Bio Taiwan 2018 opens with industry conference

Taipei, July 18 (CNA) Bio Taiwan 2018, one of the largest biotechnology shows in Asia, opened in Taipei on Wednesday with a conference at which …

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Bio Taiwan 2018 opens with industry conference

Partner Fund Management LP Has Lifted Stake in Puma Biotechnology (PBYI) as Market Value …

Partner Fund Management Lp increased its stake in Puma Biotechnology Inc (PBYI) by 11.57% based on its latest 2018Q1 regulatory filing with the …

Partner Fund Management LP Has Lifted Stake in Puma Biotechnology (PBYI) as Market Value …

Can’t Tell if Your Social Media Campaign is Really Working? Here’s What You Need to Know

The number of companies integrating social media into their marketing campaigns has been growing steadily over the past decade. Some businesses even rely solely on platforms like Facebook, Instagram, and Twitter to promote their goods and services. However, measuring the impact these campaigns have on their business remains a challenge.

A 2015 CMO survey underlined this difficulty, with only 15 percent of participating marketers being able to quantitatively measure the effectiveness of their social media marketing plans. Meanwhile, a recent MDG Advertising infographic shows that not much has changed with regards to measuring the effectivity of social media marketing and its impact on a company’s ROI.

According to the accompanying MDG report, only 20 percent of companies said they were able to determine the success of their social media campaigns while 44 percent could not determine social media’s impact on their business. This problem also affects marketing agencies, with 28 percent facing challenges in measuring the effectivity of social media. However, 55 percent of said agencies claim they could somewhat determine the ROI generated by social media while a mere 17 percent could accurately measure it.

[Graphic via mdgadvertising.com]

Challenges of Measuring Social Media Campaigns

Because social media is a relatively new (and constantly evolving) marketing channel, measuring its true impact of ROI remains a conundrum for many businesses. What’s more, a lot of companies remain unsure of social media’s place in the big picture.

There are other reasons why measuring social media impact remains complicated.

  • Businesses Have Different KPIs: Brands have their own goals, values, and propositions and the Key Performance Indicators (KPI) they want to measure depend on these. However, KPIs can change depending on the direction the company wants to take. This makes it hard to set specific metrics and data points.
  • Data is Limited: Each social media platform has its own set of analytics. Some tools engage followers while others show demographic information. It would also require companies to do a lot of mining just to put everything together.
  • Qualitative Results are Hard to See: It’s easy to see quantitative results such as the numbers of comments, likes, and shares. But the more important question is the kind of action consumers are actually taking — the qualitative results. For instance, are they buying products or just sharing content?
  • Business Impact is Hard to Determine: ROIs are about returns and investments. Even if companies are able to tie their social media campaigns to their KPIs and business goals, most remain confused as to what it means for their bottom line. Companies would have to consider the number of people working on social media accounts and their salaries, social media software, and advertising costs and compare them against KPIs.

Best Ways to Check Effectiveness of Social Media Drive

Despite the ambiguity, social media does have a positive influence on a company’s sales and revenue. The question now is how to measure and quantify this impact. Knowing the following metrics of your campaigns can help you measure their effectiveness:

  • Click-Through Rate: While click-throughs are a key metric, companies should do more than just track clicks. They should also focus on metrics geared towards specifically designed landing pages and content. Companies should also look at click-throughs in relation to bounce rates. High bounce rates imply that the site’s content is not delivering on the call-to-action or headline’s promise.
  • Conversions: Whether it’s a sign-up, filling out a form, or an online sale, companies should have a goal when it comes to conversions, especially when creating paid ads. This is significant as it provides direct ROI numbers. Conversions are also relatively easy to track. Some companies utilize lead generation forms while others opt for pixel codes.
  • Engagement: This metric is more than just the volume of likes a page or post has since it doesn’t give a clear indication of commitment. A meaningful engagement that results in brand awareness, product interest or sales are the best testaments to the impact of social media activity. Companies should put real effort into having a dialogue with their audience and influencers.
  • Traffic: Identifying the actual value of traffic is about checking the share of driven traffic and the actions generated by click-throughs. Tools like Google Analytics makes tracking the impact of social media on site traffic simpler. Companies should look more closely at how much of the site traffic was driven by social media since this will provide you with concrete numbers that you can work with.

Remember, you can’t market what you can’t measure (at least not effectively). So, before you run a social media campaign, be sure to set up adequate analytic tools that measure the data that correlates with the outcome you desire. For many businesses, picking the right tools and correctly assessing the data they collect comes with a learning curve. However, once you get past that hurdle, you can use the data to grow your business by leaps and bounds.

[Featured image via Pixabay]

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Can’t Tell if Your Social Media Campaign is Really Working? Here’s What You Need to Know

New Research Reveals How to Optimize Marketing Automation

optimize marketing automation research

Marketing automation helps marketers get more done in less time, standardize processes, target specific audiences, unify data, capture and analyze metrics, personalize content, and much more. In fact, marketing automation is “very important” to the overall performance of marketing, according to 94% of the best-in-class marketers participating in a recent Ascend2 survey.

But how do you optimize marketing automation to continually increase performance?

To answer this question, Ascend2 and their research partners fielded the Optimizing Marketing Automation Survey, and the Summary Report is available free of charge. The survey was fielded the week of May 27, 2018, and a total of 250 marketing professionals participated. 

Here are a few noteworthy findings:

Finding #1: Top Priorities

To successfully optimize marketing automation, you need a sound plan. And for nearly two-thirds of marketing professionals (64%), creating a successful strategy is a top priority for optimizing marketing automation. Marketing automation is a wonderful tool, but it’s a tool that is only as helpful as the strategy you develop to use it.


64% of marketing professionals agree that creating a successful strategy is a top priority for optimizing marketing automation.

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top priorities marketing automation

 

Finding #2: Challenging Barriers

Delivering personalized content and integrating all marketing systems are the most challenging barriers to marketing automation success for 44% and 43% of marketing professionals respectively. Thankfully, marketing software continues to reduce the challenge of delivering personalized content by collecting user data, analyzing the data, and automating the delivery process. What was extremely difficult a few years ago is now a more streamlined and repeatable process.


Delivering personalized content is the most challenging barrier to marketing automation success for 44% of marketing professionals.

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challenging barriers marketing automation

 

Finding #3: How Content Personalization is Changing

The impact of content personalization cannot be denied. In fact, if you are going to devote your time and effort to overcome a marketing challenge, why not tackle a challenge that is improving results? A total of 94% of marketing professionals say content personalization driven by marketing automation is improving to some extent, with 45% describing the improvement as significant. Yes, content personalization is here to stay!


94% of marketing professionals say content personalization driven by marketing automation is improving.

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content personalization marketing automation

Finding #4: Effective Tactics

Mapping the customer experience and utilizing personalized/dynamic content are considered effective tactics for optimizing marketing automation by 53% and 51% of marketing professionals respectively. Marketing automation is a powerful tool and can be used in a variety of ways to engage prospects, increase sales, and differentiate yourself from your competition.


54% of marketers agree that mapping the customer experience is the most effective tactic for optimizing marketing automation.

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effective tactics marketing automation

 

Finding #5: Difficult Tactics

Tactics for optimizing marketing automation like content personalization, artificial intelligence, and predictive modeling, and customer experience mapping are especially difficult to employ for 46%, 45% and 43% of marketing professionals respectively.


Tactics for optimizing marketing automation like content personalization are difficult to implement for 46% of marketers.

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The good news is that technology continues to improve, making tactics like dynamic content and predictive modeling easier to accomplish.

In fact, now may be the perfect time to explore one or two of the difficult tactics on the list below and you may be surprised, it may not be as difficult as you anticipated. 

difficult tactics marketing automation

Download the Optimizing Marketing Automation Survey Summary Report for more data and analysis to optimize your marketing automation.

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New Research Reveals How to Optimize Marketing Automation