Marketing analytics: The low-down on Return On Investment (ROI)
Communications companies are very good at differentiating themselves from their competition
Click here to add Alan Devereux as an alert
Disable alert for Alan Devereux,
Click here to add BIT.LY as an alert
Disable alert for BIT.LY,
Click here to add British Business Group as an alert
Disable alert for British Business Group,
Click here to add Dubai as an alert
Disable alert for Dubai,
Click here to add European Union as an alert
Disable alert for European Union,
Click here to add Facebook as an alert
Disable alert for Facebook,
Click here to add Google as an alert
Disable alert for Google,
Click here to add LinkedIn as an alert
Disable alert for LinkedIn,
Click here to add Northern Emirates as an alert
Disable alert for Northern Emirates,
Click here to add Twitter as an alert
Disable alert for Twitter
The golden rule to analytics is measuring income from effort. There is nothing complicated about social networking – all you need to do is apply the rules you do in everyday business to the online world, says Alan Devereux, Communication Officer, British Business Group.
One question that continually gets asked is How do we measure return on investment? I am not a fan of this question and think it has been created by communications companies rather than people like you and I. Communications companies are very good at differentiating themselves from their competition (as they should be) and the wheels of the ROI bandwagon are creaking and cracking under the strain.
You might be thinking that I am stating the obvious, well I am; and that is why I do not like the constant repetition of the ROI question. How do you measure your marketing campaign? How do you measure your PR campaign? Apply the same measurements to your social networking activity.
Product A is advertised on your Website. You have a www.google.com/analytics account and the code has been added to your Website, with this you can measure the incoming traffic and see how popular the page for Product A is. You then send 20 tweets with the link attached, add the link to your Facebook page, and message your LinkedIn contacts. At the end of the campaign you go into the analytics page (Google Analytics is free) and see how many people visited your site via Twitter et al. If on Sunday one person visited your website, came via LinkedIn, and one sale was made of Product A, you have return on investment.
Specifically for Twitter, www.timely.is claims to analyse interaction from your last 199 tweets and suggests the time you should tweet your messages. You simply add your messages to the box and click Queue. You can then spend four hours in a boring, but necessary meeting, knowing that your Twitter feed is active and when you return you can analyse the affect of your campaign. Is your ROI reputation based on sales? Perhaps you could set a target of media relations for your PR team, or perhaps your goal could be community outreach – how many brand ambassadors can you create using social networking sites?
My Internet search for analysing my social media campaign yielded 36 million results. EU bailout showed 27 million results and stop slavery showed 24 million. If you have been unfortunate enough to have been dragged under its wheels, the ROI bandwagon might have you asking the ROI question; meaning you probably haven’t invested in social networking sites on a company level.
About Alan Devereux
It is a husband, father, and Communications Officer for the British Business Group, Dubai and Northern Emirates, and can be found here: http://ae.linkedin.com/in/alandevereux
- IMF report details the crippling economic effects of conflict in MENA
- Saudi Arabia's plastic consumption 20 times higher than global average
- VAT in Egypt: A guide to taxed and exempted goods
- Go big or go home: Expat salaries soar in Dubai
- Lebanon: Financial analysts warn of long-term economic repercussions after BLOM Bank attack
- SAS achieves record revenue of USD 2.87 billion in 2012, up by 5.4 per cent over 2011
- Bango pinpoints best performing mobile advertising campaigns and avoids advertisers paying too much
- Enterprises embrace smarter carbon management with SAP and the Carbon Disclosure Project
- EMC Introduces New Federation Business Data Lake Solution
- How to avoid irrational investment and get returns on the markets