Do you know how to show the business value of a Facebook campaign? Twitter campaign? How about a campaign covering multiple social media channels? More than 44% of respondents to the August 2016 CMO survey said their organisations have not yet been able to show the impact of social media activity on the business.
So how can you link media campaigns to the bottom line? Despite the increasing pressure Marketers are under to show the value of what they do, many leaders in the field still do not know how to measure and report on the impact of their campaigns.
The answer is strategic analytics. Some shy away from the term, but there is no doubt that it is the future of marketing. Marketers can finally communicate the tangible results of messaging and social campaign activity on brand value. Better still, it means showing return on investment and bottom line impact.
The first step is finding the right technology that will give you the actionable insight you need. The best software will offer both employees and executives an integrated, automated flow of data and analytics that has been broken down into relevant and actionable insight.
Once you have found that software, these five steps can help you maximise the effectiveness of your measurements, and the impact of your results:
Funnel all of the information into one manageable place to ensure your organisation does not miss a thing. This process is automated, which makes tracking things like licensed content, renewing subscriptions and managing redistributed rules simple.
What channels are the most effective for talking to customers? Listening to social 'chatter' can help you identify exactly what is being said about your company, brand and competitors. Automating media monitoring in this way makes listening for the right signals, trends, and opportunities easy!
3. Analyse and contextualise
Presenting marketing data effectively is about storytelling. Numbers without context say very little. When the results of analysis are summarised in a compelling, easy-to-consume way, you can quickly show trends, identify peaks and troughs and understand frequency.
Smart enterprises empower employees with business intelligence to succeed in their jobs. The smartest enterprises make collaboration between employees easy! Sharing reduces the time to respond to emerging trends, correct inaccuracies and diffuse negative perceptions.
5. Evaluate (and re-evaluate!)
What do people talk about when they talk about your products? Evaluating your analysis can help you identify strategic marketing opportunities. Measurements such as share of voice versus share price can also help demonstrate return on investment, show brand value and quantify reputation.