Social Media ROI has been a topic which haunts marketers big and small. We decided to take this topic head-on and share experiences and perspectives from what we have learnt and implemented so far. 20 members showed up for the breakfast meeting, which this time we had at Cafe Coffee Day, the Starbucks of India (comparison only in number of stores, not service). The topic demanded more case studies for perhaps a deeper look into the Social Media ROI game, leaving us hungry for more discussion. And it turned out that Cafe Coffee Day failed to staff their outlet or stock their shelves for breakfast, leaving us hungry literally.
The dawn of Social Media ROI
Over the course of time, from Newspapers, TV, Radio and Now Internet, marketers & advertisers have loved to track customer actions on their campaigns or advertisements. The internet era gave us the deluge of options to track every user behavior in our campaigns and ads. However the game changed when Social Media landed at the party. Suddenly more than just direct action, influences had to be tracked. The channels of communication increased dramatically with activities distributed for managing and catering to those channels. The measurement of ROI on Social Media remains a challenge. The measurement tools are still evolving and a standard practice still needs to be universally accepted. However, Social Media campaigns should not be considered a destination but a vehicle on which the initiatives roll out with timely restructuring and re-looking into the campaign output. An important note made by Mani Singh – There are 2 aspects to the whole matter. ROI is as important as the objective of the Social Media campaign. For the short-term, ensure your objectives are met and over a long-term the ROI can be gradually equated and improved upon. We discussed specific case studies from the Travel domain, App based business and Content Driven websites. The end point of the discussion was not about the merits of Social Media Investment, but about how to track it. How to track all the activities and user actions remains a challenge and an exciting one at that.
Over the Watercooler
What kept us talking afterwards were the impressive views the KONY 2012 video is gathering, 80 million views just in a few days. And in other news – acquisition of Posterous by Twitter, what would happen to your current blogs? WordPress it seems has become the flavour of the month yet again, seeing huge numbers in blog migrations from Posterous. Twitter is known to kill the companies it acquires and retain the talent and technology. It would be sad to see Posterous go, unless the Yodas at Twitter have a sinister plan for world dominance with a whole new feature set. That we’d have to wait and watch.