On October 20th, LiftMetrix will be presenting the webinar: “Is Social Driving Your Business Objectives?” and pulled together a sneak peek into the presentation below.
Social media has matured. Gone are the days that fans, impressions, and vanity metrics (likes, shares, comments, retweets, etc.) were the standard for measuring social media campaigns. Truly social organizations instead focus on using social media to drive business objectives, which can translate to ROI and KPIs.
Why? Teams need to prove the value of their social media campaigns. A CMO.com article stated that 93% of CMOs are under increasing pressure to demonstrate measurable ROI. By gearing your social strategy towards driving business objectives, brands can see several benefits, including:
- Proving your case for more budget.
- Reporting the same metrics from social that other marketing channels have provided for years.
- Giving your CMOs concrete data and not just vanity metrics.
Without tying social media to their website, brands are missing out on the most important half of their data. The spectrum above shows the data that social media kicks off as a result of posting and buying ads. On the far left side, are social media metrics, such as likes, shares, comments and impressions. These metrics help with brand awareness and affinity but they stop short of driving real business objectives: customer conversions. In the middle of the spectrum are clicks to a brand’s site, which is the critical juncture because it converts an ‘awareness’ or ‘affinity’ metric to a potential customer who has expressed intent. The far right of the spectrum is where a brand can convert a social follower to a customer on their website.
A conversion can manifest itself in many forms which we addressed in our recent webinar. You can view the webinar presentation by clicking here and recording by clicking here. Check out our webinar recap series on the LiftMetrix blog!