By far the biggest challenge for most brands and marketers is “what exactly is social media doing for our brand & business objectives ?” Executives want clear examples of ROI not vanity metrics such as the number of people who “Like” our brand or follow our brand via a Twitter feed. Here are some ways to measure social media with results that matter.
In a renewed effort to lure a bigger share of the advertising dollars that now flow to major TV networks, Google’s YouTube is making a number of concessions long sought by marketers, ad executives say and the headline reads ” Facebook Exec Snarkily Confirms Brands’ Big Fear: Their Content Isn’t Important“. So what’s going on here? A little something called accountability, which most social media “experts” have been able to dodge.
POST SUMMARY: A recent article suggested that marketers are moving away from social media ROI because “they’ve realized that social media isn’t a transactional engine or sales machine.” I would counter that the reason many marketers are moving away from social media is that they are frustrated trying to measure ROI and don’t have the depth in web analytics to really determine if their investment in social media marketing is really warranted.
At its best digital analytics can help marketers optimize their website to provide a better ROI. At it’s worst, digital analytics can provide vanity metrics, like total website visitors, that have little to do with branding & marketing. As 78% of marketers are feeling pressured to become more data-driven marketers have to learn to use the right analytics that provide meaningful and actionable insights.
Post Summary: Today’s marketers are being overwhelmed with all types of marketing data but a lot of this data may not be actionable. To really ensure that your online analytics is delivering on your marketing objectives organizations need people who can intercept the incoming data and tell a story to senior managers that clearly identifies opportunities.
All over the Web there are a lot of infographics that convey data points but I would argue that data without analytics to help us understand why, how and where are pretty much meaningless. In fact I would suggest that big data is over-hyped and that the real gold for marketers is the use of analytics that help us better understand consumers and customers.
More and more I am reading that marketers are demanding more accountability from digital marketing which is ironic because there are already a lot of ways to measure everything you do online. However the Web Analytics 3.0 mind-set and strategy call for robust qualitative and quantitative analysis in your web analytics approach with specific goals: to understand the customer experience explicitly and to then influence customer behavior on your site. It also calls for people who understand online behavior and can turn online marketing into a business driver.