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Learn how successful marketers from big brands measure social media ROI in this blog post from the TopRank Online Marketing Blog.
... What Are The Top 3 Data Points That You Measure?
Lewis: Cost per impression and cost per conversion are the two main metrics that we measure because we want to know how we’re impacting awareness. We also want to know how social is influencing the customer journey and where the social touch points occur along the marketing funnel.
Nick: We measure cost per impression, cost per engagement, pipeline touch, and response time. We regularly send the C-suite a simple report and only show them detailed statistics if they have questions. We found that it was best to make the report simple and easy for people to digest.
Scott: We primarily measure social ROI by net promoter score and customer satisfaction score. (Net Promoter Score, or NPS is how likely are you to refer our company on a scale from 1 to 10.)
We measure NPS because the top of funnel stuff is squishier. The metaphor that we use is that we want to use social media to pass the customer the ball so that they can pass it through the funnel. We also want to know where the customer first touched us in their conversion journey and track them all the way through....
Regardless of the social media network you have chosen to use to market your business, one thing is certain. Without a way to accurately track and follow key success indicators, your efforts are in vain. Below are four social media metrics that every business must track and measure....
Are your social media marketing investments driving the results you need? Executives will demand that you prove your budget investments are working, but do you know what you should track to get that evidence?
While follower numbers and number of times content is shared can help you build your case, they don’t tell enough of the story. You need to translate those numbers into something meaningful to your executive team if you want to hold onto your marketing budget dollars. You need to quantify the return on investment for your social media marketing tactics just as you do for traditional marketing initiatives.
While social media marketing metrics are far from perfect today, you can collect the necessary data to support your current and future social media marketing spending.
Below are five key performance indicators (KPIs), you should start tracking right now. Executives understand and value this type of performance information, and it could make the difference between getting your next marketing budget approved or denied. These KPIs are in addition to the ones discussed above—growth in followers and shares—and growth in link click-throughs....
As more and more businesses are discovering, true customer understanding begins with social data. According to a recent survey sample of 2,200 marketers around the world, 71% of marketers plan to implement big data analytics into their marketing strategies within the next two years.
Why Social Data Matters Having access to users’ social profiles and behavior data enables businesses to better tailor their marketing efforts and online experiences for increased relevancy. For instance, a user who logs in with his Facebook account grants your business access to his profile information, which can include his interests, social graph, location, and more. You can then use this data to tailor your marketing campaigns and online experience to that individual user....
As content marketing emerges as the leader in digital marketing the way many marketers measure efficiency and the impact seems to be ancient
....as content marketing is gradually emerging as the leader in digital marketing, primarily in SEO and B2B marketing, the way many marketers measure efficiency and the impact of the content seems to be ancient. For instance, consider e-books which are a prevalent lead generation strategy. Many marketers make the mistake of failing to measure anything more than the number of downloads.
Is there another way to measure how effective this content has been? Here is a comprehensive guide to those unavoidable Key Performance Indicators (KPI’s) that should be measured for any content marketing initiatives...
Big data is all the rage right now. Marketers are scrambling to extract value from the 2.5 quintillion bytes of data that are being created each and every day. This data can lead to insights about buyer intent, customer engagement, content marketing effectiveness, and more. In fact, in my last post for Content Marketing Institute I offered 3 ideas on how content marketers can use big data to improve or enhance their content marketing efforts.
But it’s easy to be overwhelmed by all of the possibilities and data at hand. Once you have your goals in mind, how do you uncover the best insights for informing your content marketing strategy without being bogged down by the data deluge? Here’s a look at the best of the usual suspects — as well as some sources you may not have considered yet — to better inform your content marketing program...
Simple metrics like "followers" and "likes" are usually dismissed by the gurus but actually play an important part in your company's progress...
.Most social media “gurus” will be quick to point out that activity-based metrics such as number of posts, followers, or re-tweets are meaningless because they don’t measure real business value. I’m going to take a contrarian viewpoint today and explain that in the real world, these simple measurements are not only useful, they may be critical.
A few years ago, I was working as a consultant on a new marketing initiative for an extremely conservative, slow-moving company. As we were getting to know each other, I asked the people around the table “If we gathered here a year from now and you told me that our initiative had been wildly successful, what would have been achieved?”
One of the veterans of the team spoke up: “I would like to see that something … anything … actually HAPPENED!”...
The popularity of smartphones is bringing an increase in the growth of the use of online content from those sources. For example, a recent report from Brafton indicated that smartphone users and tablet users have increased their visits to websites by 52 percent this year, when compared to the same time last year.
Moreover, the design of a brand’s site can elicit various reactions from visitors. Done properly, and optimized for a smaller screen and touchscreen functions, brands can elicit excitement and a drive to learn more and take action – such as make a purchase – leading to a potential rise in conversions....
When STOCK Restaurant opened in early 2012, they set up basic Facebook and Twitter profiles looking to establish a strong online presence. But with no clear social strategy or framework to analyze the success of their social efforts, STOCK’s social media presence had minimal activity and growth.
STOCK wanted to drive new customers through the doors of their brand new restaurant and recognized they needed help in building a strong and effective social presence. They turned to Tent Social for their expertise on social media and marketing....
Do you want to know the value of your content? In today's post, Mike Pantoliano shares his tips for calculating the real ROI of your content strategy and marketing efforts. ...With so much emphasis often put on the traffic generation potential of a good content marketing strategy, I want to focus this post on measuring and increasing the return on the (sometimes sneakily large) investment. Some common goals you'll hear surrounding a content marketing strategy include generating traffic for generic terms, increasing social shares, and developing the brand's authority (measured by increases in branded traffic, or some other indicator). In the right circumstances, all of these are nice metrics for the relevant stakeholders in the organization, but they're all just proxies for measuring the growth of a business. They're measurements of the means, not the end. The impetus for a lot of what I'll be talking about in this post comes from Josh Braaten's post on the Google Analytics Blog a few months ago titled "How to Prove the Value of Content Marketing with Multi-Channel Funnels". Josh talks practically about how to measure the business impact of traffic that first experiences your site via a page that isn't directly selling a product or service to a consumer. Think: the "How to get into fly-fishing" article written by the outdoors retailer that sells fly-fishing poles, or even the "How to measure the effectiveness of content marketing" article written by the guy working for a company that's doing a two day kick-ass web marketing conference in Boston on May 20th & 21st :). Indeed, these content pages aren't selling a product or service, but they are selling the brand, the "purchase" made by the consumer is everlasting trust; and it has a really low conversion rate....
There are several people asking the same question: “How Long Does It Take for Content Marketing to Work?” In today’s video, Arnie Kuenn answers the question in several ways... ...What’s it really going to take to get that payoff? Well, this slide here shows you that both business-to-business and business-to-consumer companies with 100 to 200 pages will generate 2.5 times as many leads compared to those who have 50 pages or fewer. It gives you an idea of where you are with your website. If you’re far exceeding that, you have thousands of pages, well then you’re in a different league. But basically for small businesses, this is the target you want to have. Companies that blog more than 15 times per month, we used to tell our clients that they really need to be looking at trying to blog or post new content on their website 3 to 4 times a week. This pretty much right there, 15 times a month for some new content. If you do that, you’re looking at generating five times as much traffic to your website compared to people who aren’t blogging or aren’t generating any kind of new content at all. That’s significant. That’s five times as much traffic....
Pinterest announced that they're now offering their users access to a rich set of statistics for their pins and pin activity. Called simply Pinterest Analytics, it is available to any user with a verified website (not just "business" accounts). This is a much-needed asset for business owners and bloggers as it will help you see not only how your pins have performed, but what content other people have pinned from your website and how those pins have performed. The analytics includes how many people pinned content from your site, how many people saw those pins, and how many people visited your site from those pins (clicked through). You will also be able to see your most popular pins, the ones that have been repinned and clicked the most, as well as most recent pins. Businesses can use Pinterest Analytics to evaluate the value and ROI of a Pinterest presence. At 10.5 million users and rising, Pinterest definitely provides a rich and growing audience for business owners, and these new analytics will show off just how much traffic and interest the site is generating in your brand....
Content marketinghas become a bit of a buzzword recently. It’s become a synonym for digital marketing and a catchall term for marketing tactics like blogging and social media. It’s also become an essential part of B2B marketing strategies, recent research found that 88% of B2B content marketing spends are to either stay the same or increase in 2013. For B2B companies, the bottom line is sales. Most B2Bs aren’t interested in becoming a household name brand, or appearing on billboards. They just want to sell their product. Which is odd, considering that same research found that only 43% of B2Bs listed sales as a measurable target for content marketing....
Via Brian Yanish - MarketingHits.com
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Some say social media ROI is elusive. I say, only if you're doing it wrong. Here's some tips on how to do it right!
What are you doing to leverage social media as a platform for driving leads into your sales pipeline?
According to a new study by the CMO Council, social media is stimulating extensive auto-related conversations and content that create huge sales opportunities to identify likely buyers and engage them based on their individual preferences and purchase intent.
Social media is currently influencing purchasing behaviors and smart marketers should be doing more to capitalize on their investments and efforts....
CMI research has found that content marketing clients understandably want to be able to tell how their organization is doing in relation to its peers. Find out how...
While this year’s top content marketing goals shouldn’t come as a surprise, in my mind, the biggest unanswered question is, how can B2B marketers demonstrate goal completion? In this article, I’ll outline how to demonstrate B2B content marketing performance in association with three primary challenges: brand awareness, thought leadership, and engagement....
...Measuring awareness is relatively straightforward. If you’re a coffee shop, for example, the number of people who walk by the front door, stop, look inside, maybe even poke their head in, is your level of awareness.
Measuring trust is significantly harder because it’s subjective and qualitative. Trust is less of a “what happened” question and more of a “why” question, and you can never measure “why” questions with web analytics (which only measures “what happened” questions).
With that in mind, let’s look at two simple ways using web metrics that you can start to see the impact of your public relations program on growing new audiences. The screenshots below are taken from the most popular web analytics program, Google Analytics, but other programs provide (or should provide) substantially similar metrics....
Kristi Hines shares 4 easy-to-use social media analytics tools that deliver clear insights about your business’s social media activity.Do you want more insight about your social media activities?
Are you looking for a tool to bring important analytics to one place?In this article, you’ll discover four social media analytics tools that deliver clear insights about your business’s social media activity....
As power shifts from brands to consumers, knowing your consumer has never been more important. But brands are often clouded by big data.In the post-advertising world, many brands struggle to understand the people they’re selling to and why they behave as they do. As power shifts from brands to consumers, knowing your consumer has never been more important. Even the accounting firm PwC has woken up to the fact that “every industry participant will need to invest in customer understanding and engagement.”
But so long as this point is couched solely in data-analytics terms, it tells only part of the story.
It’s easy to feel lost and, oddly, reassured by the introduction of “big data” (defined by Gartner as volume, velocity and variety), or colossal swaths of demographic, behavioural and customer-preference numbers. History is littered with examples of how the misuse of big data can precipitate poor decision making on a massive scale. The U.S. military’s overreliance during the Vietnam War on quantified data at the expense of human observation in the field is a classic case (read Brian Bergstein’s piece in the MIT Technology Review [20 February, 2013] for background). In a different context, data-harvesting giant Tesco’s handling of the recent horse-meat crisis reveals that having a wealth of available data but little empathy for your audience and their world can obscure the bigger picture, thereby impeding effective decision making.
Recent studies indicate to behavioural economists that people don’t make decisions or act according to reason (read Daniel Kahneman’s Thinking, Fast and Slow [2011] for a seminal exploration of the factors that do influence human decision making)....
"Brand" will always be a nebulous term. Arguments rage about its true value, especially on social media...
Although recent research shows that it can be responsible for nearly 15% of your total worth (Or much, much more, if you’re J.K.Rowling), it’s still seen by many as the ultimate wooly metric. There’s no doubt that being a household name will improve your chances of success in social, but just how far will it take you?
I’ve taken a look at the world’s top ten brands, and matched up their profiles across the biggest social media platforms.Let’s see what’s in a name...
Instagram is becoming a core platform for brands to engage with consumers since it registers consumer engagement 18 times that of Facebook and 48 times that of Twitter, according to the latest report from L2 Think Tank.
The "Intelligence Report: Social Platforms" found that the visual component of Instagram has helped the platform grow to 100 million users with the average luxury brand having 100,000 followers. Other visual platforms such as Vine, Pinterest and YouTube have grown significantly and continue to be platforms for brands to deeply engage with consumers.
"For all the mindshare that it occupies, social media ultimately drives very little ecommerce, less than 0.25 percent, and site traffic, less than 3 percent, for prestige brands," said Danielle Bailey, research lead L2 Think Tank, New York....
As digital communication continues to explode more organizations are recognizing its importance within the marketing mix. In order to develop strategy and allocate resources business leaders need to understand the effectiveness of their existing digital initiatives. A great way to do this is to conduct a digital audit – a study of your brand’s digital presence (on its own and in relation to your competitor set) across six key areas: Reach, Architecture, Content, Conversion, Integration and Measurement.
Before launching the digital audit it’s important to establish basic criteria with respect to rating status, structure and performance. To help guide next steps set up a simple decision filter that will aid in prioritizing your findings. One simple way to do this is to assign a color coding systems as follows...
Use key performance indicators (KPIs) to effectively manage Inbound Marketing activities....One of the things I love most about Inbound Marketing is that it lends itself to creation of an Inbound scorecard of KPIs that tie directly back to business goals, and give the ability to quickly evaluate performance and make instant adjustments to strategies and tactics.
Just as important is how your scorecard can contribute to a virtuous cycle: improved results lead to strengthened commitment and participation, which leads to more support, continued resource commitment…and even better results!Inbound Marketing allows businesses access to more marketing metrics than most businesses have ever had the luxury of enjoying. Here’s a list of what we consider our top five Inbound KPIs...
Did you know that a recent study revealed that almost half (47 percent) of companies are not monitoring their online social media communities? At all? More than one-third (38 percent) said that they only measure Likes, comments and interactions on Facebook, with fewer than one in four (24 percent) actively measuring the ROI of their social media campaigns. Social media affects your bottom line. Brands that are proactively using these tools see numerous benefits, including a boost in engagement rates with customers, increased sales and partnerships and a reduction in the overall cost of delivering consumer satisfaction.
An estimated 67 percent of American adults use Facebook today. That makes the social media giant on the surface the best channel for small business owners to connect with their clients, customers and partners. But there are reasons to rethink Facebook engagement. Those reasons include signs some users are getting tired of the site. The social network is completing a new redesign intended to reignite the spark with its audience. However, it could be too little too late. Re-evaluating Facebook Engagement Small business owners need to be concerned about “Facebook fatigue” too. It means that the audience they are trying to reach may be vacating the site, rendering marketers’ efforts fruitless. Below are four reasons you may want to reconsider the value of your Facebook engagement....
When I check in to a hotel and share a picture of my room. When my friend asks for a recommendation for an accountant on Facebook and I reply. When my friend shares pictures of her new car, and I start thinking about buying the same one. These are just a few examples of this concept at work. The point is that the real value of social media isn't me liking your page only to ignore your updates and posts (unless you want to pay for me to see them). The real value is recommendations, comments, and references that people make on their private accounts, many of which are hidden from the business....
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Here's a good look at how brands measure their social media ROI.