Social Media ROI and how it can be measured: a new White Paper from Yomego
Increased social media reputation leads to a commensurate increase in sales, according to social media specialist agency, Yomego. In a new insight paper, Social media ROI and how it CAN be measured, Yomego MD Steve Richards states that companies using social media to increase their reach, positive awareness and tone can link this activity to a lift in sales.
According to Richards, social media campaigns can and should be subject to the same measurement metrics as other marketing activities. The paper cites companies from small independent shops to multi-national household names who are making their social media strategies pay, to drive both online engagement and offline activity. Examples of companies making money from their social media strategies include: Dell, which reported $6.5 million of revenue from Twitter; and Yomego client Mr Tayto, whose book become a number one bestseller in Ireland following a social media campaign. Measurable tactics in social media campaigns must extend beyond eyeballs and follower numbers to include more meaningful analysis such as reputation shift and the resultant impact on sales or share price. This means social media campaigns can be measured alongside other marketing activity, and can be properly integrated to other online and offline campaigns.
The paper considers various tools for measuring the impact of social media: from reputation tracking to voucher redemption schemes that use social media to drive offline activity. These techniques can be applied to track social media success over time, or to measure the success of a specific campaign.
According to Richards: We encourage clients to treat social media like any of the other fully paid-up members of the marketing mix. If a company measures marketing campaigns by reach, the same (CPM) metric can be attributed to social media spend. If it measures by sales impact, then the tools need to be put in place to measure the same impact from social media.
A client will normally know how much it costs to generate a sale via telesales, for instance, so the cost and value of leads direct from social media can be viewed in context.
Yomegos own Social Media Reputation (SMR) reports provide a popularity index (out of 100) for brands alongside comparative scores for competitors in their sector. These reports identify good and bad performance within social media channels, so that the brand can shape its media strategy accordingly.
Social Media ROI and how it CAN be measured can be downloaded from the Insight section of Yomegos website at www.yomego.com.
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Yomego is a specialist social media agency. It offers brands a mixture of strategic insight, creative design and expert implementation to help them create (and monetise) entertaining and engaging digital communities across web, TV and mobile platforms. It has created successful social media campaigns for brands including: GMTV, Five, ITV, MTV, eircom, Ladbrokes, Durex, Tayto, BetFred, Dennis Publishing and Fremantle (among others).
Find out more by following Yomego on Twitter, the Yomego blog, Brand Republic, LinkedIn, Facebook, Flickr and YouTube, or visit www.yomego.com.
For more information and to speak to Steve Richards (MD), please contact:
Tel: 0771 406 5233