Social Marketing Strategy and ROI
Last week I was in Singapore and spoke at a small conference to a group of marketing executives ranging from CPG to Financial to Airports to publishing. I spoke about 3 critical dimensions of building a successful social marketing strategy. Here is a write-up on what I spoke about.
I will be hosting a webinar on June 23rd on this topic. Hold the date and if you’d like, here is an early registration link.
Social Marketing Strategy & ROI
Social media marketing is changing rapidly. Social media is no longer about going viral and getting earned media. It’s more about how to combine paid media with earned to gain the most out of what can be done with the media platform. A few years ago, social was all about earned media. But now that Facebook and the other social media platforms have mostly moved to a paid model, it’s all about how effectively the marketer can combine paid advertising with earned impressions on this new media channel.
In order to develop the best social media strategy, marketers must consider a few key strategic concepts of how social fits in with their overall marketing strategy.
Make Better Strategic and Tactical Marketing Decisions
If we’re going to speak about social marketing strategy and be able to make better decisions, the most important thing we need are:
- First consider how social media can influence how a consumer makes purchase decisions. That is, how consumers become aware, how they generate purchase intent and how they build brand preference.
- Secondly, we need to consider how consumers consume media. Media consumption has moved from a relatively straightforward process to a very complex, zig-zag pattern of media consumption across devices, time and location.
- Lastly, we need to consider how consumers consume messages. Our messages are often perceived differently based on the actual wording and writing style employed. By understanding these message perceptions we can increase social media effectiveness in significant ways.
To optimize their total social marketing strategy marketers must understand these three dimensions to deliver the best social media strategies.
You can’t live by strategy alone
But marketers don’t live by strategy alone. They also need to execute their strategies and, regardless of the level of planning that takes place, they need to measure effectiveness in near real time and make short term course corrections in order to deliver the highest ROIs possible. ROI can be measured in many ways but the top methods include:
- Last touch or last click attribution
- Experimental design
- Marketing mix modeling.
With these strategic concepts in place and the operational excellence of real time effectiveness measurement, marketers can deliver the best results from social media for their brands. These two posts you might find interesting: The 6 rules of marketing ROI and the 12 rules of online marketing ROI
Let me know what you think.