Brands want to be “liked.” Facebook, Twitter, Instagram, Tumblr and many other platforms allow brands to connect directly to consumers.
Who are embracing it?
Traditional B2B brands have embraced social media. Increasingly, though, marketers have questioned the ultimate value of these efforts, asking what is the value of being “liked”? Certainly, it is difficult to determine the return on investment for social media interactions.
How is ROI calculated?
Major brands have all admitted they don’t know if their social media investment impacts their bottom lines. Because it is difficult to determine “social ROI,” general dissatisfaction with social as a marketing channel has grown.
Key Findings and change of marketer mind-set:
- The real value of social media initiatives is in developing and strengthening a relationship between a brand and its consumers. Traditional ROI measure impact on sales.
- Marketers should measure social initiatives in terms of branding and satisfaction metrics like Net Promoter Scores, which measure both satisfaction and virality.
- Advanced attribution models, like Agent-Based Modelling (ABM), are the best ways to predict how social media efforts might drive offline user activity that meets business objectives like increasing sales or decreasing call centre volume
Steps for a successful social media campaign
- Team Structure: We use a hub and spoke model. A central team (the hub) is responsible for driving the campaign strategy, developing the messages the campaign will carry, and overseeing its global implementation in line with brand guidelines. Local teams (the spokes) adapt the campaign to give it local relevance and impact, and collate local data and insight (through social listening programmes, for example) that can be fed back to the central hub. The ‘spokes’ comprise teams from the local client and agencies.
- Global campaign, localised content: While the central team sets campaign strategy and direction, it’s the job of local teams to implement the ideal campaign for their markets. Local content needs to adhere to global guidelines and themes, but content that is simply translated from a central team is unlikely to resonate locally. Use that local team to catch any issues with the campaign before it is rolled out.
- Planning resources: Find the perfect balance between the number of languages you need to cover, the quality and response standards you’ve set yourself, the amount of time you need on each channel, and the time, people and budget you have available.
Brands can measure social media success only if they know their business objective.
Early on, too many brands rushed in to building a social media presence but lacked a cohesive strategy that aligned with overall business goals. Social was and for many still is a silo, but it’s critical to align social media KPIs with specific business objectives. Brands should establish goals before the start of a social media campaign and determine what kind of tracking measures they need to implement upfront. Goals may include generating revenue, reducing customer service costs, shifting brand sentiment, improving operational efficiency, cultivating customer relationships or gleaning insight into target markets.