So he set up a Facebook fan page with the help of his parents. In just one week, he got more than 1,200 fans and raised $400!
“I can understand using Facebook for a fifth-grade science project,” I hear you saying. “But how do I use Facebook to market my business? I keep hearing that I should include social media in my marketing campaigns, but I don’t have a clue how to do that.”
When Intuit wanted to analyze market sentiment about TurboTax, they used Radian6 to collect approximately 40,000 blog posts about Intuit and its competitors between January 1st and April 15th of 2008.
“None of [the team working on this project] felt artificial intelligence was going to come to their aid any day soon,” says Jim Sterne in his book, Social Media Metrics: How to Measure and Optimize Your Marketing Investment.
Have you asked this question: Is the time I invest with social media really worth it? Whether you’re new or an old hat with social media, chances are you’ve wondered if the time commitment is really worth the return on investment (ROI).
Make no mistake about it: a true investment of time and resources is necessary to see significant social media marketing success.
But the real question is, “Just HOW MUCH time is needed to see solid success?”
This question was recently answered in the new study, 2010 Social Media Marketing Industry Report, authored by Michael Stelzner. Based on the report findings, ROI is top of mind for most marketers using social media.
Early efforts in social media marketing have created a tremendous amount of buzz and interest, but surprisingly few case studies focus on monetization.
A recent study by Ketchum and Nielsen shows the number-one activity of social media users (online or offline) is reading blogs – even above TV!
So it’s clear that social media is here to stay, and accountable programs must be created to deliver performance and ROI. Here are 3 steps to help you get started:
#1: Define Key Performance Indicators (KPIs) and Measure Against Them
In order to hold any marketing channel accountable, there first must be a framework of metrics that can be tracked, compared to a benchmark (industry or prior program performance) and analyzed over time. Social channels are no different. When looking to assign accountability to social programs, the first step is to define KPIs and measure against them. The three key components to track are:
When you think of Ford, you might think “old American car company.” However, under the direction of Scott Monty, Ford has become one of the leading big businesses in America using social media to connect directly with consumers. And it certainly seems that Ford is on the right track to success, recently reporting 1 billion dollars in profit!
In this video, you’ll learn how Ford uses TweetUps to help Ford executives connect with customers across America and how Ford is humanizing its brand. Scott also provides advice to other businesses that are looking to capitalize on social media. Scott also has a little fun, as you’ll see…
VIEW VIDEO HERE NOW:
I’m sure you’ve come across these objections… “Where’s the money?” “Prove to me social media marketing works.” “Show me the metrics!” If you’re just getting started with social media marketing, get ready—these challenges are coming. Perhaps you’ve asked them yourself.
“It’s not possible to quantify social media marketing,” says one pundit. “Anything can be measured,” says another. Then come the phrases such as return on invested time, return on objective, return on participation, share of voice, and the list goes on endlessly.
If you’re a little confused, you’re not alone! The dreaded “How do I measure the effectiveness of social media?” is one of the biggest questions marketers want answered, according to the Social Media Marketing Industry Report —a study of over 800 social media marketers.