#jit10

[maryjfischer]

Next Level ROI (Part 2)

1) It is important to track ROI for social media for a wide array of reasons:

Network Growth: The use of your social media outlets will eventually turn into growth of sales, customers and increase network outreach. The larger your outreach, the higher the chance of your social media efforts growing. 

Content Engagement: You want as many people to share, mention, retweet, favorite your content as this will attract more people to follow your content (this is a never ending circle which is why it builds up your profile). 

Endless Opportunities: As stated earlier, the more activity that is going through your social media site, the higher the chance that activity can switch over to sales and more revenue. 

Revenue: Lastly, the entire point of you doing these social media efforts is to raise brand awareness and one of the added benefits of social media is that it is easy to track demographics, sales through that special social media venue, etc. You want to track the returns you are receiving through that media outlet to see what you are posting and if that is successful.

2) While I agree with all of Hoffman and Fodor, I stated in my first JIT 10 the changes that I believe should be made. In addition to those suggestions, I think it is very important to drive the point home that social media is easily measurable, so tracking ROI is relatively easy to do and will bring in a lot of added benefit. As a company, you want to be increasing your brand awareness as much as you can, gaining as much internet foot traffic as possible. 

3) I would tell my cousin to follow the steps below:

Make a legit website for his band. You want people to know that his band is as legit as the music he plays. On the website, it is then important to add the button tags to link to his Google+, Facebook, Twitter, Tumblr, Instagram, etc pages to the top right of the website page. If people care enough to look up his website, they are most likely interested and would be interested in following his social media content as well.

Using the followers on your social media content and such link it to your youtube account and ask people to follow you on youtube. Youtube is a great way to exemplify what you can bring to the table and your music genre.

You should also follow those who are close to your music style and genre. This will link you to those who are interested in the style of your music and you can reach other bands followers to spread your base. 

Make Facebook campaigns for your shows. This will bring more people to your shows and increase WOM.

Link you personal social media accounts to your bands pages.

[agiomuso]

JIT10- Social Media Marketing Metrics and ROI

1. I definitely agree with Hoffman and Fodor that companies should track the investments consumers make on social media in order to understand whether a campaign is working or not. Social media allows consumers to play an active role in the marketplace which provides business with targeted feedback for their products.  It is important for businesses to track feedback to make sure they are meeting the needs of the consumer because your consumers are what makes a business successful or not. 

2. Another metric I would add to update the table of relevant metrics would be the Klout score because it can allow businesses to connect with several social media outlets and measures the exposure and engagement of the posts in each outlets.  It can also show how successful each campaign is so that the business can decide what any appropriate steps might be. 

3. I would recommend that he keeps track of his brand awareness, his brand engagement, and word of mouth.  He can do this by keeping track of how many people "like" his Facebook fan page and how many people "share" his posts.  On Twitter he could keep track of how many people tweet and retweet him.  For his Youtube channel, I would recommend that he looks after the negative and positive comments about his videos as well as number of views.  As mentioned above, I would also highly recommend keeping track of his Klout score. 

[maryjfischer]

Next Level ROI

1) I agree with Hoffman and Fodor with the statement that companies should track the investments consumers make on social media in order to understand the success of a campaign. While more and more companies are expanding their integrated marketing communications platforms, it is important that companies are analyzing their return of investment with social media so you know what long and short term goals that need to meet such as sales, customer acquisitions and reducing costs.

2) While I do not think their are many new metrics that Hoffman and Fodor can implement into their table of relevant metrics, I do believe changes can be made. Just like all things marketing, we should look at the "bland, financial term" ROI from a different angle and perspective. Instead of looking at it from the marketing and investments point from the company's view, we should look at it from the consumer's view, more specifically, why consumers use social media and the investments customers make for social media to engage in brands. Returns of social media investments will not solely come in forms of money, but if you have more numbers of investments, more time spent on your site/blog/page/etc. you then receive more comments, updates and @ references on twitter and such. With this you can then increase your reach and frequencies to the consumer base in an interactive manner and in turn you increase the word-of-mouth around your brand/product and then increase sales. Consumers are the ones in charge of their online experiences and online content, it is important brands are motivating consumers to connect online and share. 

3) I would tell my cousin that it is so important to promote his act and show how unique and interesting his music is. I think using his social media platforms such as Twitter, Facebook, Google+ in addition to Youtube helps exemplify what his band can really offer, while also connecting to millions of users. Also, you gain a strong follower base by participating in as many shows as you can. I would tell him to perform a lot to increase his word of mouth and while performing he can always throw in a "we are on Twitter, Facebook and Google+ if you want to know more about our band and upcoming shows you can "like" our page". This will allow more people to follow you, therefore making the stuff they favorite, like, retweet and share reach a larger base for your Band Profile. The more sites you are on, the more of a possibility of people who will come across you. I would also tell him to consider looking into SoundCloud, Purevolume, ReverbNation, Vimeo, LastFM, Jamlegend and Ourstage (these are more music geared social media sites). 

[pantasticwonder]

Moving Forward with the New ROI measure

1) I agree with Hoffman and Fodor’s position on tracking the customers’ investments and not your own on social media to understand whether a campaign is working or not. At the end of the day, you want customers to be happy with your brand so that they spread the good news around to everyone they know. When you have positive news about your campaign transferred through WOM, you’ll have a better chance to attract and gain new customers. When this occurs, see what they are there for – how they were attracted, how long they are attracted to your company, how many times a customer visits, etc.

2) In all honesty, if I had to update the table of relevant metrics, I am not too sure of the new metrics that I would add. It seems as if the table that is already presented covers everything that one would need to increase brand awareness, brand engagement, and word-of-mouth within a campaign. It might be that I am not all too familiar with other social media outlets besides the ones that are already on the table (Facebook, LinkedIn, YouTube, Flickr, Twitter) – and the one that are present already does a great job at increasing a campaign’s overall awareness to consumers and to potential customers.

3) The metrics that I would recommend so that one could evaluate the effect of their SMM efforts efficiently are:

Keep track of how many times a tweet gets retweeted

See if there is a pattern if certain tweets keep getting retweeted more than others

Same metric can apply to Facebook via likes / share for a post

Same metric can apply to YouTube via views and likes to dislikes ratio

Also see if the video is getting shared via Facebook and / or Twitter

How many people visit the band main page per day

How are they connecting?

Where are they coming from?

Where are they hearing the band from?

How many people tag

Mentions on Twitter and / or Facebook

With these metrics, you can see what is working, and what could be enhanced to make the band stand out to new consumers.