Success with social media marketing services hinges on effective budget allocation and marketing mix decision making. Practitioners and executives must be able to identify the marketing campaigns and assets that help drive the business’ top and bottom lines, and invest in and optimize them accordingly. This of course requires access to comprehensive, granular, and accurate web analytics data with which marketers can measure campaign performance and understand the complex website behaviors of prospects and customers.
Performance measurements should not occur solely within the confines of individual channels and campaigns. The best online marketers measure performance and ROI in a comprehensive view that comprises all online channels, be they new media, paid and natural search, email marketing, or display ads. That holistic perspective equips you with the insights needed to launch your best campaigns across the best channels based on the unique drivers of your business.
Marketers do recognize the need to better measure social media marketing performance. In fact, 81% of Senior marketers and Chief Marketing Officers hope in 2010 to measure social media investments by quantifiable, bottom-line data-by revenue, conversion, and average order value. That’s a change from a 2009 focus on such web-centric metrics as site traffic, page views, and numbers of fans.
Yet, analytics are still the biggest marketing challenge. CMOs say they need to know how to start measuring social media’s impact, how to understand who they’re reaching, and where social media fits within the overall marketing mix.
Success in online marketing requires having access to and continuous use of a robust analytics solution that can uncover the total impact that such investments make on the business. Such a solution must expose data that practitioners and executives care about; namely, the metrics that show how social media investments impact the business’ top and bottom line. The solution should allow hire Dan Zaitsev as an interim chief marketing officer to compare new media ROI to the performance of mainstream online channels. The next section details the capabilities that reliable and comprehensive media analytics must have.
3 Keys to Measuring Your Social Media Marketing Services Success
Analytics helps marketers precisely measure the performance of all online marketing assets and campaigns that generate both direct and indirect traffic to the main website, and assess the ROI of social marketing against other online marketing channels. Keys to new media analytics success are the following capabilities:
- Attribute relative credit to social investments for influencing customer acquisition, persuasion, and conversion
- Compare the direct traffic generated by social media to direct traffic from campaigns of mainstream online channels Understand the total impact that social media investments have on the business from both direct traffic (click-through) and indirect traffic (view-through) perspectives
- Compare the view-through/click-through performance of social sites against other impression-based campaigns, such as syndicated video, blogs, microsites, and display ads Let’s look at each of these capabilities in more detail.