Social
Media is forever evolving and continues to attract more and more
users daily. Fully aware of this growth, companies have taken
advantage of this medium as an opportunity to reach consumers and
market their product. Some companies have boasted great success,
while others have suffered obvious failures. The problem with both
reports, success and failure, is how these companies make the
determination that their effort achieved those results.
The
ultimate goal of any marketing strategy is to increase profit through
making consumers aware of their product. In SMM there are several
metrics used to gauge whether a consumer is aware of your brand; but,
do these same metrics gauge whether or not these same consumers are
buying your product (ROI). For example, is an extremely high click
through rate really increasing profit margins by a relative
percentage? Most companies do not release their marketing spending
amounts; this makes it difficult for third parties to challenge the
true effectiveness of SMM campaigns.
(http://blog.hubspot.com/marketing/social-media-metrics-ceos-cares-about)
Overall
profits are important when claiming success through SMM; sure, 1
million shared posts or your product is great achievement; but,
doesn’t amount to much if you didn’t make a substantial gain.
Tracking comments is a better way of receiving and measuring consumer
feedback, but a company must take into consideration the number of
people who are “closet commenters”. Those are the people who
comment from the shield of the internet but who would never publicly
say the same thing or buy the same product. Both of these metrics can
also be inflated and difficult to truly measure; using paid visitors
or ‘bots’ to increase your likes can through off your own
figures.
SMM
metrics are forever evolving and marketers will continue to create
new metrics to find success in any part of their campaign. This
factor can also lead to inaccuracy when attempting to validate
success through real numbers. A suggested simple metric would be to
make a direct factual relationship of your Social Media presence to
your profit; you have 1,000 site visits, you sold 1,000 products.
–Chris Moses ,25 Jun 2014
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