Social media measurement
There is a big issue within social media: Clients and agencies alike are not prepared to invest media and marketing money in FB, Twitter, YouTube, Pintrest, Zing, etc as they are waiting for a generic (ironic) measurement. Because they are waiting for this they fail to see that social is personal and requires your business to know, communicate, service, engage, and build loyalty to groups or individuals in a way that is unique to their business. This process and the ROI that comes from it is, in the whole, different from all other businesses, even your closest competitor, and as highlighted by Bill Staples;
…the best ideas may even be best when looked at, at store (micro) level…
This raises a question: Do the economies of scale apply to social media marketing?
I have met with many social media professionals in the last twelve months – Agency, client and tech side – all of them have agreed that measurement across clients in social is difficult. What social offers is a great opportunity for brands to understand via research, surveys and listening tools – what consumers actually think about them, and furthermore, offers a unique way to service those consumers via customer service, unique content, product engagement, offers, loyalty programs and events and to learn and report insights at both a macro and micro level. To understand all these points means that most businesses will almost certainly have to change. The first step of any social campaign for your business or for your clients business is to be audited at every level.
Firstly, you need to understand how social your business is – practically and philosophically. You then need to think more practically and find out if you actually need to involve social – of course, not all businesses need to be. Secondly, you will need to look at both the tools and resources that you need to develop a (social?) presence. If your strategy is to hire a couple of graduates, and task them with placing tweets, get those tweets approved, restrict FB, forget Pintrest, don’t even bother with the future – Etsy, Fancy, flowsee, busk.com. Then this may mean that you still need to discuss further the benefits of social media to your stakeholders… not DR?? (use search and display – FB is now part of display) not CPC, CPF or CPanything, but how is your brand effected and how are your sales are effected over a long period. This assumes you have your content, engagement, and loyalty programs aligned in the first place. To align all this requires belief, investment and courage.
Social is a great space to incorporate into your marketing mix – if – and only if – you are prepared to open up your business and offer the consumer a unique insight but to reiterate and conclude, of course, this isn’t for everyone.