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 social media. Show all posts
Showing posts with label social media. Show all posts
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
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, November 19, 2009
Digital signage dictionary
DOOH / Digital signage / Dynamic signage
Digital Out-of-Home (DOOH) / Digital signage / Dynamic signage refers to signage that is displayed in public spaces by means of projector, LCD, Plasma screen, Electronic billboard, Isle-talkers, etc. Multimedia content is usually displayed using a computer, also referred to as a digital engine or media player. You will find digital signage in most public spaces like airports, outdoor concert venues, bars, restaurants, cafes, college campuses, convention centres, stock markets, call centres, trains, busses, taxis, and retail environments.
Interactive Digital Signage
An interactive layer is added to a digital signage system, allowing the targeted audience and users to engage with the on-screen content in real-time by means of a specialized devices, touch screen, or mobile phone.
Digital media platform
The infrastructure (hardware, software, connectivity and various resources) that is purposefully designed to host, support and broadcast various media file types with the objective to entertain, inform, and educate a targeted audience. Interactive layers and peripheral devices can be added atop this base to create an Interactive Media Platform.
ABN (Ad-based Network)
Revenue from third party advertising is not necessarily the primary objective of a Digital Signage network. Digital signage networks that do support third party advertising is normally referred to as ad-based networks, and rely on the ad-revenue to sustain the network and generate an extra revenue stream to enhance return on investment (ROI) for the system owner/s. In order for an ABN to be viable it is required to have the right balance of relevant content to advertising, as well as sufficient dwell-time in order to engage the viewer.
Dwell-time
The amount of time a customer remains in a venue, or a specific area within the venue. Dwell-time is an important variable in determining display placement, advertisement size (seconds), content loop duration, advertising-to-content ratio, and advertisement cost. One of the primary objectives of Digital Signage is to increase dwell-time, and therefore often forms part of the Return on Investment (ROI) metrics and cost justification value proposition.
Expression-based media & Social Media Applications
Invites people to engage with beneficial and entertaining content that forces users to HAVE FUN. It also encourages people to share information and talk to each other in a user-controlled media environment.
Mobile click
The user’s phone number is treated much like a web “cookie”, adding a layer of measurability to track user statistics across digital signage networks. It enables the dynamic digital signage system to recognize a unique user engaging with a social media application via a mobile phone.
New media triadThe media distribution model by which brands and advertisers can engage with consumers using various digital media, all within an integrated campaign.
OTS (Opportunity To See)
The probability a screen has to be viewed by consumers. It is unlikely that a screen will be seen if it is hidden away or placed in a low dwell-time area. OTS is expressed as a percentage ratio comparing the amount of people who actually see the screen to the amount of people that entered the venue where the screen is installed. OTS is a useful variable for brands and advertisers.
Proof of Play
Proof of play is a built-in feature of proper digital network management software. It is a secure document where advertisement flight details are logged every single time an advertisement is sent to the screen. It records the date, time of day, and for how long the advertisement was displayed. Technically the proof of play only states that the advertisement was sent to the screen. Additional network features and technology is required to tell if the screen was actually switched on and working at that specific time. Proof of play, combined with other measurable variables, is important in calculating how many people actually looked at your advertisement in order to determine ROI.
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
Digital Out-of-Home (DOOH) / Digital signage / Dynamic signage refers to signage that is displayed in public spaces by means of projector, LCD, Plasma screen, Electronic billboard, Isle-talkers, etc. Multimedia content is usually displayed using a computer, also referred to as a digital engine or media player. You will find digital signage in most public spaces like airports, outdoor concert venues, bars, restaurants, cafes, college campuses, convention centres, stock markets, call centres, trains, busses, taxis, and retail environments.
Interactive Digital Signage
An interactive layer is added to a digital signage system, allowing the targeted audience and users to engage with the on-screen content in real-time by means of a specialized devices, touch screen, or mobile phone.
Digital media platform
The infrastructure (hardware, software, connectivity and various resources) that is purposefully designed to host, support and broadcast various media file types with the objective to entertain, inform, and educate a targeted audience. Interactive layers and peripheral devices can be added atop this base to create an Interactive Media Platform.
ABN (Ad-based Network)
Revenue from third party advertising is not necessarily the primary objective of a Digital Signage network. Digital signage networks that do support third party advertising is normally referred to as ad-based networks, and rely on the ad-revenue to sustain the network and generate an extra revenue stream to enhance return on investment (ROI) for the system owner/s. In order for an ABN to be viable it is required to have the right balance of relevant content to advertising, as well as sufficient dwell-time in order to engage the viewer.
Dwell-time
The amount of time a customer remains in a venue, or a specific area within the venue. Dwell-time is an important variable in determining display placement, advertisement size (seconds), content loop duration, advertising-to-content ratio, and advertisement cost. One of the primary objectives of Digital Signage is to increase dwell-time, and therefore often forms part of the Return on Investment (ROI) metrics and cost justification value proposition.
Expression-based media & Social Media Applications
Invites people to engage with beneficial and entertaining content that forces users to HAVE FUN. It also encourages people to share information and talk to each other in a user-controlled media environment.
Mobile click
The user’s phone number is treated much like a web “cookie”, adding a layer of measurability to track user statistics across digital signage networks. It enables the dynamic digital signage system to recognize a unique user engaging with a social media application via a mobile phone.
New media triadThe media distribution model by which brands and advertisers can engage with consumers using various digital media, all within an integrated campaign.
OTS (Opportunity To See)
The probability a screen has to be viewed by consumers. It is unlikely that a screen will be seen if it is hidden away or placed in a low dwell-time area. OTS is expressed as a percentage ratio comparing the amount of people who actually see the screen to the amount of people that entered the venue where the screen is installed. OTS is a useful variable for brands and advertisers.
Proof of Play
Proof of play is a built-in feature of proper digital network management software. It is a secure document where advertisement flight details are logged every single time an advertisement is sent to the screen. It records the date, time of day, and for how long the advertisement was displayed. Technically the proof of play only states that the advertisement was sent to the screen. Additional network features and technology is required to tell if the screen was actually switched on and working at that specific time. Proof of play, combined with other measurable variables, is important in calculating how many people actually looked at your advertisement in order to determine ROI.
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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