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Social Media - Social Media: It's All About Results... and How to Measure Them : Market... - 1 views

  • Social Media: It's All About Results... and How to Measure Them
  • In this article, you'll learn...

    • How self-service business intelligence can demonstrate the value of social media
    • Nine best-practices of measuring social media effectiveness
  • Industry analysts are touting self-service business intelligence (BI) as the golden child of 2011. Lucky for marketers, one area that's ripe for self-service BI is social marketing.

    SaaS (software as a service) BI solutions for the cloud are an excellent option for cutting costs and reducing the drain on information technology (IT) departments. The SaaS model has also made BI accessible to more users, paving the way for self-service BI.

    Add to that the introduction of social media metrics, and you have a marketer's dream: a way to determine the holy grail of return on marketing investment (ROMI).

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  • Self-Service BI: What it Means for Social Marketing

    True self-service BI must be timely, relevant to the user, very easy to consume, and highly interactive. Users must be able to personalize it while still allowing for consistency across the organization. It needs to remain focused on specific business processes, such as marketing contact to sales opportunity, and support specific best-practices, such as social media outreach.

  • All that makes self-service BI and social marketing a match made in heaven.

    Many marketers instinctively know the value of using social media channels in their marketing mix. Yet in this still-untracked territory, many struggle to prove that the outcomes of such initiatives are worth the time, resources, and marketing spend.

    BI tools may be exactly what marketers need to demonstrate the value of social media, an endeavor that has proven to be complex and difficult—and beyond the capability of many social-media measurement tools on the market.

    BI is no longer relegated to the realms of business analysts or finance, nor is it limited to BI "experts." The shift toward self-service BI means that anyone can now use it as part of his or her daily decision making, and it's focused on metrics that matter to marketing.

    For example, whether you're doing a survey on Facebook, seeking webinar participation via Twitter, or hosting a group discussion on LinkedIn, you need access to data that show outcomes of marketing campaigns, rather than mere activity reports.

  • "OME": Your New BFF

    The addition of social media to the marketing mix means that BI solutions need to aggregate and analyze more sophisticated performance metrics, particularly since the number of data sources and associated activity metrics continues to grow.

    Because more business is being conducted online, marketers are increasing their focus on social media and online marketing to take advantage of websites, search engines, and paid search to attract and engage prospects. There's no question that you're constantly tasked with improving the effectiveness of online marketing and showing the business value and ROI of online marketing campaigns.

    But how?

    Activity measures, such as the number of fans or followers and mentions, are a starting point for understanding whether social media initiatives are generating interest. However, calculated performance metrics, such as feedback rate (number of comments divided by the number of pageviews), provide better context. Outcome measures, such as referred website visits that result in a goal completion, show true business value.

  • You can extend that approach by relating costs to sales outcomes (number of leads, number of opportunities, cost per conversion, cost per opportunity), which starts you down the path toward true marketing ROI. Such information can be achieved by combining outcome data with CRM data to show metrics like incremental sales, and with ERP data to show incremental revenue and profit.

    Though you may have used tools that track site visitors, bounces, and even bounce rates, those metrics alone are quickly becoming useless and obsolete because there are so many other factors to consider.

    A bounce rate is a percentage that doesn't tell you enough. You may have a zero bounce rate on a page... but if there was only one visitor to the page, that low bounce rate quickly loses its luster.

  • Instead, a weighted metric based on the number of visitors to a page, the number who stayed for a reasonable amount of time, and the number of visitors who viewed consecutive pages, provides more useful and actionable insight. Such weighted metrics also help to provide complete context of the outcome, including the drivers that affect that outcome.

    For example, consider what I call overall marketing effectiveness, or "OME." That is a measure that can be tracked over time to show a composite view of marketing campaign effectiveness. OME is composed of "attraction," "engagement," and "conversion."

    Overall Marketing Effectiveness (OME) = Attraction x Engagement x Conversion

    Attraction is a measure of bringing visitors to the Website; for paid search, that would be click-through ratio. Engagement measures the percentage of visitors who stayed and engaged, based on time spent, number of pageviews, etc. And conversion tracks the percentage of visitors who completed designated website goals—converted to qualified leads, became sales opportunities, closed orders, etc.

  • Best-Practices for Measuring Social Media Effectiveness

    Today, marketers can benefit from BI solutions that focus on the context of outcomes, improving decision-making and, ultimately, driving incremental revenue and profit. As you work to improve online marketing effectiveness, consider the following nine best-practices:

  • Measure all your online initiatives to show activity, outreach, engagement, and most important, outcomes (goal completions, lead and opportunity conversion ratios, and cost-per-conversion).
      • Even better, track all the way through to incremental sales, revenue, and gross profit driven directly from online marketing.

    * * *

    Imagine the power of having "right-time" insight into your social media campaigns and being able to instantly alter their focus, rather than simply tossing meaningless numbers at your boss.

    Business intelligence for social marketing—via easy-to-use tools like interactive dashboards and budget-friendly SaaS solutions—can help marketers create and demonstrate greater value in their social media outreach campaigns.


Strategy - Go Local: Seven Steps to Running Geotargeted Campaigns Like a Pro : Marketin... - 0 views

  • This is the decade for geotargeted local advertising.
  • Monster-sized corporations like Google and Yahoo deliver content and advertising to their users based on location. Social networking sites and apps like Foursquare and Yelp are appealing to local users. Neighborhood businesses, such as a local dentist's office or dry cleaner, are able to advertise online in their local markets while small and medium-sized businesses can target multiple geographical areas. And sites like Groupon and DailyCandy offer local deals to local users.
  • But, in reality, geotargeting your online advertising is not nearly as daunting as it seems. Just follow seven simple steps.
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  • Local is the new global.
  • 2. Determine the right channels
  • A. Conduct an internal analysis
  • B. Scope out your competition
  • 1. Decide which geographies to target
  • 3. Generate creative
  • 4. Create campaigns per geo
  • 5. Validate

  • 6. Test

  • 7. Monitor
  • Always monitor your campaigns.

Social Media - Social Networking: Fastest-Growing Mobile Content Category : MarketingPr... - 0 views

  • Driven primarily by Facebook, social networking is the fastest-growing mobile content category in the US: Nearly 58 million mobile subscribers accessed a social networking site at least monthly via mobile device as of December 2010, up 56% from the previous year, according to a report by comScore.

  • Among smartphone users, social networking use was even more pronounced: 57.3% of US smartphone users (36.2 million users) accessed social networking sites or blogs at least once during the month as of December, up 11.2 percentage points over the previous year.
  • Facebook is a huge driver of mobile social networking: The number of US users accessing the social networking site via mobile reached roughly 44 million as of December, up 121% over the previous year.
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  • YouTube and Twitter held the second and third position in the US, growing 74% and 71%, respectively, whereas the number of users accessing MySpace via mobile fell 20% in the US.

  • A key shift has been the increase in the frequency with which mobile phone owners use their devices to connect to content and peers. Across three categories–email, news and information access, and social networking—the largest observed increases were among mobile users who access such services almost daily (vs. weekly or monthly).

    Social networking in particular registered high growth, with daily users increasing 80% in the US.


13 'Old-School' Marketing Techniques That Take Your Facebook Fan Page From Wimpy to Wow... - 0 views

    "If you're a business using Facebook, you've probably set up a fan page. Fan pages are specifically designed for businesses and brands that want to connect to customers and prospects on a large scale."
    Okay, so this predated (by days) the change from "Fans" to "Likes," but the tips are still good!
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