From what I see the biggest issue around social media marketing is that too many marketers are over promising and can’t prove ROI. After they allocate resources they then spend a lot of time and money trying to show management why social media marketing is essential for their brand but they often try and convince people who want to know what social media is doing for the bottom line. Rather than over promising here are, I believe, some ground rules to justify social media marketing for your brand.
Nielsen surveyed nearly 28,000 households between March 14, 2013, and May 6, 2013, and another 41,000 households between Nov. 14, 2013, and Jan. 16, 2014. Overall, rising food prices ranked No. 1 on our list of headwinds, as almost two-thirds of households (64%) said prices were a major factor limiting their spending in mid-2013, and more than half (52%) were still unhappy with prices in January 2014. In the face of headwinds, consumers responded with pragmatism, saying they made trade-offs or bought less. When it came to coping with headwinds, consumers said they tightened their belts across the board except when asked about responding to rising gas and food prices. Notably, 75 percent of respondents said higher fuel prices caused them to make fewer trips, whereas more expensive food prompted 65 percent to seek out better deals.
Does it ever stop ? The never ending chase of marketers to prove ROI for everything they do is draining the life out of marketing and wasting time and money. If marketers spent 50% of the their time on understanding what makes a consumer a customer rather than trying to prove ROI they would be a hell of lot more successful. It seems, however, that management wants to understand why marketers are spending so much money and that every dollar they spend is driving ROI. A lot of executives know the cost of everything but the value of nothing.
Customers’ behavior and interactions with the brands and businesses they buy from has changed dramatically in the last few years. Their attitudes and expectations have evolved much faster than businesses’ ability to build positive experiences. Despite the fact that companies have access to ever more sophisticated and powerful technologies and solutions to understand their audiences, manage customer experiences and build engagement, customers believe companies have failed to improve their handling of customer relationships in the last three years.
For the first time it’s been reported that more money is flowing into digital media than offline channels. As more and more “experts” tell you why you should be increasing your digital marketing budgets very few actually are talking about the primary objective of ANY marketing initiative: to drive bottom line results.
What are the key lessons that are continually being reinforced via new stories on the Web ? Well first we are seeing the shine come off the social media hype train as marketers look at new digital platforms and geting back to basics like ensuring their products are promoted at retail. It seems that a lot of brands believed social media was THE answer to their problems but in reality it’s another piece of the puzzle for a great integrated marketing strategy. Here are 10 things that every marketer should know by now…
A new study has lambasted marketers’ financial skills and the marketing programs run by education providers, claiming that as many as 90% of marketers are not trained in marketing performance and ROI, partly due to the fact that nine out of 10 marketing courses don’t have a unit focused on the topic. Because of this educational void, 80% of marketers struggle to properly demonstrate the business effectiveness of their marketing spending, campaigns and activities to their top management, the report says.