Social Media Marketing: India Trends Study 2014
How do brands effectively use Social Media to measure success?
From a business perspective, to ensure that social media investments are truly warranted, businesses need to able to accurately track and trace how social media is influencing and impacting the bottom line.
Conversions, leads, RoI and sales emerge as critical business metrics to measure success of social media efforts. Close to 80% of social media-savvy organisations attribute conversions (through campaigns/referrals etc.) to social media efforts.
Leads Generated (47%), RoI (31%) and Sales (21%) are other key business metrics that organisations believe are affected by social media activities. However, just 10% of respondents, attribute customer service costs and customer acquisition costs to social media.
There is no universal way to measure every social media initiative, and these calculations are largely at the disposal of a brand and its social media goals and objectives.
Digi-fact: According to Digital Insights, B2B marketers using blogs generate 67% more leads.
Brand sentiment refers to overarching emotion or sentiment (favourable or unfavourable; positive, negative or neutral) of a brand in the social media universe.
63% of organisations confirmed to using a social media listening tool to track their brand sentiment. The rest of the 37% of organisations said that they do not use any tool to track brand sentiment, even though 55% of all organisations said that brand sentiment is a metric that they measure.
Impact of brand monitoring
Close to 70% of all companies, that said they use social listening tools, admitted to having a better understanding of how their brand is perceived in the social media universe. 61% of all organisations reported more effectively managing and resolving customer queries and requests. Moreover, 54% said they gained better customer insights, 38% said they gained better competitor insights, were able to provide better customer experience and generated leads.