We’re one month deep into 2013, and you’ve been hitting the gym like a champ. You’re reading more, watching less TV, eating healthy, quelling your vices, and basically knocking all your personal resolutions out of the park. Will power 1, couch potato 0. Way to go, you.
You’ve jumped on the “Bring Your Own Device” bandwagon at the office – your employees are accessing company email on their personal devices, working remotely on their own laptops, taking company calls on their cell phones. It’s time to think about how social media fits into the picture. Are you also allowing your employees to “Bring Your Own Social” (BYOS)? Before you cry “Distraction! Information leaks! Inappropriate posts! Oh, the horror!” – remember this: your employees are smart. That’s why you hired them. Not to say that mistakes can’t happen, but Gremlin Social is here to help with ways your employees can BYOS to the business world while still being responsible to your brand.
Topics: branding, bring your own device, bring your own social, Business, compliance, facebook, gremln, small business, social media, Social Media for Small Business, strategy, twitter business, twitter business tools
Now that 2012 is just about over, I can officially state, with all appropriate certainty, that the social media question I heard the most often this year was, “How do I determine social media ROI?” The main reason returns on social strategies are so important, of course, is that success (or the lack thereof) almost always determines budgets, and every now and then it even determines jobs. Which makes this a very important question indeed.
Some people will tell you that you can’t calculate social media ROI, but I respectfully disagree. Measuring social media ROI isn’t impossible…it just isn’t straightforward.
When you calculate return on a traditional financial investment, there’s a simple, straightforward calculation that allows you to quickly determine your return: ROI = (Gain from Investment – Cost of Investment) / Cost of Investment. The reason this formula is so straightforward is that all the variables are distinct. You know how much money you’ve invested, and you know how much money you’ve gained from that investment. Simple.
The reason social media returns aren’t quite so simple to calculate is because the variables aren’t as clear cut. What, exactly, have you invested? Employee salary? Graphic design costs? Social media software costs? Facebook ad expenditures? Product giveaways? Where do you draw the line between social media resources and everyday business expenses?
And how about that return? Ideally, of course, you’ll see an increase in revenue as a direct result of your social strategies, but that’s not the only type of positive return you can get. What about engagement? Social media is all about building communities of people who, when the time is right, will rally around your product or service…so high levels of engagement are important, aren’t they? And how about brand strength? If you can manage to move your Facebook likers from fans to brand loyalists, what’s the dollar value there? Certainly that’s a positive return. The same goes for customer service. If you use your social media as a customer service tool (and you should), isn’t customer satisfaction a positive return on that investment?
The problem isn’t that social ROI is impossible to calculate; the problem is that there are just too many ways to calculate it. In order to get an accurate return measurement, you’ll need to settle on the type of return you want to measure. Here are four suggestions on getting started, with a little help from Gremln:
Topics: 101, brand, Business, business, campaign, dashboard, education, facebook, google+, google plus, gremlin, gremln, linkedin, Marketing, media, ROI, small business, social, social media, strategy, twitter
Although social networks are free to join and use, there’s a real cost involved in social media marketing and communications. Network training, graphic design, employee payroll, analytic tools, content creation, and product giveaways are just some of the typical expenses that often come with the territory. Because of these “secondary expenses,” many managers, directors, CEOs, and board members require social media expenditure justification.
How, exactly, do you justify the expense of social media? Simple. Just show them that social media marketing has M.E.R.I.T.
Social media marketing results are measurable, much more so than the results of more traditional advertising methods, like print and broadcast. Let's take a look at how social media marketing results stack up against the old-timers.
Topics: 101, analytics, Business, business, campaign, crm, dashboard, economic, education, facebook, google+, gremlin, gremln, interactive, measurable, merit, network, relevant, ROI, social, social media, strategy, timely, twitter
Last week, RAM Racing sponsored the Hot Chocolate 15K/5K race in Chicago. The race was held on Sunday, and the runners were to pick up their race packets on the preceding Friday and Saturday. The race on Sunday came off smoothly; packet pick-up, on the other hand, was something of a disaster.
Due to poor overall organization and a few technological hiccups, the packet pick-up process, which might normally have taken 15 or 20 minutes, took some people over three hours. Three hours of standing in line, out-of-doors, in the famously brisk Chicago wind.
This wait, born of organizational missteps, would not normally be worth mentioning here on the Gremln blog—companies find themselves handling dropped balls all the time. But the irritated runners who were made to wait outside for hours took to Twitter and Facebook to express their anger toward the organizers of the Hot Chocolate race, and RAM’s response, or lack thereof, warrants an examination.
Many runners were quite vocal in their social media anger.
Topics: 101, analytics, brand, Business, business, crm, dashboard, education, facebook, google+, google plus, gremlin, gremln, linkedin, Marketing, media, network, ROI, small business, social, social media, strategy, tips, twitter
Think way back to your early career as a professional Trick-or-Treater. If you were anything like me, you had a pretty good lay of the neighborhood when it came to the houses that gave the best candy. The big Georgian two blocks over was the first stop, because they gave the full-size candy bars, and you had to get there early if you wanted to snag a Snickers. The Ranch across the street gave only Tootsie Rolls and those weird, hard, peanut butter chews wrapped in nondescript black and orange wax paper wrappers. That house was to be avoided at all costs. The A-frame on the corner didn’t always give the best candy, but they turned their whole front yard into an enclosed haunted house, and the experience alone was worth the walk.
Knowing where to get the best treats was imperative as a kid, because you were putting in a lot of work. You and your parents spent a lot of time brainstorming, then making or buying costumes. You agonized over the perfect amount of white make-up to make your face look convincingly undead. You braved the chilly weather, clad in only tights and a green dress, because the real Tinker Bell never wore a jacket, by golly. And if you were going to go through all that trouble, you wanted the sweetest bang for your buck.
Now, several decades later, here you are, working in the real world, and while you might not realize it, your company is hosting its own version of “Trick or Treat” this year. In fact, you deal with Trick-or-Treaters every day. You have customers who put in a lot of effort to search out your products in the marketplace. They find you online, they research your company, they ask their friends for recommendations, and they determine whether or not your product is worth the price. It’s up to you to offer those customers the kind of treat that will keep them coming back year after year, or month after month, or week after week.
Last week we brought you a glimpse at how much of an impact our two major 2012 presidential candidates are having in the social space. Today, we’re diving into the second part of the social media politics equation and examining how the public is responding.
There’s no question that social media is playing a major part in the expression of public political opinion. The first presidential debate resulted in 10.3 million tweets. By comparison, Super Bowl XLVI resulted in just 5.5 million tweets, and those were measured not only during the game, but also over the course of the seven days leading up it.
In other words, the public is definitely speaking.
But speaking isn’t the same as listening. How important is social media in the actual spreading of political ideas? In order to determine how effective the candidates’ social media strategies really are, we need to find the answers to three questions:
Election Day is getting closer and closer, and both Barack Obama and Mitt Romney are going full steam ahead with their presidential campaigns. Odds are, you’re seeing evidence of the election everywhere; stories on the news, ads during prime time, signs in your neighbor’s yard, and, yes, posts popping up on your social networks.
Social media became a major player in a presidential election for the first time in 2008, a race that Businessweek called “the first social media election.” 2008 was the first time a massive number of people took to social networks to discuss the presidential race, and the major platforms (chiefly Facebook and Twitter) have experienced explosive growth in the last four years. 2008 may have been the first social media election, but 2012 dwarfs it in scope.
Which, of course, begs an obvious question: Just how much of an impact does social media campaigning have on voters?
Topics: 2012, analytics, business, campaign, dashboard, education, election, facebook, google+, google plus, gremlin, gremln, linkedin, Marketing, media, political, politics, Politics, president, ROI, social, social media, strategy, twitter