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Scoop.it!
When businesses first start out using social media, there are usually two main problems: getting social media results is a huge one, but when the results don’t materialize, the other is pressure from upper-management or business owners to get results. The result can often mean the budget for your social media campaign being pulled. Fortunately, it is possible to get results and today I’m going to show you how.... 
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Scoop.it!
Everyone in business should understand opportunity cost (lost opportunity cost or missed opportunity cost). If you bring this kind of analysis to bear, you will quickly see why your business cannot afford to ignore social media as part of your marketing and customer service programs. Ignoring social media results in more than one missed or lost opportunity. Each opportunity carries a cost to your company. Before you start plugging numbers into a cost equation, understand that social media success requires three things: 1. Knowledge 2. Time (typically 6 to 12 months) 3. Involvement Understand as well that social media marketing alone is not likely to achieve your marketing goals. Social media should be used alongside and in conjunction with a range of other online and traditional marketing tactics or activities. Finally, understand that you need to understand and know how to measure some new key performance indicators, including...
Jeff Domansky's insight:
Social media reality check and smart advice.
Scoop.it!
There are tons of rumors floating around about how Google Plus will help you with your SEO rankings. While this may or may not true, it shouldn't be the sole reason to use G+. The reason to use G+ is to connect and converse with your audience. If you only take one thing away from my engagement series, it should be this: each social network is unique in its own way, with its own personality and set of best practices. Knowing how each social network operates is going to give you a head start in your social media marketing by allowing you to connect to your past, present, and future audience in an acceptable manner. As I continue my engagement series, in the next two posts we will switch focus to Google Plus. Google Plus is the newest of the group, and like it or not, it is Google, and thus should not be ignored....
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Recently released research by LoyaltyOne and two leading North American academic institutions provides the long-awaited proof that social media interaction between a customer and a brand drives immediate and long-term sales increases.
The findings are based on a two-year analysis of brand-customer social media engagement and transaction data with the more than 10-million member AIR MILES Reward Program. AIR MILES collectors were encouraged to engage with the AIR MILES-hosted social community website by sharing thoughts about the brand or participating in promotions; they were rewarded either with a small number of bonus miles or entry to a lottery for large prizes. By analysing their unique collector data, researchers were able to show that these participants increased their purchases from program partners by 15-30 per cent over non-participants.
It’s proof that smart social media marketing can deliver a significant, lasting and measurable increase in customer engagement and transactions....
Jeff Domansky's insight:
Research proves that social media marketing can deliver measurable ROI...
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The ongoing debate about the value of social media engagement remains unresolved. However efforts have been made to assess the value of social media as “earned media” and to assess the ROI of social media marketing. After applying these recent calculations to our business and to our clients’ businesses, we find the assessments reasonable. At the very least, these calculations create a starting point for analysis of individual business results. ...
Jeff Domansky's insight:
Research encouraging and getting better at highlighting social media ROI.
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With so many numbers to track, how do you figure those which are worth tracking for your product or service? The agate “measure what matters” could not be more valid when it comes to social media.
...If marketers don't approach social media right, they’re just annoying people. As long as marketers think that tracking social media ROI is an impossible task, they’re going nowhere. But what are the metrics that assure social media success?...
Jeff Domansky's insight:
Here's a good post on the metrics that you must measure for marketing and social media success.
Reuben Bisley's curator insight,
April 8, 2013 12:40 AM
The various anyliticle tools provided here to help measure the effectiveness of various communications in the social media could potentially help in communication objective setting activities. Be they sales orientated or attitude orientated objects it will give a clearer picture of the outcomes from the social media activities.
Richard Ott's comment,
April 9, 2013 6:13 PM
Its really interesting to see how companies can measure the performance. THis is well linked to what we discussed in class last week. Good find Reuben :) I think marketing research has a long way to go before companies can fully be aware of the effectiveness of Social Media.
's comment May 3, 2013 12:47 AM
That’s very true Richard due the freedom of social media, there is still room for inefficiency if the use of social media is not corrected. Great article Reuben this helps aid the use of social media for marketers as although much of the social media can be used for building brand awareness it can also be harmful if not implemented correctly.
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Knowledge is power and knowing what the online trends are is vital if you want to stay ahead of the pack. While case studies are definitely useful, sometimes you will need research and studies to help figure out what direction you want your business to take. So to help out, we found 40 studies, research papers and guides to help improve your marketing capabilities. Some are stats based, some go into detail regarding the methodology and findings, and some just offer advice on the best practices....
Jeff Domansky's insight:
Terrific resource from Simply Zesty...
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Want to know how to get social media results from your efforts? Take a look at these 7 ways to make getting social media results easier.