Failed Social Media Campaigns !!!

Examples of failed social media campaigns in India.

 

Ad-vani’s Political Campaign:

 

Indian politician Lalchand Kishan Advani, tried to position himself in lines of Obama as a ‘change agent’. He spent huge money for his genuinely pathetic ad campaigns. He literally targeted all the Indian sites with his aggressive Adwords. Perhaps, while promoting himself insanely he forgot that ‘Advani is not a new product on the market’ which needs crazy branding!

 

Instead of connecting to the people online in a non-intrusive manner or mobilizing the bloggers to write about him, he preferred spamming the sites of the whole wide India. His blog also didn’t seem to appeal to the audience much and he failed both in the elections, and on social media.

At one point there were only his ads on every site we browsed. The first and foremost reason it failed – We hate Ads.

Calculating ROI of a Social Media Campaign.

Measuring ROI of a Social Media Campaign.

 

All business be it small or big have brought into the idea of social media marketing. Social media has provided unique and creative ways to reach out to your current and potential customers.

However qualifying the returns on your investment in social media is still a difficult topic to address. The spending on social media is increasing continuously and businesses have to find out ways and means to calculate ROI in order to justify the increased spends on the same.

 

The first and the foremost step involves identifying and fixing social media marketing goals that are in line with your existing business and departmental goals. If you have set a specific number of “visits to the store” you’re trying to attain this quarter, set the number of “visits to the store” you want to specifically be driven by social media. One needs to audit existing social media performance to establish appropriate goals for improvement.

 

Some of key examples of social media metrics to track include:

 

  • Extended Reach of the brand
  • Total Site traffic
  • Leads generated
  • Sign-ups and conversions
  • Revenue generated

It’s important for social data to be relevant to stakeholders within your organization, not just social media practitioners. Tying social media to the big picture by linking it to organizational and departmental goals will help you achieve that.

 

Once we have established our social media goals, we need to identify and implement the tools and processes required to measure the ROI on the social media campaign. This may involve adding tracking codes to URLs, building custom landing pages, and more.

There are a variety of social media analytics tools which service to track the diverse metrics you are after. Here are some to consider:

Google Analytics: Track website traffic, on-site conversions, and sign-ups originating from social media campaigns.

Twitter Analytics: Helps u track and catch up the tweets happening on the network.

Hootsuite Analytics: Hootsuite offers a variety of analytics tools to help you track your reach, conversions and more.

Using the tool picked up above, it’s time to add in the social media accounts you’re going to track and the items you want to track for it. For example, you may want to track:

 

  • Newsletter audience growth
  • Twitter audience engagement
  • LinkedIn reach and activity
  • LinkedIn demographic details about your audience
  • Keyword search usage

There are many reasons and ways to measure the ROI for your social media campaigns. Not only does it highlight the value of your work, but it can also give you an opportunity to reassess your marketing efforts and adjust accordingly.

 

By constantly re-evaluating, you’ll only continue to improve the work you do, so that when you’re asked to justify your social media efforts, you can. ROI for your company’s social media marketing efforts can be measured at any point in a social media campaign. However, success will be most notable once the company has reached the stage in the campaign where its efforts are being optimized for revenue growth, not just a social media presence or even increased website traffic.

Understanding the success parameters of a Social Media Campaign.

Does a campaigns success in social media guarantee the brands success in overall marketing terms?

 

The answer to the above question is both a yes and a no. Social media campaigns have to be planned in a very thoughtful manner with the long term objective of the brand in mind.

 

What is a successful social media campaigns?

It totally depends on what the objectives were when the campaign was started. If the objectives were only about creating buzz and increasing mass awareness of the Brand or the Product, then a camping with very high numbers of likes, shares, downloads will create a lot of buzz and should be counted as a successful campaign.

 

This campaign might be followed with another campaign specifically targeted for a “call to action” so as it can build on the first campaign and generate product sales. The success of this camping has to be definitely measured based on the no. of product sales / revenue generated.

 

Hence Brands can’t measure social media success without knowing 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.

 

Sometimes we need to go beyond “ROI” to measure the true benefits of social media.

 

The investment made in social is typically relatively low, even with paid social media efforts. It is easy to ask a question like “does Facebook drive in-store sales?” But not only is it difficult to answer, it is also the wrong question to ask. “ROI” is the wrong term to use. Instead, marketers should accept that calculating a specific financial return is not immediately realistic and focus on measuring the overall impact a brand’s social presence has on its relationship with customers. Marketers should ask three basic questions as they evaluate this impact of a social media campaign on the customer relationship:

 

  1. How many impressions appeared in market? How many people were reached?
  2. Who were these people? Did they fit the target?

 

 

Brands must understand which platforms are right for a specific goal and also how to balance paid media aimed at acquisition and owned media aimed at engagement and virality. Experimenting with reducing and increasing paid media to understand its impact can help brands find this balance and has minimal risk.

By moving beyond traditional ways of understanding and measuring “ROI” and comparing outcomes against specific business objectives, brands can tap into the real value of social. Using a combination of brand tracking measures, such as Net Promoter Scores can help a brand optimize its efforts through the social channel.

Social Media Marketing vs Conventional Marketing Communications !!!

In today’s regularly changing and fast paced world, advertisers are scrutinizing the genuine contrasts between social advertising and customary promoting. Is one superior to the next? Is one more suited for one sort of business over an alternate? Furthermore is one on the edge of death while the other is blasting with life?

Social media has rapidly integrated itself into our everyday lives, both personal and professional, and it’s perhaps had no greater impact than on the world of marketing, with consumers and brands seeing enormous benefits and changes.

But how does social media compare to traditional marketing?

The advantages of social media marketing are numerous.

It’s cheaper. You can reach thousands of people for a fraction of the cost using social media than you can through television, billboards or even email

Social media is the only marketing platform that allows you to engage and interact with your consumers – it’s a two-way relationship, which can be hugely lucrative for brands

The results are measurable, and marketers can take immediate action to spot trends and re-align campaigns

It’s not all gravy, though. Social media campaigns can be time consuming and the impact can disseminate very quickly, whereas traditional marketing campaigns, certainly in television, can produce short term results that have greater tangibility.

 

Advantages of Social Media Marketing vs Traditional Marketing:

 

  • Inexpensive vs Costly
  • Interactive / engaging vs One way / non reciprocal
  • Measurable vs Hard to measure
  • Customised marketing vs generally only Mass Marketing

 

Disadvantages of Social Media Marketing vs Traditional Marketing:

  • Time Consuming vs Quick and gives immediate results.
  • Information fades quickly vs Information is permanent more tangible.

 

Key difference of Social Media Marketing over Conventional Marketing,

 

  1. Social Media is not only about plain advertising it’s much more than that.
  2. Social Media Marketing also influences Market Behaviour
  3. Social media continuously uses new evolving technologies like we saw in the fridge magnet example of Red Tomato Pizza.
  4. Social media is real time ie. as it happens its continuous and instantaneous like the Oreo campaign during Super Bowl “Dunk in the dark”

 

So have we decided which form of marketing is better?  Both forms have clear strengths and weaknesses.  In order to pull out the most advantageous qualities, both forms of marketing should be used together.

This seems to be the biggest misnomer to many.  People like to choose either traditional or social, but the real benefit comes when both types of marketing are used as complements to one another.  Traditional marketing is actually just as effective today as it was before the internet was invented.

Social media marketing is not a replacement for other marketing tactics and it’s highly recommend that one should continue to do what has worked for you in the past.

Traditional marketing activities that still work for you, like advertising in a newspaper, sending direct mail and attending networking events, are still essential.

However, for most, social media marketing is now a critical component of an effective marketing strategy.

Social Media is an Important Part of Your Marketing Mix, but Not the Only One.

Twitter vs Facebook on Social Media Marketing !!!

Facebook and Twitter deliver information in very different ways, and although there is some common audience, they serve two very different marketing needs.

 

Twitter

Twitter addresses a common problem faced by all business owners: the easily distracted and short attention span of consumers. On the web, if you do not get your message across in five seconds or less, chances are you lost your prospect.

We need to think of Twitter as an elevator pitch, only with one floor to sell someone on an idea. An elevator pitch is a short summary used to quickly and simply define a product, service, or organization and its value.

You can freely follow whoever you like on twitter. There is no case of accepting someone or not. As a business it is the follow back which you want. A lot of users you will be following so that they in turn follow you back, so that they can see and share your tweets to their followers. You can do this by complimenting them or their business, or striking up a conversation. Not everyone will follow you back though.

As a business you will need to aim to follow people in similar industries and people who you know will be interested in your services. Once you have gained a good following people will begin to retweet your tweets to their friends who will most likely also be interested in your business. On twitter your information can be wide spread, it’s all about being clever.

The beauty of Twitter is being able to reach specially targeted users to gain maximum interest, and let’s not forget the infamous hash tag!

Twitter is great for Real time Conversions and Customer service however has limitation in identifying the trends.

 

Facebook

Facebook also offers a great platform to reach consumers, but it is harder to get “likes” for your business page than it is to get followers in Twitter and you will have to work to encourage and engage your audience.

But Facebook allows you to share a lot more information at a glance than Twitter does. You can imbed images, videos, and even create interactive pages.

Facebook is a place for friends; most of us will know all of our ‘friends’ on Facebook. We know personally when someone adds us that we don’t know, we will be very wary of accepting them and this includes businesses.

Say you do have a Facebook account to promote your business and you post a status or a link to your site on a regular basis. Who is reading this, and is it spreading? The answer is no, you post it, a few of your ‘friends’ will read it, maybe like it, but it won’t get passed on and it will never go viral!

Facebook is great for authentic connections and correct and accurate profiling of audiences however it cannot be used for mass market reach.

 

 

The bottom line is that, when compared, they really cannot be compared. The best way to take advantage of social networking is to use both Facebook and Twitter and treat each as a separate entity with the potential to reach markets in very different ways.

 

Importance of Screening in Social Media !!!

 

Before understanding the thesis of screening we need to understand the basics of asymmetric information. Assuming that A wants to sell a car that he values at Rs 5000. B is looking for a car and would consider A’s car worth Rs 6000 if he knew as much about it as A knows. An exchange would benefit both B and A but it might not take place because of an information problem. A probably knows a variety of things about his car that might not be obvious to a buyer. But how can B trust A to tell him all that he knows when A has the incentive to misrepresent the quality of the car?

 

The potential transaction as described above has the problem of asymmetric information, which simply means that the information available to buyers is different than the information available to sellers.  Information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. We are interested in this problem because we see it in many different situations and because it may lead to a market failure, a case in which a market is economically inefficient. However, when there is unexploited value, buyers and sellers have an incentive to find ways to capture that value. Sellers with high quality products need ways to signal the quality of their products so that buyers can distinguish between high-quality and low-quality products. Buyers must find ways to screen out erroneous information but allow in truthful information. For purposes of screening, asymmetric information cases assume two economic agents, which we call, for example, A and B where A knows more about himself than B knows about A. The agents are attempting to engage in some sort of transaction, often involving a long-term relationship. The “screener” (the one with less information, in this case, B) attempts to rectify this asymmetry by learning as much as he can about A.

 

Screening, which is an attempt to filter helpful from useless information, is an action by those with poor information. When two people go on a blind date, both are unsure if they are compatible, so both are screening, listening and watching to learn if the other person is someone with whom they would want a second date.

 

When there is asymmetric information in the market, screening can involve incentives that encourage the better informed to self-select or self-reveal. For example, a job with a low-paying probationary period will discourage those who know they are not well-suited for the position from applying. People who are confident that they will survive the probationary period are more likely to find the offer attractive than those who doubt their ability. A lender who demands collateral for a loan discourages applications from those who doubt their ability to repay.

 

In conventional marketing there is a need for good signalling for eg, to make the customer believe in your quality you have to justify by giving a warranty for a specific period. However since in Social media marketing, everyone is always looking for information from various sources, screening play a very important role in eliminating irrelevant information and making sure that the person can get the relevant information as required. Hence for a brand or company to be successful on social media, it should be able to withstand screening.