As we saw, Social Media is not just a social network, but has become a channel of communication for people and for businesses, and with that role needs to be part of all the mechanisms that make up the measurement of ROI.
In addition to verify that the results of the social media marketing contributed in the scope of business objectives, it is the great burden of proving that investing in social media and digital media can be justified through the return on the investment.
This is a very rich theme and it could lead to many valuable discussions and analysis, but we want to give you an introduction and help you begin to perceive the relevance of Social Media to build your revenue and to encourage you to begin to measure it.
The results presented by Social Media Analytics only have relevance if they are connected to the business objectives.
One of the causes for the low credibility of Social Media Analytics for some executives is the lack of alignment of objectives of digital marketing with the different sectors of the company, according to a recent study of e-marketers just 30 % of marketers claimed to have well aligned Social Media marketing goals to business objectives.
The impact of social media measurement can go farther than native metric of each network and it can be composed of indicators performance. Our customers have made many decisions that impacted directly on the ROI through Social Media Analytics Insights:
It improves in the distribution of products via reviews of showing buying interest, but the lack of product in certain region.
An important customer from the food industry was able to identify significantly expressive comments that indicated consumers were satisfied with a new candy the company had launched in the country, but they complained about how difficult it was to find the product at smaller stores.
Advertising: Changes in the script for an advertisement on television by the bad reception that received in social networks
A brand of snacks was able to identify through Social Media Listening that their new TV advertising was poorly received by the audience, who used the words “bizarre” and “ridiculous” to describe the TV commercial. Later, the brand changed the script of the advertising. The most important thing is that they were able to measure that even though the audience was criticizing the ad, this was not affecting the brand’s reputation.
Changes in hours of ads based on the level of interaction between users on certain days and times on mobile devices and social networks
The performance analysis on social media allowed a renowned Brazilian digital agency suggest to its clients a better way of distributing the budget in the production of content, based on analyzing how different content formats performed with different audiences.
Presence of brand and scope of brand (reach, buzz, share of voice)
A South American bank decided to change their corporate image by expanding its services previously focused on legal persons also to individuals, and uses social media analytics to measure their “share of voice” within the banking industry of the region. It used “hybrid” actions consisting of online and offline actions and was positioned as the third brand with more “share of voice” in the region’s banking industry.
Measurement of web traffic related to the increase in the volume of leads
Conversion not always starts and finishes with social media. Therefore, it is important to have multiple perspective analysis when discussing conversion measuring. In this case, a global leading software company was able to identify a growth in its engagement level, which was also reflected in a website traffic increase due to referrals from other social media channels.
Social Media Analytics metrics begin to take shape in the context of the calculation of the ROI when they are analysed along with other indicators of digital media, for example web analytics to measure the increase of visits to a web page and from there, generated conversion measurement of “hybrid” campaigns which can start in the offline (magazines, outdoors, coupons) or average traditional media (radio, television) and then to be consolidated in social media through a “call-to-action”, hashtag or interactive action.
Monitoring of the performance of actions on social networks aren’t just for showcases if your efforts were valuable but that they also contribute in increasing their value over the time.