Return on investment of social media campaigns was a big topic a few weeks ago at the Social Ad Summit in New York. As brand advertisers are venturing further into the space, the instinct to put an ROI on their six-figure marketing efforts is only natural. For brands, the value is in the impression, but how does this mindset shift to valuing friends and fans or other social media actions?
As the planning cycle renews itself, you should be aware of five key questions that have been known to pop up in discussion with CEOs/CFOs, often short-circuiting otherwise brilliant marketing careers.
Companies are more dependent on solid Web analytical data to drive increased revenue and improved efficiency than ever before. Yet, most companies underinvest in the people and technology needed to deliver optimal levels of analysis. In my discussions with colleagues at industry events, it is not uncommon to find one analyst or a very small team of fewer than three analysts responsible for everything related to Wweb analytics, from soup to nuts. And by that I mean all vendor relationships, systems administration and maintenance, tagging specification/verification/QA, AB and multivariate testing, data collection, report creation/interpretation, stakeholder communication, and all analysis activities.
In the pressure of the current business environment, humor isn't lost. Here are a few ideas for metrics and measurement tools I've come across in my travels recently that you might like to hear about...
I believe that social networking is an evolution, not a revolution. In fact, I was originally going to title this column "Enough Already With the Social Networking," but I realized that was more clever than fair. I don't mean to suggest social networking isn't the bee's knees, nor do I deny that all the kids seem to love the Facebook and the MySpace. Rather, I offer up two somewhat contrarian points of view for your consideration and refutation.The first: In the U.S., at least, Twitter's explosive growth appears to be slowing. The second: on Web 2.0, content isn't king.
A funny thing happened on the way to the CMO's office. Between the realization of an eye-opening, game-changing insight gleaned from advertising test results and Web behavior data, the report you were gleefully ferrying to the C-Suite wilted, turned brown at the edges and started to dribble a slimy substance with a conspicuous stench.
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