You Can Always Measure ROI for Social Marketing

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Mitch Wagner
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Re: ROI of social Media
Mitch Wagner   4/25/2012 12:46:02 PM
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@Dwhite706 - Yes, unique toll-free numbers are another great way to track the source of leads. Thanks for reminding me. 

Dwhite706
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Re: ROI of social Media
Dwhite706   4/25/2012 11:21:13 AM
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Waqasaltaf, I had set up unique toll free numbers and landing pages for the campaign do could track response. I got a few leads but no actual sales. Some folks could have come in through another channel but not that I could prove with certainty

smkinoshita
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Re: Many other components
smkinoshita   4/24/2012 11:22:07 PM
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@WaqasAltaf:  Sweet point, totally forgot about those costs!  Yes, you're totally correct and they are significant.  I'm so used to everyone being on social I forget that not everyone is.  

Mitch Wagner
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Re: Many other components
Mitch Wagner   4/24/2012 10:54:11 PM
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WaqasAltaf - So social media brings benefits in two different ways, then: Cost-avoidance of not  being on social media when your competitors are, and bringing foot traffic into stores?

The latter should be measurable by making offers online and measuring at what rate they are redeemed. 

Mitch Wagner
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Re: SMM ROI
Mitch Wagner   4/24/2012 10:52:28 PM
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A simple problem like a bad landing page could be behind the failure to convert. The originating page should tell the consumer what to expect when they click the link, and the follow-up should deliver on that promise. If a consumer clicks an ad for a particular make and model of car, the consumer should arrive at a page for that particular car, not the company home page. 

Mitch Wagner
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Re: SMM ROI
Mitch Wagner   4/24/2012 10:48:10 PM

Scott - Kind of explains those e-commerce sites that pop up a message urging you to download their mobile app when you visit the site. Why would a company put up a barrier like that to someone visiting the site? The answer: They're measuring the wrong metric, looking at mobile app downloads rather than sales. 

WaqasAltaf
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Re: ROI of social Media
WaqasAltaf   4/24/2012 10:46:12 PM
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@ Dwhite

Poor conversion rates seems the problem here but how do you know that the traffic of users that visits the social campaign doesnt actually buy the product ? May be many of them did actually buy the product at outlets instead of online. Attracting great traffic numbers in that sense is a success in itself. However, this definitely means that sales generation strategy through ecommerce needs to worked on.

WaqasAltaf
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Many other components
WaqasAltaf   4/24/2012 10:40:55 PM
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@ Scott

Click-through rates, as a measure for calculating ROI, might be a significant factor when determining the benefits of being present on social media. However, the ROI has many variables in the specific case of social media. The costs of not being present on the social media when your competitors are and cost of not answering criticisms on social media where answering it there has become an essential component of business communications, are also the costs (though with no numeric value) which need to be taken into account. And obviously the increase in revenue at retail outlets due to presence at social media is one of the most significant component of ROI though it can be very tricky to assign a value to the exact benefits that are due to the social marketing campaign esp when marketing campaigns on print and electronics media are ongoing simultaneously.

smkinoshita
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Re: SMM ROI
smkinoshita   4/24/2012 6:54:50 PM
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"Now a study from the startup Pretarget and ComScore revealed that even when a user clicks on an ad, the correlation between that click and a conversion is virtually nonexistent."

I wonder if that study compared the ad content to their respective landing pages.  I don't know about everyone else, but a lot of the online marketing I see is largely ineffective and even when an ad strikes my interest (which is rare) it even more rarely delivers something satisfying, with a few exceptions.

Going back to my original theory though -- we can't blame the click, because it did it's job.  It got the person to the site.  From that point, if the person doesn't buy we have to figure out if it's because the ad promised something the site couldn't deliver, did the site itself just fail, or was it simply not the right time to buy for the person?

Ariella
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Re: SMM ROI
Ariella   4/24/2012 5:11:32 PM
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@Scott  You raise the question: " For example, how much is a click-through worth –- that is, if someone clicks a link we post on Twitter that leads to our Website, how much is that worth to us as a business? "

The answer may be "not all that much," according to an article that appeared today in Ad Age. "Now a study from the startup Pretarget and ComScore revealed that even when a user clicks on an ad, the correlation between that click and a conversion is virtually nonexistent."

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