Business owners and marketers now need all the help they can get to understand top social media activities, social media initiatives, benchmarking experience with social media for business, and how to measure social media success.
Various social media channels are successfully utilised to build brands, engage with customers, and promote products and services. It is unlikely to find a successful business that is not listed on a social network. Mobile phone technology also contributes to the rapid growth of social media. Most mobile phones are now equipped with internet capabilities, and come with Facebook, Twitter and LinkedIn as standard features.
Social media communication channels are growing at an exponential rate, and it is safe to conclude that a business without a social media profile simply does not exist.
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
Mention the phrase “social media” or “new media” to business owners and you are likely to get a puzzled facial expression, followed by concerning remarks about how difficult it is for businesses to keep up with all the latest changes, trends and demands of the modern business world. Define social media with words like “Facebook”, “Twitter” and “LinkedIn”, and all of the sudden every person you talk to is a “social media specialist”.
According to Business.com’s 2009 social media study it is now known that nearly 50% of adults participate in social media with 25% of those doing so weekly. Business people utilise social media today to find business-relevant information and to talk with peers and colleagues. There is no question about whether social media will be adopted and accepted as a communication channel.
Achieving success by utilising social media channels is all about understanding how to take advantage of this new media. Business owners and marketers now need all the help they can get to understand top social media activities, social media initiatives, benchmarking experience with social media for business, and how to measure social media success.
Various social media channels are successfully utilised to build brands, engage with customers, and promote products and services. It is unlikely to find a successful business that is not listed on a social network. Mobile phone technology also contributes to the rapid growth of social media. Most mobile phones are now equipped with internet capabilities, and come with Facebook, Twitter and LinkedIn as standard features.
Social media communication channels are growing at an exponential rate, and it is safe to conclude that a business without a social media profile simply does not exist.
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
Thursday, May 6, 2010
Your Prospects Might Be Willing To Pay More Than You Think
The price, or the product itself, might not be the reason why your clients refuse your offer. The inconvenience and level of commitment you demand might have a greater impact on the decisions they make.
In our media telesales team we have two individuals who do exceptionally well. From what I have heard during my visits to the sales office, there isn’t much of a difference between their presentations and those of the other salespeople around them. What I did notice is that they, unlike the others, understand that we live in a world where 48 hours have to fit into a 24 hour time frame, that there are things that will not wait, that people’s jobs require more of them than ever before, that people are faced with complex problems every minute of the day, and as a result are bound to say “No”.
Stop the irksome price-wars with prospects. They probably don’t care about the price as much as you thought. In fact, some prospects are probably willing to pay double the price to avoid or get rid of sales people. Develop some strategies on how you can make it easier and less demanding for your prospects to do business with you. Make life easier and less demanding by presenting your solution instead of price only. You might even make a few new friends along the way, the ones who pay for your solution and not the discounted price.
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
In our media telesales team we have two individuals who do exceptionally well. From what I have heard during my visits to the sales office, there isn’t much of a difference between their presentations and those of the other salespeople around them. What I did notice is that they, unlike the others, understand that we live in a world where 48 hours have to fit into a 24 hour time frame, that there are things that will not wait, that people’s jobs require more of them than ever before, that people are faced with complex problems every minute of the day, and as a result are bound to say “No”.
Stop the irksome price-wars with prospects. They probably don’t care about the price as much as you thought. In fact, some prospects are probably willing to pay double the price to avoid or get rid of sales people. Develop some strategies on how you can make it easier and less demanding for your prospects to do business with you. Make life easier and less demanding by presenting your solution instead of price only. You might even make a few new friends along the way, the ones who pay for your solution and not the discounted price.
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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