November 1, 2011 Michael Bickerton
Amazingly there is an ongoing discussion regarding the value of emarketing, email marketing and social media marketing.
Recently, I was involved in a twitter discussion where the user suggested that they understood the value of email marketing and could provide an ROI. Naturally, as we know, the results are available almost immediately, the number mailed, the number opened, the number clicked (and where they clicked). What’s not to figure ….like I said, amazing?
Social media, and the ROI … let me remind you of my recent post, “ROI of an Handshake”. So, with that in mind, I can’t help but suggest that the simplicity of measurement is pretty straightforward. Facebook sends you a weekly update on your Facebook Page stats. The weekly report gives you information on the number of monthly active users, the number of people who like your page, the number of people who comment and post on your wall, as well as the number of visits. The Facebook Page report gives you the increase/decrease from the week prior. I’d suggest we call that measurable.
There are plenty of ways to keep track of your social media and emarketing initiatives.
Now I think we all realize and appreciate at some point these activities and the conversion of these activities must be measured in terms of actual sales and actual ROI. Yet, let’s consider that we must first establish a baseline. Secondarily, establish a process and implement and an overall emarketing, email marketing and social media marketing plan prior to analyzing and monetizing it.
ROI is critical to your long-term success and never before have we been in a position to measure all segments of a marketing program. The takeaway, let’s not get ahead of ourselves. As your digital agency, we suggest that you implement your program with a long term view. Measure and evaluation is the natural partner in today’s environment. Let’s keep in mind; you need to solidify your position prior to measuring it. Otherwise you may well lose your budgets and influence before you fully comprehend the opportunities.
Haste makes waste; don’t rush to measure your emarketing and social media programs.
Michael Bickerton, Raven5 Ltd, Toronto, November 2011