Most companies find it quiet impossible to measure the ROI of their social media promotions. As per, Direct Market Association, one dollar spent on direct response campaign, will typically generate more than 10 dollars. They are certain because from last fifty years, they have been monitoring their transactional statistics from direct mail, direct TV response, paid search and other campaigns.
If you are new to SEO and social media world, then you will need to get familiar with the three categories that will aid you to calculate the rate of returns from your promotional campaigns. Social media metrics can be divided into 3 different categories to make it simple.
- Quantitative Metrics – These metrics are full of intensive data and numbers, which can overwhelm you. So, the trick is to select the key metrics, which influences your business. The metrics to choose include page views, demographics, followers, bounce rates, frequency, and length of the visit, or any other metric that is particularly data-oriented.
- Qualitative Metrics – These metrics have an emotional or subjective element in them. For instance, if 70% users mention your online product as, ‘cheap’, whereas the remaining 30% call it ‘economical’. The meaning is same, but this qualitative metric impacts your business very strongly. Few companies out there design their offers with data analysis of qualitative metrics on the internet.
- ROI Metrics - Social media is a platform for socialization, but for business entity it should be a way to attain ROI. Organizations apply social media podium for making money. However, you will have to keep track of the percentage of visitors your website has converted into customers. Thus you will be able to calculate the efficiency of your social media campaign on ROI basis.
The bottom line is that your social media campaigns on Twitter, FaceBook, YouTube and MySpace must effectively direct users to your site’s landing page, from where you can convert them from probable patrons to paying customers. Social Media is not the final destination for marketers, but a vehicle that helps you to reach your objective. SEO is another way to get your business found.
Here is a great example of how conversations through social feedbacks were benefitted by a celebrity chef. The chef’s FaceBook page had attained more than one million fans. Every time he posted his recipes on FaceBook, it displayed an average of 600 comments and 2000 likes. He approached a content manager Hal Thomas at BFG Communications, asking if the statistics was ‘good’.
Thomas explained that pure numbers do not tell much, but the best way is to compare the interaction level on each post. In this way they could find out if the chef’s fans responded more to his chicken recipes or fish recipes. If this data was tracked down, then it could be very helpful in deciding the kind of recipe that needs to go into the chef’s recipe book. Thus the book would be more successful, which explains the value of social media marketing.
When you are administering an online business, social media is necessary but to monitor it is also significant. It is undoubtedly the best way to promote your good services and trade name. It is not a toy but an active bomb that can explode anytime. Rumors and hoaxes have also been around the internet that has spread from networking sites to e-mail and chat rooms. This odd networking platform can teach you a lot from mistakes of others.
Some common social media gossips banging networks today are:
- Celebrity Deaths – In the history of internet celebrities, Justin Bieber is the most common death hoax victim. Other recent victim was Morgan Freeman. It seems that controversial celebrities are singled out for death hoaxes.
- Chain Mail – Many chain mail buzz are spreading on social channels, because they promise you a prize of some sort. It may also be about a sick child or an animal being ill-treated. People simply cannot help hitting the re-tweet or share button, when these things interest them. These rumors emotionally blackmail the user and make them share such information. It then becomes an opportunity for someone to earn something.
- Presidential Rumors – Almost everyone desires to know everything about their president. How can we forget the hoax video about President Obama giving Mexico a fraction of Arizona?
- Fallacy regarding social networks – FaceBook is the granddad of social network platform, and it has been in rumors every now and then. Members were suggested to share a message which said that FaceBook would now charge fees, which spread like wildfire.
All the above example teach us that social media is a powerful tool. People visiting your site in search of guidance must be provided with truthful information. Thus it will build trust in them and they will come back persistently.