Long gone are the days of traditional media and the seemingly simple methods of measuring marketing ROI. In today’s industry, measuring ROI for new media presents numerous challenges that call into question the very usefulness of the mediums marketers now employ.
But the ability to measure social ROI isn’t a lost hope. Many modern marketing professionals are applying old-school techniques to new-school tactics. Brian Cavoli of BzzAgent says that Matched Panel Tests, comparing product sales of two similar markets where only one is exposed to social marketing, can provide compelling results for the sales-inducing potential of social media marketing.
Many marketers within recent years have focused on “impressions” on social marketing to determine the viability of a social medium. But even Matched Panel Tests and similar methods focus on the idea that consumer behavior is what’s important to measure, not quantifiable impressions, according to an AdEase writer.
This presents the same challenge to marketers to prove behavior is induced by social media efforts, and the proof is easier to find now. The following infographic analyzes the effectiveness of social media in a quantifiable way.
Environmentalists exist and are very vocal in all facets of daily life. Increasingly consumers are engaging with environmentalism in the workplace, in schools, in shopping centers, and in public areas. Recently, it was reported that 71 percent of all consumers consider the environment when making a purchase. Environmentalists are also getting more creative and intrusive in their methods of persuasion.
Snapchat was first launched in 2011 as a photo-sharing app that allows the user to limit the time another person can see a photo once it’s received. According to Business Insider, an average of 750 million photos travel through Internet by way of multiple online vehicles, 50 percent of those being from Snapchat.
Facebook’s Instagram launched a new feature called Instagram Direct, which essentially allows the user to send a photo privately to multiple followers and see who’s viewed, liked or commented in real time. Many people and interested parties questioned the intent of this new feature, many taking it as a direct competitive move against Snapchat.
However, the user’s motivations are what really drive the preference for one app or the other. For sharing a quick photo that can only be seen for a short time, Snapchat is obviously the right choice. But Instagram Direct achieves greater utility and adds the ability to send pictures to friends that may not be meant for the entire audience. It’s essentially Instagram’s private “messaging” system. Kyle Wong, Forbes contributing writer, asserts that the difference lies in the idea of conversations versus broadcasting.
Instagram and Snapchat can peacefully coexist while the motivations remain the distinctive part of the two platforms.
Advergaming has become commonplace for consumer life and B2C marketing. Companies such as Chipotle and Burger King have created advergames that engage audiences in games that reinforce brand recognition and brand engagement.
Gary Kitchen, CEO and President of Skyworks, a company that has delved into advergaming, says it’s a mixture of knowing your brand and developing an engaging game in the process. This is not unlike what advertisers do in traditional and other emerging media. It may become easier for brands to engage in this type of marketing as technology becomes more accessible and more customizable for the public.
Social media is no longer a question, but a necessity for companies that want to survive in the digital age. The real question lies in the value of social media from a business perspective. A constant struggle that marketers go through is proving the return on investment for social media. According to a SocialMediaToday.com writer, research exists to prove that personal recommendations make it 50 times more likely to result in purchase if it’s from a trusted source.
The infographic below shows 10 examples of how social media can be proven, but many business leaders are still skeptical.
10 Examples of Social Media ROI
For some professionals, the idea of social media ROI is more of a discussion of how to measure instead of not being able to measure. Aliza Sherman asserts that marketers struggle to measure ROI on social media because they’re using antiquated methods for which to measure.
As businesses move forward in adopting emerging media, such as advances in social media, there may be a shift in the conversation about measurement.
Just how much do we tell others about ourselves on social media? What are the implications of living “online” when you are an potential employee or a business manager/owner?
In many cases, social media accounts define our online personal identities and brand identities in the social space. SocialMediaToday.com says social media is a brand identity visually, in presentation and promise, and brand voice.
On the consumer side, Forbes says nearly one-third of employers use social media in recruiting. This gives importance to developing an online identity that is professionally acceptable as well as socially. Brands have an obligation to do the same or risk controversy, as the Chick-FIl-A CEO, Dan Cathy, experienced last year.
Having an online brand identity is just like having a resume or business card, only the person or business is under extreme scrutiny for showing their “true colors” in many cases. This presents a lesson for everyone that social media is not just for fun, but has long-term effects as well.
Much talk has been going about privacy issues on social media and the Internet overall. Parents and even young adults are worried that companies are learning “too much” about their lifestyles, habits and preferences. The problem is “too much” information was probably given from the start.
There have been stories told and jokes made about letting criminals and other “weirdos” getting to know you a bit too well because of your social media accounts. Your birthday, address, day-to-day activities and even geographic location are all posted online through social media, and criminals are now using this to achieve their goals. It may sound a bit extreme, but more than 80 percent of crimes committed because of information found online was found on social media.
The video above shows how social media sites like Facebook are making attempts to increasingly “personalize” how and when we view content online based on preferences. And this information goes into databases that hold information about thousands of consumers. If Facebook really did enact filters like the ones shown above, then they very well could know more about you than you may know yourself.
It’s important to be conscious of the direction privacy issues are going to measure the implications of Internet and social media usage.