The value of Social Media during an economic downturn (A look beyond Twitter)

Inspired, in part by the latest post by BuddyMedia about how Social Network Numbers Continue to Climb, April 2009. I decided to help shed some light on how to measure the value of social media if you are getting started with it by comparing it to SEM, a widely understood marketing technique. Link courtesy of Jeff Ragovin

Nowadays Twitter equals social media. However powerful twitter is (for people that understand it that is) it is very difficult to explain the actual value to new comers or classic  marketers. Since Twitter is a conversational medium, it poses a very different set of challenges and opportunities than more traditional channels such as search. This causes Twitter to be misunderstood and underutilized.

There are other social media channels that can be better understood and easily compared to a medium that most people understand which is Search Engine Marketing. SEM has a set of “rules and outcomes” that are widely understood across the internet savvy as well as business leadership at companies. For simplicity’s sake the top three we’ll use here are clicks, impressions and conversions. Keep in mind though that we are skipping to the tactical assuming the top level planning and thinking has been done. I, however, think that marketing programs should align to a final goal but should be flexible enough to add new channels. That poses a staffing issue and the flexibility to be ready to face that problem is key to the success of a program. But that topic is a material for a different post. Now on with the tactical.

Clicks, impressions and conversions are the outcomes from an SEM campaign. They can be measured, optimized and most importantly understood. With that in mind we can translate that value to social media and show the savings that a well run program can mean to a company. Especially in a downturn.

How would you possibly measure social media impact?

  • By putting in place the same tracking systems that you have for SEM. At the very begining of a social media pilot that will be the tool of record and the one that everyone will trust.
  • Once you have that in place, make sure to get comparable metrics so that SEM will serve as a benchmark.
  • Measure conversions and clicks as you would a SEM campaign
  • Set up a timeframe for testing equal for both
  • Compare the number of clicks and conversions you get from SM vs. SEM
  • Quantify that in dollars saved and conversions acheived.

What are the channels that your company should use?

  • Depends on your business. Try the usual suspects (twitter, facebook, edocr, etc) and build relationships with the company directly. You need these relationships to get your stuff featured in the home pages of these Web 2.0 (social media) sites. That is where all the action happens.
  • Understand the benefit you are providing to your channels and leverage that. You need to become important to them.

24 Comments

  1. Thanks for the advice on credit repair on your site. What I would tell people will be to give up the particular mentality they can buy at this point and fork out later. Like a society most of us tend to try this for many factors. This includes getaways, furniture, and items we wish. However, it is advisable to separate one’s wants from all the needs. When you are working to improve your credit rating score make some trade-offs. For example you’ll be able to shop online to save money or you can check out second hand outlets instead of costly department stores to get clothing.

  2. If some one needswantsdesireswishes expert view regardingconcerningabouton the topic of bloggingblogging and site-buildingrunning a blog thenafter thatafterward i suggestproposeadviserecommend him/her to visitgo to seepay a visitpay a quick visit this blogweblogwebpagewebsiteweb site, Keep up the nicepleasantgoodfastidious jobwork.

  3. Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! However, how can we communicate?

  4. Excellent post. I was checking continuously this blog and I am impressed! Extremely useful information specifically the last part 🙂 I care for such info a lot. I was looking for this particular information for a very long time. Thank you and good luck.

  5. This is the best blog for anybody who desires to find out about this topic. You notice so much its nearly arduous to argue with you (not that I truly would want…HaHa). You undoubtedly put a brand new spin on a subject thats been written about for years. Great stuff, just nice!

  6. Might be near impossible to see well-qualified individuals on this theme, in addition you come across as like you fully understand the things you’re revealing! Excellent

  7. This is really interesting, You’re a very skilled blogger. I’ve joined your rss feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  8. It really is most suitable opportunity to prepare some goals for the possible future. I’ve read through this document and if I may possibly, I want to encourage you handful important suggestions.

  9. I was just looking for this information for a while. After 6 hours of continuous Googleing, finally I got it in your site. I wonder what is the lack of Google strategy that don’t rank this kind of informative websites in top of the list. Generally the top web sites are full of garbage.

  10. HiWhat’s upHi thereHello alleverybodyevery one, here every oneevery person is sharing suchthesethese kinds of experienceknowledgefamiliarityknow-how, sothustherefore it’s nicepleasantgoodfastidious to read this blogweblogwebpagewebsiteweb site, and I used to visitgo to seepay a visitpay a quick visit this blogweblogwebpagewebsiteweb site everydaydailyevery dayall the time.

  11. Faytech North America is a touch screen Manufacturer of both monitors and pcs. They specialize in the design, development, manufacturing and marketing of Capacitive touch screen, Resistive touch screen, Industrial touch screen, IP65 touch screen, touchscreen monitors and integrated touchscreen PCs. Contact them at http://www.faytech.us, 121 Varick Street,3rd Floor,New York, NY 10013,+1 646 205 3214

  12. I’m still learning from you, while I’m trying to achieve my goals. I absolutely enjoy reading everything that is written on your blog.Keep the posts coming. I liked it!

  13. MetroClick specializes in building completely interactive products like Photo Booth for rental or sale, Touch Screen Kiosks and Digital Signage, and experiences. With our own hardware production facility and in-house software development teams, we are able to achieve the highest level of customization and versatility for Photo Booths, Touch Screen Kiosks and Digital Signage. MetroClick, 121 Varick St, #301, New York, NY 10013, +1 646-843-0888

  14. I simply want to say I am very new to blogging and site-building and absolutely liked this blog. Very likely I’m want to bookmark your site . You absolutely have wonderful writings. Thanks a lot for sharing with us your web site.

  15. Pingback: links for 2009-08-30 « Sarah Hartley

Leave a Reply

Your email address will not be published. Required fields are marked *