Despite recent articles claiming the decline of adoption for social networks like Facebook and Twitter, social networking is an ever-growing, ever-expanding beast. Consider for a moment, that MySpace and Facebook really just got the whole thing started. Now there are networks popping up everywhere, corporate networks like Yammer, entrepreneurial networks like ParnterUp and advanced social aggregation tools like the promise of Google Wave.
Slowly but surely, even traditional companies, with traditional practices and traditional mindsets, are realizing the importance of social. Don't believe me? Here's a real world example: 2 months ago I felt like the last person on earth that hadn't engaged in some form of social media. My friends, my wife, my family and my coworkers all had MySpace pages, Facebook pages and Twitter accounts. I was proud, a renegade, a leader, not a follower! Now look at me, as I write this blog, I'm monitoring Yammer communications from Definition 6, Tweets from my favorite people, I've checked my Facebook page twice and I just submitted a request to Google to be a beta tester for Google Wave even though I know I'm too late. Believe me, social media is relevant!
Okay, now what? Well, before you go building out your social media strategy and corporate policy, take some time to understand what impact social is currently having on your online presence and your brand. My suggestion: start simple, work with your website analytics team and develop a baseline. What volume of traffic comes from social networks? What is the bounce rate of those visits? What is the conversion rate of those visits? What is the retained visit conversion rate? (thank you Brandt, awesome article about meaningful conversion metrics!) And, if at all possible, monetize clicks from social. Odds are, there will be some form of expenditure for your social media strategy, baseline these metrics before you begin or you may never know if you're succeeding.
Don't rely on website analytics alone! Imagine this scenario. Scott, Jeremy, Jack and Mitch are looking for the best Vegas dinner destination prior to Frank's bachelor party festivities. Jack gets a promotional email from your restaurant describing the best Saturday night drink deals in town. Scott has been watching Twitter for "Vegas Restaurant" tweets hoping to get an indication of the best spot. Jeremy has been on a dozen restaurant review sites. They all come together in Google Wave to discuss. They invite other friends and family to chime in on their last Vegas experience. They finally decide on your place because of the drink deal (good choice). Mitch calls in the reservation and the Vegas plans are set. In all, across numerous networking sites, there were 21 mentions of your brand, 14 people commented about your restaurant, 13 other people hadn't even heard of your restaurant before conversation "Wave". And a $500 dinner was booked at your restaurant...all without anyone ever going to your website!
Hard to measure the impact of social media if you're just looking at website analytics. You've succeeded at integrated online marketing, but you may never know it. Work with an interactive agency capable of measuring, baselining current social impact (website and elsewhere), as well as the capability to develop a social media strategy that meets your objectives and expected ROI.
Slowly but surely, even traditional companies, with traditional practices and traditional mindsets, are realizing the importance of social. Don't believe me? Here's a real world example: 2 months ago I felt like the last person on earth that hadn't engaged in some form of social media. My friends, my wife, my family and my coworkers all had MySpace pages, Facebook pages and Twitter accounts. I was proud, a renegade, a leader, not a follower! Now look at me, as I write this blog, I'm monitoring Yammer communications from Definition 6, Tweets from my favorite people, I've checked my Facebook page twice and I just submitted a request to Google to be a beta tester for Google Wave even though I know I'm too late. Believe me, social media is relevant!
Okay, now what? Well, before you go building out your social media strategy and corporate policy, take some time to understand what impact social is currently having on your online presence and your brand. My suggestion: start simple, work with your website analytics team and develop a baseline. What volume of traffic comes from social networks? What is the bounce rate of those visits? What is the conversion rate of those visits? What is the retained visit conversion rate? (thank you Brandt, awesome article about meaningful conversion metrics!) And, if at all possible, monetize clicks from social. Odds are, there will be some form of expenditure for your social media strategy, baseline these metrics before you begin or you may never know if you're succeeding.
Don't rely on website analytics alone! Imagine this scenario. Scott, Jeremy, Jack and Mitch are looking for the best Vegas dinner destination prior to Frank's bachelor party festivities. Jack gets a promotional email from your restaurant describing the best Saturday night drink deals in town. Scott has been watching Twitter for "Vegas Restaurant" tweets hoping to get an indication of the best spot. Jeremy has been on a dozen restaurant review sites. They all come together in Google Wave to discuss. They invite other friends and family to chime in on their last Vegas experience. They finally decide on your place because of the drink deal (good choice). Mitch calls in the reservation and the Vegas plans are set. In all, across numerous networking sites, there were 21 mentions of your brand, 14 people commented about your restaurant, 13 other people hadn't even heard of your restaurant before conversation "Wave". And a $500 dinner was booked at your restaurant...all without anyone ever going to your website!
Hard to measure the impact of social media if you're just looking at website analytics. You've succeeded at integrated online marketing, but you may never know it. Work with an interactive agency capable of measuring, baselining current social impact (website and elsewhere), as well as the capability to develop a social media strategy that meets your objectives and expected ROI.
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