The infographic below from InventHelp says that CEO’s think marketers lack business credibility and that we don’t talk about what really matters: Sales. Do you think that’s true? I think I would have to agree.
For whatever reason as marketers we’ve chosen to try to get executives to understand marketing instead of using that time to show them why marketing matters to them: Because it drives sales. The same is true for social media. We are redefining ROI, presenting metrics that require a Ph.D. in cool to understand, and arguing that social media ROI is immeasurable. It’s not, but it will require that marketers change their point of reference.
Instead of focusing on social media metrics, start focusing on business objectives. Businesses are in business to drive more revenue and decrease costs. Why? More revenue means we are selling more. Decreasing costs means those sales add more profit to the bottom line. You’ll never hear an executive boasting about the $50,000 “value” of FREE e-books they got downloaded on their website. However, you will hear them boasting about how they drove $25,000 in real revenue from leads that came from the company’s blog.
This is a good infographic to help you start the process of connecting to the bottom line. When it comes to social reporting through Google Analytics, be cautious about putting too much weight into the numbers assigned to social media conversions and social media assists. These numbers can not be validated through the interface. We can’t see which campaigns our assists actually converted under, nor can we see the campaign history that led to a conversion.
If you are using custom URL parameters on your social links and you compare the social media traffic that social reports catches and what you know you’ve sent, don’t be surprised if you see stark differences. I love the idea of social reports, but I’m not 100% sold on the accuracy of the data. Actually, I’m not 1% sold on the accuracy of the data. I see drastic differences between traffic I know came from social and what shows up in the social reports interface. But I’m sure improvements will come over time. In the meantime, enjoy this lovely depiction of measuring Facebook and Twitter ROI.
Any of this strike ideas or questions in your mind? Tell us in the comments.
VIP Explorers Club
- How Marketing Will Change at the Incite Marketing Summit
- Book Review: ‘The CMO’s Periodic Table’ Reveals the True Elements of Marketing
- How to Use Reddit to Drive Traffic to Your Site
- Trump Launches National Snapchat Filter and Millennials Are Furious
- How to Rise Above the Noise with Your Content Marketing