ROI & Social Media Metrics for Marketing
1.Do you agree with Hoffman and Fodor’s position? Why or why not?
I agree with Hoffman and Fodor’s position because it is important to track the success of your social media but also to have a better understanding of your customers’ interests and behaviors and what they look for. The only way to have a successful social media is the traffic you drive to your page and also to your company. The best way to do this is to develop good relationships with your customers in order for them to be loyal to your company as a whole.
2. The article you read is from 2010. Can you think of some new metrics brands should track when their objective is to increase brand awareness, brand engagement, and word-of-mouth? In other words, if you had to update the table of relevant metrics (p.372), what new metrics would you add?
I would add new social media outlets that have been developed since this article, such as Instagram. Many companies now are implementing their ads and campaigns through Instagram by giving customers incentives to hashtag the company’s name and a photo of their product to spread brand awareness. Many celebrities are also posting photos of products that they use from different companies. In result, many fans are looking into these types of products and are purchasing them.
3. Your friend has a really cool band, but not many fans yet. He wants to increase the band’s fan base, so he has recently started to promote the band using social media. He has created a Facebook page to share music news, a Twitter account to talk to fans and inform of upcoming concerts, and a YouTube channel to share videos from concerts, backstage scenes, and a couple of videoclips. He has hired a developer to create a new website for the band, and is paying for a community manager to create content and administer the Facebook, Twitter, and YouTube accounts. He’s now wondering whether this investment is paying off. He knows you’re taking a social media marketing course, so he asks you for some advice. What metrics would you recommend your cousin to track in order to evaluate the effect of his SMM efforts?
There are many different ways to measure the effectiveness of these social media outlets. For instance, with Facebook you can see how many likes and comments they receive on their account and seeing if they are sharing the link to other friends that they have. Also, with Twitter you can look at the number of followers they have and engage with those followers by retweeting their tweets or even by following them back and replying to their tweets that are related to the band. For YouTube you can view how many subscribers they have on their channel. Most importantly for all three social media outlets you can measure the click-through rate for each page. To be successful in any business the essential element is to interact with your fans and followers to develop relationships with them. As a result, your followers/fans will spread word-of-mouth to their colleagues and friends about your company which will increase awareness and your ability to grow into a well-known company, or band for this instance.
















