Today still, Social Media platforms are often considered to be static. This can be said insofar as many marketers acknowledge the necessity from their brand/company to be active through Social Media, but don’t have clue as to why or how they should monitor it.
Asking the right question
What’s the value of a « like » on your company’s Facebook page? Or your follower count on Twitter? Or, of course, the all-time favorite : What’s the ROI of Social Media? There are no direct answers to those questions, but many indirect ones.
But then again, the same can be said for traditional Print Marketing. What’s the ROI of a billboard? Or a centerfold ad in a popular magazine ? There is no factual way to answer these questions. But last time I checked, there are still plenty of those kinds ads out there, and always have been, so they must be effective and worthwhile somehow.
The one question that I will most willingly answer today is that of the ROI of monitoring Social Media. Social Media definitely has many interesting and insightful metrics to offer. These can help you define, tune and expand your Marketing Strategy.
Why monitor Social Media?
This following infographic published by INFOSYS shows how monitoring your Social Media Activity can benefit your brand:
- Help engage in dialogue with existing/potential customer
- Increase sales and partnerships
- Reduce costs of traditional customer satisfaction processes
What you can monitor
Monitoring can help you expand your Marketing Strategy (online or offline). Precise segmentation can be achieved through thorough monitoring. Dissociating your customers with the following groups (and others) can help you sell more efficiently to each one of them:
- Socio-economic background
Know your customers and know where they are, so that you can be there as well!
If you’re targeting adults for instance, the following infographic published by DOCSTOCK shows you where to find them and therefore also where to concentrate your efforts.
On the other hand, this infographic published by RIGHT MIX MARKETING shows that an increasing number of US teenagers are leaving Facebook for other Social Media platforms.
This can be linked to the opposite increase in parents using Facebook themselves to keep an eye on their children’s activity.
What you get in return
THE ROI OF SOCIAL MEDIA MONITORING
This is the perfect opportunity to backtrack to the « value » of Facebook fans for an instant. Here are a few statics about those of companies that actively monitor and react to their social media activity.
- 18% have higher conversion rate (fans become customers)
- 44% help with customer recruitment (fans become brand ambassadors)
- 18% purchase more frequently (1-time clients become repeated clients)