When it comes to social media marketing, it all depends on your perspective.
If your company has near limitless resources to invest in a social media marketing campaign to promote your brand then you can just keep throwing money at the problem until the problem is solved. If, however, you are a small business with limited resources then you might not be interested in the scorched earth approach. Fortunately, many social media marketing tools are free to use and need only be professionally managed to be effective.
Social media can mean targeted marketing.
With social media marketing you get to pick and choose the markets and people you want to reach. If you want to target a specific demographic, there is a social media marketing tool that can help you do it. There is a specific way in which these tools need to be wielded, of course, but they can have laser pinpoint accuracy.
Sure, the big corporate players are reaping social media marketing rewards. That doesn’t mean ONLY big players can do it. It simply means there is success to be found in the new digital frontier, as long as you know where to look. And who to emulate.
From Procter & Gamble’s Old Spice viral phenomenon, to the new “Pay with a Tweet” online content trading platform, to Google Chrome’s collaboration with the band Arcade Fire; Cannes Lions award winners this year demonstrated unprecedented cult status borne out of an innovative idea.
But amidst the standard sun, sea, sand and champagne, marketers were asking some serious questions. Social elements such as views on YouTube and ’Likes’ on Facebook can all make for impressive numbers when brands distribute the right content, but does it actually make a difference to a marketer’s ultimate goals?
In his presentation last week, Diageo chief marketing officer Andy Fennell outlined the challenge in measuring the effectiveness of ’social’ brand activity: “How do you put a price on engagement? We need to find more accurate and contemporary ways to see if an activity works rather than wait to see if a product sells more.”
He added that old client and agency ways of working were becoming outdated and should become more aligned with a “payment by results” system.
“The client/agency relationship has changed and remuneration needs to move with these differing requirements… They have to invest in the core product that is creativity, be able to measure it and show the financial results,” he said.
Coca Cola, meanwhile, claimed to have come some way in analysing the real life value of social media engagement. The company’s head of integrated marketing and communications, Wendy Clark, told Marketing Week where the brand is at in terms of understanding the financial value of something like a Facebook ’fan’.
“We actually did some research at the end of last year where we studied the difference between purchase intent and consumption between a fan and a non-fan. Fans are twice as likely to consume and 10 times as likely to purchase as a non-fan. That’s a powerful measurement because that’s driving volume,” Clark revealed.
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