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How To Determine Roi For Social Media? Please Help!
Posted 04 June 2008 - 11:55 PM
Now a days Social media is booming like anything. I have few doubts about social media. Please Question are as follows
1. Is Social media is really a good online marketing channel to drive traffic and quality leads?
2. How a business can take advantage from social media?
3. What are the ways and means to followed to drive traffic from social media?
4. How long it will take to drive a good traffic & return from social media?
5. How to determine ROI for social media?
Thanks in advance
Posted 05 June 2008 - 06:50 AM
2. Your question is too open ended. A business can take advantage the same way it can take advantage by getting its message in front of real people at any other site where its target audience hangs out. There's no big difference because of the Social Media tag. But you have to answer question 1 first.
3. Again, too open ended. And as above your protential customers have to be there first or you're wasting your time.
4. I'm sensing a theme.
5. You don't determine ROI by the back end that runs on other sites. You determine ROI either by the site (preferrably) or potentially by the type of site and type of visitors that make up a channel.
My suggestion is to forget the Social Media moniker for now and first figure out who your Perfect Customer is. Then figure out where they'd likely be hanging out already. Then get your message out in front of them where they already hang out.
Trying to concentrate on sites that somehow fit a type of Channel (Social Media, News, Directories, etc) instead of concentrating on your visitor profile is going to ultimately be a waste of your time.
Posted 05 June 2008 - 06:57 AM
Forget thinking oh 600,000 people sign up everyday to XYZ site so i'll go and try to capture them, if it is a site like BEBO, is your target audience the under 12's?
No point in trying to sell the latest my little pony on an adult porn site or sell viagra to a bunch of school kids!
Understand who your perfect customer is, where they hang out and how you can get access to these potential customers .... sorry to re-itterate what Randy says, but if you think about it, it makes perfect sense!
Posted 05 June 2008 - 09:30 AM
I agree with whats already been said. Study your demographics, and determine if or which social media site is pertinent for your product, and determine if you have the man hours to devote to managing a social presence. IMHO If you don't make a good strong first impression, and keep up with it, your social networking campaign will fall flat.
Also, make sure to measure your expectations realistically.
Posted 05 June 2008 - 05:55 PM
Thing is this: SMM is a waste of time, a complete waste of time, if you don't put the effort in. Like exercise: one 20 minute walk a month won't help you lose weight!
My blogging recommendation for businesses is a constant, but so is my warning of the complete lack of rewards if the blog isn't, well, loved. So very few blogs, outside tech, ever are.
Edited by projectphp, 05 June 2008 - 06:11 PM.
Posted 06 June 2008 - 05:27 AM
Posted 06 June 2008 - 08:19 AM
If you do not at some point create a legitimately engaging social networking protocol for updating your profiles, adding news, media and video that dictates consistent updates your profile will become stagnant, and your viewers will lose awareness of your presence on those sites. Nobody bookmarks a stale blog. Nobody like a lame profile.
Repeat visibility is what solidifies your brand.
There is no magic in social networking, think of it as a new marketing media.
You MUST cultivate your social networking presence. PERIOD.
Posted 07 August 2008 - 01:30 PM
Posted 08 August 2008 - 02:23 AM
Internet marketers, SEM/SEO people are probably not equipped for SMM. In the same way that programmers were the early internet marketer in the 90s. Programmers had the ability to build websites, had the clients that needed the marketing etc. But the ones with the knowledge to be Internet marketers were probably from the direct marketing school. The concepts translate well.
In the same way these internet marketers (myself included, but I'm learning, or trying to) who are really direct marketers to a large extent, may not be the best people to be on the SMM trail. 'How do i measure ROI', might be the wrong question. Sure, its' nice to know. You probably wouldn't consider starting a serious ppc endevour without decent ROI tracking in place and decision rules for discontinuing adapting etc.. But I'm not sure that's applicable here.
How does Paris Hilton's publicist measure ROI of a $50k dress or a photo op with Grandpa Wen? For a start, ROI data is most useful when you can repeat a process perhaps tweaking it. Just like with direct marketing (SEM included). Send Y letters & get X conversions or buy W clicks & make Z sales. You tweak & repeat.
contrast, even if you knew how much that interview on Jay Leno was worth when you negotiated your cut on a movie contact a week later, How much that shitty review in the WSJ cost you in corporate sales or what 40 years of drilling a jingle into everyone's head does to your price premium on home loans.
My point is that many marketing activities do not result in direct measurable ROI. At best, many result in direct measurable something (seen by X people, recalled by Y people, Q people feel A about product at T1 & P at T2...).
PR (Public Relation) activities, which are probably most similar to SMM, do not necessarily fall into the internet marketing framework. Maybe we need people from other areas of marketing to step in here. PR people or something. I guess lot of it falls under 'brand management' but I don't think that there's too much to gain by transferring from that field (too many rules have changed).
I dunno, just thoughts. Not thoroughly structured yet.
Posted 08 August 2008 - 04:57 AM
Nethy: I think you're probably pretty much right on your thoughts. Thinking an SEO would automatically be the right person for Social Media Marketing is right up there with thinking someone who is deeply involved in the statistical analysis side of Conversion Testing is automatically an excellent Copywriter simply because the words on the page can positively or negatively affect conversions. They are different talents that require different knowledge, experience and skillsets.
Can being proficient at one help you understand and eventually become better at the other? Sure. Especially for the latter example where you can see and measure effects. But being one doesn't automatically make you the other. There are of course exceptions to the rule. Those exceptions usually being people who have already put in the time required to teach themselves new skills.
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