In today’s digital marketing world, Facebook, Twitter, LinkedIn, YouTube and Pinterest have become a powerful identity and communications grid that establishes intelligent connections between marketers and their prospects and customers.
It is crucial to understand how social connections overlap with your internal prospect and customer databases, how these segments differ, and how they can affect business outcome.
Indeed, social connections tend to be worth more. In Syncapse’s benchmark study “The Value of a Facebook Fan: An Empirical Review,” which evaluated 20 of the world’s leading brands, our team found that:
Knowing the value of your social connections becomes the foundation for understanding and optimizing direct social marketing investments as well as larger integrated marketing strategies. It also is key for better understanding the convergence of paid, earned and owned media. These data are critical for marketing planning, as well as for guiding your organization’s ongoing digital marketing transformation.
How should marketers value their social connections?
After first segmenting your social connections, it is key to measure them according to core marketing performance values. Working with several of the world’s largest brands, we identified five critical values:
By carefully scrutinizing your social connections according to these criteria, you can form an aggregate understanding of their value. The simplicity and specificity of these criteria provide pragmatic color and nuances that become applicable to your entire marketing mix -- not just your social investments. They also provide a great way to surface discernable insights among the brands in your portfolio, different markets, and competitors.
Once benchmarked, brands must measure these values over time because of the fluid nature of social networks and connections. It also is important to track over time and to experiment with test and control groups, in order to better understand correlation and causation of social connections and business outcome.
This is the foundation of true “social marketing performance management.” While we’re still early in the business world’s transformation to social and digital marketing, the pressure is increasing to demonstrate impact and forecast outcome. This all starts with understanding the value of your social connections.
How are you understanding and acting on the value of your social connections?