Online Marketing Blog

While the topic of return on investment with social media participation seems to polarize many marketing, advertising, and public relations pundits, there are a growing number of companies and agencies that are implementing social media marketing and analysis efforts to answer the question firsthand.

We’ve all read about or seen favorite examples going back to Dell Outlet selling a few million dollars worth of discounted computer equipment through Twitter, to Blendtec selling more blenders because of its YouTube videos showing what happens when a Blendtec meets an iPhone, or a rake. Of course, there’s also the famed Old Spice example of selling more body wash because of Isaiah Mustafa on a horse on a beach.

One of the most compelling challenges for companies entering the world of social business is measurement. The ability to attribute cause and effect directly can be elusive when it comes to measuring business outcomes like increased sales, improved customer retention and lowered support costs. But that’s only because this is new territory.  Business participation with social media on the web at large and internally has absolutely made measurable progress for numerous companies and organizations. The trick is to learn how, create a model that works for you and to sell it internally for testing, implementation and adoption.

One way to facilitate learning about Social Media ROI, Measurement and Analytics is through books from subject matter experts. Here are 5 that I’ve found useful and hopefully, you will too.

While traveling recently in New Zealand and a short stay in Sydney, Australia I shot a few videos offering social media marketing tips. Check them out below and you can also view many other tips videos and interviews we’ve done with search and social media marketing experts on the  TopRank Online Marketing YouTube Channel.

Tips on Social Media ROI from Sydney Australia near the famous Opera House & Sydney Harbour Bridge. Sorry about the wind, it messed with the audio a bit. I need to get a Zi8 and a microphone!

Common B2B Facebook Myths from Rangitoto Island, off Auckland, New Zealand. (From an old Army bunker near the mouth of a 600 year old volcano actually)

Photo credit: timtak via Flickr

Social Commerce is a very hot topic right now with numerous blog posts, articles and even a few events focused on ecommerce and social media.

Adding ecommerce functionality to social sites is something that I’ve wondered about for quite a while:

“What I’d like to see more of is the availability of basic ecommerce functions as plug ‘n play options with major blog software packages. Blogs are good for business, big and small and I think there’s a lot of opportunity for business and value for consumers with ecommerce blogs.” Dec 28, 2005.

Too bad I wasn’t more of an advocate for social commerce since, but then again, consumers haven’t really responded well to shopping implementations with social media sites until recently, if at all.

As I’ve been able to travel and meet marketers all over the U.S. and in other countries, I am always interested in learning how companies are viewing the value of their social media efforts.

Marketing investments should be predicated by more than chasing the competition, satisfying someone’s ego or acting solely on a gut feeling. A good handle on goals, resources and target audience help determine strategy and tactics as well as how outcomes are measured. This is the case with even the most fundamental of marketing programs. With that kind of basic framework, implementing and measuring value from social media shouldn’t be that different.

Because so much actual marketing is tactical, many companies see social media simply as another of those tactics and evaluate one-off promotional efforts for ROI without considering the bigger picture. It’s very much a situation of not seeing the forest for the trees.

At Online Marketing Summit held in Minneapolis and hosted by ClickZ, Caitlin McCabe of Sway Inc spoke to the audience about Social Media and had these insights:

1. For people who think Facebook is just for kids, go search for groups relevant to you and you will find them!  Facebook offers many targeted marketing opportunities.

While there are hoards of people, both professional and not, look for niche social sites where you can reach 100% of your target audience as well as an audience that is more engaged than perhaps the average Facebook user.

People with more friends aren’t necessarily more valuable. Do they know all their friends and who are they? However, on a niche social network like BakeSpace.com, the friends are much more targeted than a big brand like Sara Lee.