“Effective social media measurement should start by turning the traditional ROI approach on its head. Hoffman and Marek Fodor, in an MIT Sloan Management Review Study 4, agree with Strelitz. Marketers should look at the way people are talking about their brand and sharing it with others. Instead, marketers should look at the way people are talking about their brand and sharing it with others. Marketers succeed when the focus is less about Likes and follows, as these aren’t the most accurate indicators of true engagement. Digital strategist Matthew Strelitz argues that focusing solely on ROI, especially in terms of social media Likes, fans, followers, etc., means that marketers are asking the wrong questions and getting stuck on one tiny part of a bigger picture 3. For instance, if you’re spending more than you’re getting back, you can use this data to improve your strategy going forward. Understanding your ROI also helps evaluate the quality of the return. While ROI is undeniably - and primarily - about numbers, quantity should not be the sole factor you measure. 60 percent of marketers struggle with measuring ROI However, according to a 2015 study by SimplyMeasured 2, 60 percent of marketers struggle with measuring ROI. In marketing, ROI specifically refers to how much a company makes, or how many leads it receives, after investing in marketing efforts like advertisements or campaigns such as a newsletter signup, sweepstakes or giveaway, or social media contest. Return on investment is defined as “a measure of the profit earned from each investment.” 1 The term originated in the finance industry, and has now found a place in the marketing lexicon. Determining return on investment (ROI, or ROMI - return on marketing investment) is vital for understanding where money is going and if it’s resulting in new leads. Although social media provides valuable and free tools to marketers, effective marketing is still driven by the money and effort marketers put into it.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |