Likes? Shares? Engagement rate? Click-throughs? Leads? How do you measure the ROI of social media?
It’s a question that has been asked thousands of times. Last night it was clearly answered by a panel of experts in Ogilvy’s ‘Social That Sells’ event, part of Social Media Week New York. You might have missed the event but you don’t have to completely miss out!
When it comes to the ROI of social it seems some have foregone the expectation, opting to use social media as a comms channel. For others, any hope of measuring ROI stops at tracking redemption rates of coupons distributed through social media. But for the Social That Sells panelists, Social CRM is opening up more opportunities than ever expected to track social efforts with current and potential customers from first engagement through to sale and beyond.
On the panel, moderator Yves Baudechon along with Benjamin Snyers and Sintobin from Social Lab, Ogilvy’s lead analytics team, were joined by Anne-Clotilde Picot, Marketing Manager at IKEA Belgium, Marcus Hearne, Head of Marketing for IBM Watson Analytics, and Marco Roncaglio, Sr. Director of Marketing & CRM for Philips Globals’ Personal Care team. Each had their own approaches and successes to share, but one common theme across the board was that, yes, Social ROI can absolutely be measured and Social CRM is the key.
So how do you measure social media ROI?
Use Social CRM.
Social CRM is about building an always-on engagement program that identifies prospects and drives them through the funnel by showing people relevant content based on their location in the funnel. It is completely measurable (via targeting and online tracking) and will reveal a ROI on your social media spend.
The two critical components at the core of any successful Social CRM program are: (1) the ability to target people that have interest in a given topic, and (2) be able to engage them several times in a unique way, creating a great connection with the brand. Benjamin Snyers believes, “the key is investing to know your audience” and Anne Clotilde-Picot from IKEA Belgium added they want to understand the different audiences because “we don’t want to send you content that you’ve already seen several times.”
Technology is key.
Technology is key if you want to set up a social CRM strategy that will get the most out of social platforms. First, you need the help of experts that understand this technology and have a strong relationship with the platforms. Second, ensure that all internal policies are in the clear. Once you are able to utilize conversion tracking, retargeting and look-alike you will have all the elements to create a social CRM approach with a direct positive impact that is measurable.
CRM works across many platforms.
LinkedIn is great to target B2B audiences and we have seen qualitative response rates. Twitter and Facebook are generating lower costs and benefit from being larger, through they possess different targeting methods. People that are saying that do not really understand how to unlock to full potential of social media. The secret is in the mastering of targeting options. The options are so accurate, in-depth, and niche that you can easily identify your B2B audience on Facebook or Twitter. Once you have mastered targeting, access to all the features is unlocked: great impacting and engaging format, incredible analytics, possibility to track users and re-engage based on off-site actions, and look into similar users who are converting. It is a pretty powerful marketing tool. Some of our campaigns may have 50 or 60 custom audiences.
This piece was originally published on [email protected]’s Thinking Social blog. Tyler Whitlock also contributed reporting.