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Posted by Jeff in Marketing

Is social media a commerce platform? How can we measure?

Users are heavily influenced through social media and it's essential for businesses to identify and grab leads that originate in social network streams. Social technologies can be embedded within online presence, the business ‘dot com’. Enhance the digital experience for customers. However, social business isn't like other traditional marketing and sales medium, since tracking social campaign isn't easy.

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Some companies limit the number of channels a customer can use for purchasing, which helps them track the customer from the point of search, through the clicks, to the sale. SouthWest Airlines. Example, limits the places a customer can buy a ticket online, making it easier to quantify.

Industry experts shared their insights at the annual Corporate Social Media Summit (CSM) in San Francisco last week. The conference focused on the role of social media in the corporate world and how companies are using it in their business strategy.

Posting content that drives engagement –. The key initiatives of social media programs in corporate have the following elements:

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  1. Building awareness –. Discover and preserve members
  2. Educating members –. Educate of the company offerings and other related topics
  3. Driving conversion

How can businesses measure social media?

This is an uncertain area to many companies, that aren’t clear on which approach to take.

Typical metrics include:

  • The number of followers and fans
  • Engagement ratio: number of posts divided by interactions (interactions include all of the comments, likes, shares combined). Also engagement as a percentage of fans.
  • Number of mentions
  • Share of voice –. How content (entries, images, videos, etc.) are shared across the web
  • Sentiment, which is hard to measure

Social media measurement standards were developed in late 2011 by #SMMStandards. SMMStandards is a cross-Industry and collaborative effort to simplify and unify the measurement of Social Media. The ‘alliance’ members include B2B (business-to-business) and B2C (business-to-consumer) companies, PR (public relations) and social media agencies, analytics service providers, consultants, marketing agencies, professional service companies. More.

The organisation has developed standards that are focused on:

  • Content and Sourcing
  • Reach and Impressions
  • Engagement and Conversation
  • Influence
  • Opinion &. Advocacy
  • Impact &. Value

So how can you measure that?

Companies can measure the following KPIs (key program initiatives): shortened sale cycles, closed sales, deals in pipeline, increases in appointments, new prospect identification, digital analytics and increased web traffic, enhanced understanding of customer needs, increased influence, etc. Of course, some are quantitative and some are qualitative measures.

How can companies evaluate ROI for investing in social media programs?

When it comes to assessing the impact of using social technologies internally, the rule of thumb is to measure what you do to optimise business processes and enhance internal communication. Collaboration among various business functions help streamline operations, cuts down on ‘silos’. Within the organisation. Supports employees to become more efficient. Social media can optimise certain Customer Response Management (CRM) functions and introduces a different way of handling customers. In clearly defining the strategy of this channel and how the business will use it to enhance value is a good starting point. To gain upper management support, the marketing, customer engagement. Customer service functions need to clarify the role social networks can play in their line of business and operation. How it can improve processes and bring additional leverage to the company’s revenue goals. The idea is to focus on the business value social presence brings to the company. Not on the ROI at the bottom line ($) or the success rates in recruiting campaigns.

Arguably, straight-forward ROI for social networks isn't applicable since what we measure isn't the programs themselves. When businesses incorporate social business strategy into their marketing and customer engagement programs, what they really aim to measure is the value the specific social media initiatives have brought to the business and the impact they created.

ADDITIONAL INFORMATION

1. One of the resources SMMStandards developed is “The Official Dictionary of Public Relations Measurement and Research”, which is recognized for its expert contribution to the theoretical structure of measurement, research methodology, statistical analyses. Evaluation. Prepared by top academic and professional researchers, it includes social media terms and processes, ethics, content sourcing methods, metrics. More. Check http://www.smmstandards.com/the-official-dictionary-of-public-relations-measurement-and-research/

2. CSM –. The Corporate Social Media Summit presented the latest social media insight and best practice, providing an in-depth look into building, strategizing. Implementing successful social technologies campaign in corporations. In becoming a social business, companies can improve customer engagement, marketing response, optimise processes and decision-making. Enhance innovation.

Check the summit’s 2013 agenda, speakers and more: http://bit.ly/11KpTCK

Future CSM events: http://usefulsocialmedia.com/events

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