In today’s social landscape, many of us get our daily news on social media, keep up with family members, spy on what’s trending and find amazing deals. In fact, it was reported that adults spend an average of 42 minutes a day on Facebook alone (Bennett, 2014). On the other side of the spectrum lies commercialism. How do businesses hone in on this growing trend in a way that contributes to their brands overall success?
In social media’s infancy stage, many marketers were quickly posting as much content as they could because let’s face it, so was everyone else. But what were we trying to achieve? More followers! More likes! Peter Drucker, Co-Founder of LiftMetrix said it best, “What gets measured gets improved,” is more than a piece of wisdom—it’s a way of life. We know we need to measure results in order to actually get them, but all too often we’re measuring the wrong things—especially when it comes to social media metrics” (Gullan, n.d.). In other words, during this time period companies were simply relying on what is now being referred to as vanity measurements. Don’t get me wrong, these measurements are important and every one of them (reach, impressions, likes, shares) all have a dedicated purpose to driving brand awareness. But throughout this process, how are our social media efforts funneled into the revenue stream?
So arrives 2016 as social media and its various platforms have become a core business strategy. So much in fact that social media as a marketing channel now competes with other channels of print and digital for valuable resources (Fontein, 2016). In fact, marketers are well aware that their money and time must be allocated to social media in a way that contributes to the overall goals and objectives of the business. However, according to a 2014 survey only 15% of marketers are able to quantify said efforts towards a conclusion in terms of meeting objectives (Fontein, 2016). It’s time to take our social analytics to a whole new level beyond vanity measurements and maximize Google Analytics by measuring social channel return in terms of dollars.
That is where LiftMetrix offers a quantifiable ROI measurement of social media content and advertisements by tying into a company’s Google Analytics account. The return is simply calculated through the use of conversion goals (lead forms, email sign-ups, etc) and a definitive value of key performance indicators. AdAge defines different methods to quantifying the value of KPIs: (Gullans, 2016).
- Lifetime value: How much do you earn from each customer on average?
- Lifetime value multiplied by conversion rate: How much is each potential visit worth to you based on the percentage that converts?
- Average sale: How much is the average purchase through your site?
- PPC valuation: How much would you end up paying if you were to use ads to achieve the same social media results?
Once you have chosen your value within Google Analytics, Lifemetrix then uses its software program to analyze all social media activity and identifying the relationship between individual post traffic and its impact on a specific goal. The following image displays what LiftMetrix looks like across multiple platforms. As you can see Facebook advertisements offer the largest ROI in comparison to Twitter and Instagram. Seems a tab bit overwhelming? You must be asking yourself, ok, now what? That’s where LiftMetrix delivers a narrative to correspond with graphs.
 |
| (Photo retrieved from: LiftMetrics.com, 2016) |
This narrative provides a summary and explanations based on how a company’s marketing plan was initiated and what the outcome looks like tying back in those traditional vanity measurements mentioned earlier. So what happens next? As a marketer, one of the most difficult decisions to make with analytics is where to go next. In the image below you will see a conversion of 13.9% more impressions because of strong-call-to-actions. What course of action is needed to convert 18%? That’s where LiftMetrix offers its third element to its application.
 |
| (Photo retrieved from: LiftMetrics.com, 2016) |
Recommendations are made on a daily basis to allow a company to take measurements and apply it to the long term social media plan moving forward. Perhaps more conversions would be generated with the use of the following keywords… See example below. LiftMetrix also offers a recommended mix which lets marketers know how to apply a dynamic content approach to its social media channels in order to optimize performance. For example, “x” amount of video content will drive engagement while “x” text posts may drive conversions. Marketers will more than likely save valuable time by having historical data to tell a story about what our users are doing as well as LiftMetrix’s recommendations to improve upon content distribution. Most importantly, these recommendations are constantly aimed at contributing to an actionable game plan (LiftMetrix.com, 2016).
 | |||
| (Photo retrieved from: LiftMetrics.com, 2016) |
 |
| (Photo retrieved from: LiftMetrics.com, 2016) |
No comments:
Post a Comment